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Abraham Michelson
About | Practice Areas
The Michelson Law Office
203 North Lasalle Street Suite 2100 Chicago, IL 60601Â» view map
Bankruptcy, Chapter 7, Chapter 13
Chicago Bankruptcy Lawyer

When your finances are at stake, choose the best. Don't sink deeper in debt. Contact The Michelson Law Office

800-824-6431
1. Abraham Michelson Chicago, IL
  Attorney at Law - Illinois, 2013
  Thomas Cooley, JD, 2004
2. AboutAbraham Michelson
  Our legal team can advise you on your options for negotiating a solution.
3. Practice AreasServices
  Find out how an experienced attorney can help end calls and prevent lawsuits.
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Charles Andersen

Real Estate, Divorce & Family Law, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing

CONTACT

28 Rodaha Drive, Corning, NY 14830

Curtis Charles Warner

Class Action, Industry Specialties, Securities Fraud , Bankruptcy & Debt

Status: In Good Standing Licensed: 32 Years

CONTACT

5 E Market St, Corning, NY 14830

Amy Lillian Vichinsky

Criminal, Bankruptcy & Debt, Business, Other

Status: In Good Standing Licensed: 22 Years

CONTACT

Corning, NY 14830

Frederick J. Arcuri

Divorce & Family Law, DUI-DWI, Insurance, Bankruptcy & Debt

Status: In Good Standing Licensed: 21 Years

CONTACT

1 W Market St, Corning, NY 14830

Mark Alan Weiermiller

Wills & Probate, Bankruptcy

Status: In Good Standing Licensed: 38 Years

CONTACT

2854 Westinghouse Rd, Horseheads, NY 14845

Susan Moore Daubner

Child Custody, Bankruptcy

Status: In Good Standing Licensed: 30 Years

CONTACT

2854 Westinghouse Rd, Horseheads, NY 14845

Scott Joseph Pautz

Income Tax, Real Estate, Divorce & Family Law, Bankruptcy, Wrongful Death

Status: In Good Standing Licensed: 37 Years

CONTACT

2854 Westinghouse Rd, Horseheads, NY 14845

John Duff Cleland

Litigation, Personal Injury, Commercial Bankruptcy

Status: In Good Standing Licensed: 26 Years

CONTACT

10840 Hidden Meadow Trl, Corning, NY 14830

Charles Edward Andersen

Intellectual Property, Science, Technology & Internet, Corporate, Bankruptcy

Status: In Good Standing Licensed: 37 Years

CONTACT

100 N Main St, Elmira, NY 14901

Christopher Denton

Industry Specialties, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 47 Years

CONTACT

311 Lake St, Elmira, NY 14901

800-923-0641

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LEGAL TERMS

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

TOXIC TORT

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and su... (more...)

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and suffering.

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Big Flats Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Charles Andersen

Curtis Charles Warner

Amy Lillian Vichinsky

Frederick J. Arcuri

Mark Alan Weiermiller

Susan Moore Daubner

Scott Joseph Pautz

John Duff Cleland

Charles Edward Andersen

Christopher Denton

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LEGAL TERMS

REDEMPTION

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

CREDIT INSURANCE

IRS EXPENSES

INTEREST

FAIR CREDIT REPORTING ACT (FCRA)

LIABILITY

WINDING UP

TOXIC TORT

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