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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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David Siegel

Bankruptcy & Debt, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

10540 S. Western Ave, Chicago, IL 60643

Joseph John Cardinal

Commercial Real Estate, Estate, Family Law, Bankruptcy & Debt

Status: In Good Standing

CONTACT

3838 West 111Th Street, Chicago, IL 60655

Joseph Cardinal

Commercial Real Estate, Estate, Family Law, Bankruptcy & Debt

Status: In Good Standing

CONTACT

3838 West 111Th Street, Chicago, IL 60655

Joseph Michael Olstein

Real Estate, Consumer Rights, Consumer Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

10450 S Western Ave, Chicago, IL 60643

Alexander Nohr

Bankruptcy

Status: In Good Standing Licensed: 13 Years

CONTACT

11101 S. Western Avenue, Chicago, IL 60643

Wade Arends

Federal Appellate Practice, Workers' Compensation, Divorce, Bankruptcy

Status: In Good Standing Licensed: 34 Years

CONTACT

10129 S Western Ave, Chicago, IL 60643

Wade Brien Arends

Federal Appellate Practice, Workers' Compensation, Divorce, Bankruptcy

Status: In Good Standing Licensed: 34 Years

CONTACT

10129 S Western Ave, Chicago, IL 60643

Damita Gail Buffington

Real Estate, Family Law, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 30 Years

CONTACT

10849 S Western Ave, Chicago, IL 60643

Sabrina Herrell

Commercial Real Estate, Litigation, Estate Planning, Bankruptcy

Status: In Good Standing Licensed: 22 Years

CONTACT

11416 S Prairie Ave, Chicago, IL 60628

Sabrina Herrell

Commercial Real Estate, Litigation, Estate Planning, Bankruptcy

Status: In Good Standing Licensed: 22 Years

CONTACT

11416 S Prairie Ave, Chicago, IL 60628

800-923-0641

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LEGAL TERMS

REPOSSESSION

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily fu... (more...)

A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily funded by voluntary donations from the creditors that receive payments from debtors repaying their debts through that office. Despite this criticism, most CCCS counselors provide clients with thorough and neutral advice.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

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Blue Island Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

David Siegel

Joseph John Cardinal

Joseph Cardinal

Joseph Michael Olstein

Alexander Nohr

Wade Arends

Wade Brien Arends

Damita Gail Buffington

Sabrina Herrell

Sabrina Herrell

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LEGAL TERMS

REPOSSESSION

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

LIEN

ADMINISTRATIVE EXPENSES

CREDITOR

SECURED DEBT

MEETING OF CREDITORS

SOLE PROPRIETORSHIP

FAIR LABOR STANDARDS ACT (FLSA)

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