Grayslake Bankruptcy & Debt Lawyer, Illinois

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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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Hilary J. Negele

Real Estate, Wills, Bankruptcy

Status: In Good Standing

CONTACT

444 N Cedar Lake Rd, Round Lake, IL 60073

Paul R Idlas

Real Estate, Transactions, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 43 Years

CONTACT

1099 N. Corporate Circle, Grayslake, IL 60030

James T. Magee

Real Estate, Credit & Debt, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 54 Years

CONTACT

444 N Cedar Lake Rd, Grayslake, IL 60073

Robert James Magee

Municipal, Estate Planning, Transactions, Bankruptcy

Status: In Good Standing Licensed: 16 Years

CONTACT

444 N Cedar Lake Rd, Grayslake, IL 60073

Robert Magee

Municipal, Estate Planning, Transactions, Bankruptcy

Status: In Good Standing Licensed: 16 Years

CONTACT

444 N Cedar Lake Rd, Grayslake, IL 60073

Michelle Amy Magee

Municipal, Estate Planning, Transactions, Bankruptcy

Status: In Good Standing Licensed: 20 Years

CONTACT

444 N Cedar Lake Rd, Round Lake, IL 60073

James Magee

Litigation, Municipal, Banking & Finance, Bankruptcy

Status: In Good Standing Licensed: 54 Years

CONTACT

444 N Cedar Lake Rd, Grayslake, IL 60073

Omeesha Srivastava

Landlord-Tenant, Social Security, Transactions, Collection

Status: In Good Standing Licensed: 22 Years

CONTACT

175 North Archer Ave, Lake Zurich, IL 60060

Omeesha Srivastava

Landlord-Tenant, Social Security, Transactions, Collection

Status: In Good Standing Licensed: 22 Years

CONTACT

175 North Archer Ave, Lake Zurich, IL 60060

Brian Schulman

Collection

Status: In Good Standing Licensed: 32 Years

CONTACT

1130 Timber Pass, Mundelein, IL 60060

800-923-0641

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LEGAL TERMS

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.

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.

COSIGNER

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for t... (more...)

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt. Many people use cosigners to qualify for a loan or credit card. Landlords may require a cosigner when renting to a student or someone with a poor credit history.

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.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

TOXIC TORT

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and su... (more...)

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and suffering.

FAIR CREDIT BILLING ACT (FCBA)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days af... (more...)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days after it mailed the bill to you. The company must then correct the mistake, or at least acknowledge receipt of your letter within 30 days, and must correct the error within 90 days or explain why it believes the credit card statement is correct.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

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Grayslake Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Hilary J. Negele

Paul R Idlas

James T. Magee

Robert James Magee

Robert Magee

Michelle Amy Magee

James Magee

Omeesha Srivastava

Omeesha Srivastava

Brian Schulman

TIPS

LEGAL TERMS

PRESUMED ABUSE

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

COSIGNER

DISPOSABLE INCOME

LIMITED PARTNERSHIP

GRACE PERIOD

TOXIC TORT

FAIR CREDIT BILLING ACT (FCBA)

CREDIT BUREAU

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