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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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Brendan R. Wolf

Election & Political, Business Organization, Eminent Domain, Collection

Status: In Good Standing

FREE CONSULTATION

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4 Old Route 146, Clifton Park, NY 12065

Craig H. Norman

Collection

Status: In Good Standing

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122 Remsen Street, Cohoes, NY 12047

Edward Kowalewski

Eminent Domain, Transportation & Shipping, Business Organization, Collection

Status: In Good Standing

FREE CONSULTATION

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4 Old Route 146, Clifton Park, NY 12065

George W. Redder

Corporate, Business Organization, Bankruptcy, Divorce

Status: In Good Standing

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243 Wall Street, Kingston, NY 12401

Ian L. Crimmins

Estate Planning, Family Law, Criminal, Collection

Status: In Good Standing

FREE CONSULTATION

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18 Park Row, Chatham, NY 12037

Jerrold W. Bartman

Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

409 New Karner Road, Albany, NY 12205

Laurence I. Fox

Eminent Domain, Election & Political, Business Organization, Collection

Status: In Good Standing

FREE CONSULTATION

CONTACT

4 Old Route 146, Clifton Park, NY 12065

Marc S. Ehrlich

Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

CONTACT

64 2nd Street, Troy, NY 12180

Scott M. Ronda

Business Organization, Family Law, Collection, Banking & Finance

Status: In Good Standing

CONTACT

514 Vischers Ferry Road, Clifton Park, NY 12065

Aaron M. Depaolo

Federal Appellate Practice, Insurance, Bankruptcy, Medical Malpractice

Status: In Good Standing Licensed: 11 Years

CONTACT

20 Corporate Woods Blvd, Albany, NY 12211

800-923-0641

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LEGAL TERMS

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.

TRUTH IN LENDING ACT (TILA)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disc... (more...)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.

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.

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.

CREDIT REPORT

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you m... (more...)

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved. An estimated 50% of all credit reports contain errors, such as accounts that don't belong to you, an incorrect account status or information reported that is older than seven years (ten years in the case of a bankruptcy).

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.

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.

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

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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Hensonville Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Brendan R. Wolf

Craig H. Norman

Edward Kowalewski

George W. Redder

Ian L. Crimmins

Jerrold W. Bartman

Laurence I. Fox

Marc S. Ehrlich

Scott M. Ronda

Aaron M. Depaolo

TIPS

LEGAL TERMS

ABUSE

TRUTH IN LENDING ACT (TILA)

HOUSEHOLDER

LIMITED LIABILITY

CREDIT REPORT

CHAPTER 7 BANKRUPTCY

DISPOSABLE INCOME

FORBEARANCE

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

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