East Chatham Bankruptcy & Debt Lawyer, New York

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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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Ian L. Crimmins

Estate Planning, Family Law, Criminal, Collection

Status: In Good Standing

FREE CONSULTATION

CONTACT

18 Park Row, Chatham, NY 12037

Ian Lyle Crimmins

Estate Planning, Family Law, Criminal, Collection

Status: In Good Standing

CONTACT

18 Park Row, Chatham, NY 12037

David Hilleary Wilder

Litigation, Arbitration, Banking & Finance, Credit & Debt

Status: In Good Standing

CONTACT

39 North Pearl Street, Albany, NY 12207

Shannan Collier Krasnokutski

Arbitration, Credit & Debt, Employee Rights, Environmental Law Other

Status: In Good Standing

CONTACT

39 North Pearl Street, Albany, NY 12207

E Raymond Kolarsey

Health Care Other, Life & Health, Insurance, Reorganization

Status: In Good Standing

CONTACT

121 State St, Albany, NY 12207

Patrick F. Tedesco

Litigation, Banking & Finance, Business, Credit & Debt

Status: In Good Standing

CONTACT

39 North Pearl Street, Albany, NY 12207

Shannon De Maranville Frazier

Bankruptcy

Status: In Good Standing

CONTACT

20 Corporate Woods Blvd, Albany, NY 12211

Kenneth Lee Gellhaus

Reorganization, Litigation, Construction, Collection

Status: In Good Standing Licensed: 38 Years

CONTACT

677 Broadway, Albany, NY 12207

Michael J. Hall

Banking & Finance, Litigation, Construction, Reorganization

Status: In Good Standing

CONTACT

677 Broadway, Albany, NY 12201

John D. Rodgers

Lawsuit & Dispute, Contract, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 43 Years

CONTACT

8 Thurlow Ter, Albany, NY 12203

800-923-0641

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LEGAL TERMS

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

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.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

LIQUIDATING PARTNER

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

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.

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East Chatham Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Ian L. Crimmins

Ian Lyle Crimmins

David Hilleary Wilder

Shannan Collier Krasnokutski

E Raymond Kolarsey

Patrick F. Tedesco

Shannon De Maranville Frazier

Kenneth Lee Gellhaus

Michael J. Hall

John D. Rodgers

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LEGAL TERMS

WORKOUT

BULK SALES LAW

AUTOMATIC STAY

CHAPTER 13 BANKRUPTCY

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

PRESUMED ABUSE

LIQUIDATING PARTNER

REPOSSESSION

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