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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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James Pennington Truitt

Commercial Real Estate, Commercial Leasing, Commercial Insurance, Collection

Status: In Good Standing Licensed: 24 Years

CONTACT

300 Garden City Plaza, Garden City, NY 11530

Paula Jeanette Mcgill

Sexual Harassment, Discrimination, Banking & Finance, Credit & Debt

Status: In Good Standing Licensed: 27 Years

CONTACT

1225 Franklin Ave, Garden City, NY 11530

Jacqueline M. Della Chiesa

Bankruptcy & Debt, Foreclosure, Credit & Debt, Litigation

Status: In Good Standing

CONTACT

401 Franklin Avenue, Garden City, NY 11530

Joseph Gillette

Real Estate, Criminal, Bankruptcy

Status: In Good Standing Licensed: 35 Years

CONTACT

21548 Jamaica Ave, Queens Village, NY 11428

Sidney Price

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

Status: In Good Standing Licensed: 70 Years

CONTACT

729 Sherwood St, Valley Stream, NY 11581

John Michael Tangel

Accident & Injury, Bankruptcy, Lawsuit & Dispute, Real Estate, Foreclosure

Status: In Good Standing Licensed: 31 Years

CONTACT

215 Hilton Avenue, Hempstead, NY 11550

Donald Jay Schwartz

Commercial Bankruptcy, Commercial Real Estate, Corporate, Partnerships

Status: Inactive Licensed: 50 Years

CONTACT

333 Earle Ovington Blvd, Uniondale, NY 11553

Louis A. Scarcella

Real Estate, Litigation, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 46 Years

CONTACT

1320 Rxr Plz, Uniondale, NY 11556

David Alexander Antwork

Civil Rights, Business, Complex Litigation, Commercial Bankruptcy

Status: In Good Standing

CONTACT

526 Rxr Plaza, Uniondale, NY 11556

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.

PRIORITY DEBT

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13... (more...)

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.

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.

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

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.

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

FDCPA

See Fair Debt Collections & Practices Act.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

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.

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Lynbrook Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

James Pennington Truitt

Paula Jeanette Mcgill

Jacqueline M. Della Chiesa

Joseph Gillette

Sidney Price

John Michael Tangel

Donald Jay Schwartz

Louis A. Scarcella

David Alexander Antwork

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LEGAL TERMS

WORKOUT

PRIORITY DEBT

GUARANTEED RESERVATION

LIABILITY

REPOSSESSION

CREDIT INSURANCE

FDCPA

NONDISCHARGEABLE DEBTS

COSIGNER

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