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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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Michael J. Dudek

Bankruptcy, Corporate, Collection, Commercial Bankruptcy

Status: In Good Standing

CONTACT

One N. LaSalle Street, Chicago, IL 60602

Ethan L. Crooks

Corporate, Business Organization, Business Successions, Collection

Status: In Good Standing

CONTACT

55 W. Wacker Drive, Chicago, IL 60601

Chad W. Riley

Corporate, Business Organization, Business Successions, Collection

Status: In Good Standing

CONTACT

55 W. Wacker Drive, Chicago, IL 60601

Elisabeth A. Sustman

Administrative Law, Bankruptcy Litigation, Class Action, Collection

Status: In Good Standing

CONTACT

55 W. Wacker Drive, Chicago, IL 60601

Sharon Shapiro

Corporate, Business Organization, Civil Rights, Collection

Status: In Good Standing

CONTACT

100 West Kinzie, Chicago, IL 60610

Scott Janko

Corporate, Collection, Commercial Leasing, Consumer Protection

Status: In Good Standing

FREE CONSULTATION

CONTACT

218 N. Jefferson Street, Chicago, IL 60661

Raya D. Bogard

Corporate, Business Successions, Business Organization, Collection

Status: In Good Standing

CONTACT

1001 Warrenville Road, Lisle, IL 60532

Thomas Gosselin

Business Organization, Collection, Commercial Real Estate, Defamation & Slander

Status: In Good Standing

CONTACT

2425 Royal Blvd, Elgin, IL 60123

Christopher B. Morozin

Bankruptcy, Collection, Contract, Criminal

Status: In Good Standing

FREE CONSULTATION

CONTACT

74 East Grand Avenue, Fox Lake, IL 60020

Rishi V. Vohra

Immigration, Civil Rights, Contract, Collection

Status: In Good Standing Licensed: 15 Years

CONTACT

180 North LaSalle Street, Chicago, IL 60601

800-923-0641

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LEGAL TERMS

FCBA

See Fair Credit Billing Act.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

FCRA

See Fair Credit Reporting Act.

CREDIT FILE

See credit report.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

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.

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.

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.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

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Chicago Collection Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Michael J. Dudek

Ethan L. Crooks

Chad W. Riley

Elisabeth A. Sustman

Sharon Shapiro

Scott Janko

Raya D. Bogard

Thomas Gosselin

Christopher B. Morozin

Rishi V. Vohra

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LEGAL TERMS

FCBA

LIMITED LIABILITY

FCRA

CREDIT FILE

PREFERENCE

NONDISCHARGEABLE DEBTS

NO-FAULT INSURANCE

INTEREST

NONEXEMPT PROPERTY

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