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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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Edmond Robert Foy

Litigation, Bankruptcy

Status: In Good Standing Licensed: 15 Years

CONTACT

80 Orville Dr, Bohemia, NY 11716

Brian M. Martin

Bankruptcy

Status: In Good Standing Licensed: 19 Years

CONTACT

1650 Sycamore Ave, Bohemia, NY 11716

Brian David Bass

Criminal, Business, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing Licensed: 35 Years

CONTACT

3100 Veterans Memorial Hwy, Bohemia, NY 11716

Ronald A. Farr

Divorce & Family Law, Criminal, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 56 Years

CONTACT

3100 Veterans Memorial Hwy, Bohemia, NY 11716

Jennifer Rae Diaz

International, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 26 Years

CONTACT

4250 Veterans Memorial Highway, Holbrook, NY 11741

James J. Lillie

Litigation, Immigration, Estate, Bankruptcy & Debt

Status: In Good Standing

CONTACT

269 Southport St, Ronkonkoma, NY 11779

Francis James Loscalzo

Bankruptcy & Debt

Status: In Good Standing Licensed: 34 Years

CONTACT

808 Providence Dr, Islip Terrace, NY 11752

Andrew Ross Wolk

Health Care, Divorce & Family Law, Criminal, Bankruptcy

Status: In Good Standing Licensed: 45 Years

CONTACT

5014 Express Dr S, Ronkonkoma, NY 11779

William Michael Sullivan

Litigation, Divorce & Family Law, DUI-DWI, Bankruptcy

Status: In Good Standing

CONTACT

173 N Main St, Sayville, NY 11782

Douglas Paul Blumenthal

Divorce & Family Law, Criminal, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 37 Years

CONTACT

200 Hawkins Ave, Ronkonkoma, NY 11779

800-923-0641

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LEGAL TERMS

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

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.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

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.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

CREDIT FILE

See credit report.

NO-FAULT INSURANCE

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain ... (more...)

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain amount, regardless of who was at fault. The effect of no-fault insurance laws is to eliminate lawsuits in small accidents. The advantage is the prompt payment of medical bills and expenses. The downsides are that the amounts paid by no-fault policies are often not enough to fully cover a person's losses and that no-fault does not compensate for pain and suffering.

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.

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Bohemia Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Edmond Robert Foy

Brian M. Martin

Brian David Bass

Ronald A. Farr

Jennifer Rae Diaz

James J. Lillie

Francis James Loscalzo

Andrew Ross Wolk

William Michael Sullivan

Douglas Paul Blumenthal

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LEGAL TERMS

DISPOSABLE INCOME

REPOSSESSION

NONDISCHARGEABLE DEBTS

INTEREST

ABUSE

LIQUIDATING PARTNER

CREDIT FILE

NO-FAULT INSURANCE

SECURED DEBT

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