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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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Damita Gail Buffington

Real Estate, Family Law, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 30 Years

CONTACT

10849 S Western Ave, Chicago, IL 60643

John Vito Del Gaudio

Bankruptcy

Status: In Good Standing Licensed: 43 Years

CONTACT

3533 Magnolia Dr., Markham, IL 60428

Andres Ybarra

Immigration, Employee Rights, Divorce & Family Law, Bankruptcy

Status: In Good Standing Licensed: 17 Years

CONTACT

4722 W. 147Th Street, Midlothian, IL 60445

Andres Ybarra

Traffic, State Appellate Practice, Workers' Compensation, Bankruptcy

Status: In Good Standing Licensed: 17 Years

CONTACT

4722 W. 147Th Street, Midlothian, IL 60445

Joseph John Cardinal

Commercial Real Estate, Estate, Family Law, Bankruptcy & Debt

Status: In Good Standing

CONTACT

3838 West 111Th Street, Chicago, IL 60655

Joseph Cardinal

Commercial Real Estate, Estate, Family Law, Bankruptcy & Debt

Status: In Good Standing

CONTACT

3838 West 111Th Street, Chicago, IL 60655

Nancy Akua Biraa Addae Aburam

Bankruptcy, Transactions, State Appellate Practice, Commercial Real Estate

Status: In Good Standing Licensed: 21 Years

CONTACT

15000 Dorchester Ave, Dolton, IL 60419

Nancy Addae

Immigration, Bankruptcy, Transactions

Status: In Good Standing Licensed: 22 Years

CONTACT

15000 Dorchester Ave., Dolton, IL 60419

Joseph Olstein

Real Estate, Consumer Rights, Bankruptcy & Debt

Status: In Good Standing Licensed: 16 Years

CONTACT

10450 S. Western Ave., Chicago, IL 60643

Lionel Hairston

Real Estate, Government, Divorce & Family Law, Bankruptcy

Status: In Good Standing Licensed: 49 Years

CONTACT

Dolton, IL 60419

800-923-0641

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LEGAL TERMS

DEFINED CONTRIBUTION PLAN

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount ... (more...)

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount every month, or every year, for each employee. The employer usually pays a fixed percentage of an employee's wages or salary, although sometimes the amount is a fraction of the company's profits, with the size of each employee's pension share depending on the amount of wage or salary. Upon retirement, each employee's pension is determined by how much was contributed to the fund on behalf of that employee over the years, plus whatever earnings that money has accumulated as part of the investments of the entire pension fund.

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

FCBA

See Fair Credit Billing Act.

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.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

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.

GARNISHMENT

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if ... (more...)

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.

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Lansing Bankruptcy & Debt Lawyer, Illinois, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Damita Gail Buffington

John Vito Del Gaudio

Andres Ybarra

Andres Ybarra

Joseph John Cardinal

Joseph Cardinal

Nancy Akua Biraa Addae Aburam

Nancy Addae

Joseph Olstein

Lionel Hairston

TIPS

LEGAL TERMS

DEFINED CONTRIBUTION PLAN

FRATERNAL BENEFIT SOCIETY BENEFITS

FCBA

BULK SALES LAW

GENERAL PARTNER

CREDIT COUNSELING

CHAPTER 13 PLAN

PREFERENCE

GARNISHMENT

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