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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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Howard Peritz

Bankruptcy & Debt, Divorce & Family Law, Bankruptcy, Divorce, Estate

Status: In Good Standing Licensed: 41 Years

FREE CONSULTATION

CONTACT

5 Revere Drive, Northbrook, IL 60062

Jennifer J. Gedville

Litigation, Estate Planning, Business, Collection

Status: In Good Standing Licensed: 25 Years

CONTACT

1849 Green Bay Rd, Highland Park, IL 60035

Jennifer Gedville

Litigation, Estate Planning, Business, Collection

Status: In Good Standing Licensed: 25 Years

CONTACT

1849 Green Bay Rd, Highland Park, IL 60035

James A. Kaplan

Corporate, Bankruptcy, Real Estate

Status: In Good Standing

CONTACT

1155 Ridgewood Drive, Highland Park, IL 60035

Steven Howard Lavin

Litigation, Estate Planning, Business, Collection

Status: In Good Standing Licensed: 47 Years

CONTACT

1849 Green Bay Rd, Highland Park, IL 60035

Steven Lavin

Litigation, Estate Planning, Business, Collection

Status: In Good Standing Licensed: 47 Years

CONTACT

1849 Green Bay Rd, Highland Park, IL 60035

Sonia Elisa Pasquesi

Family Law, Divorce, Divorce & Family Law, Bankruptcy

Status: In Good Standing Licensed: 12 Years

CONTACT

560 Oakwood Ave, Lake Forest, IL 60045

David S. Kreisman

Commercial Real Estate, Lawsuit & Dispute, Transactions, Bankruptcy

Status: In Good Standing Licensed: 61 Years

CONTACT

2121 Waukegan Rd, Deerfield, IL 60015

Kenneth Fisher

Bankruptcy

Status: In Good Standing Licensed: 58 Years

CONTACT

2121 Waukegan Road, Deerfield, IL 60015

George Olsen

Litigation, Banking & Finance, Workout, Bankruptcy

Status: In Good Standing

CONTACT

707 Lake Cook Road, Deerfield, IL 60015

800-923-0641

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LEGAL TERMS

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

COLLATERAL

Property that guarantees payment of a secured debt.

GUARANTEED RESERVATION

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehic... (more...)

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehicle for you no matter when you show up. If you have a guaranteed reservation with a hotel, it must provide you with a room, either at that hotel or at another comparable establishment. If you have a guaranteed reservation with a car agency, it must provide you with a vehicle. The downside of a guaranteed reservation is that if you don't show up and haven't cancelled your reservation, you will be billed for one night in the room or one day's use of the vehicle.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

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.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

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.

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Fort Sheridan Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Howard Peritz

Jennifer J. Gedville

Jennifer Gedville

James A. Kaplan

Steven Howard Lavin

Steven Lavin

Sonia Elisa Pasquesi

David S. Kreisman

Kenneth Fisher

George Olsen

TIPS

LEGAL TERMS

HOUSEHOLDER

MEANS TEST

COLLATERAL

GUARANTEED RESERVATION

CHAPTER 7 BANKRUPTCY

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

REAFFIRMATION

ACCORD AND SATISFACTION

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

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