Mchenry 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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Christopher B. Morozin

Bankruptcy, Collection, Contract, Criminal

Status: In Good Standing

FREE CONSULTATION

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74 East Grand Avenue, Fox Lake, IL 60020

Guy Youman

Corporate, Collection, Elder Law, Adoption, Trusts

Status: In Good Standing

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4306F W. Crystal Lake Rd., Mchenry, IL 60050

Guy R. Youman

Adoption, Elder Law, Corporate, Collection

Status: In Good Standing

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4306 W. Crystal Lake Road, Mchenry, IL 60050

Scott Alan Bentley

Real Estate, Criminal, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 40 Years

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5435 Bull Valley Road, Mchenry, IL 60050

Scott Bentley

Real Estate, Criminal, Bankruptcy, Accident & Injury

Status: In Good Standing Licensed: 40 Years

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5435 Bull Valley Road, Mchenry, IL 60050

Scott William Brammer

Consumer Bankruptcy, Residential Real Estate, Wills, Bankruptcy

Status: In Good Standing Licensed: 33 Years

CONTACT

5447 W. Bull Valley Road, Mchenry, IL 60050

Paul Zukowski

Traffic, Divorce & Family Law, Criminal, Bankruptcy

Status: In Good Standing Licensed: 37 Years

CONTACT

5320 W. Elm Street, Mchenry, IL 60050

Bonnie Lillian Macfarlane

Federal Appellate Practice, Divorce & Family Law, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 34 Years

CONTACT

106 W State Rd, Island Lake, IL 60042

Bonnie Macfarlane

Bankruptcy, Federal Appellate Practice, Family Law, Environmental Law

Status: In Good Standing Licensed: 34 Years

CONTACT

106 W State Rd, Island Lake, IL 60042

John Ridgway

Bankruptcy, DUI-DWI, Traffic, Criminal

Status: In Good Standing Licensed: 43 Years

CONTACT

4310 Crystal Lake Road, Mchenry, IL 60050

800-923-0641

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LEGAL TERMS

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

FDCPA

See Fair Debt Collections & Practices Act.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

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.

DEBIT CARD

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can ... (more...)

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can also be used at stores to pay for goods and services in place of a check. Unlike a credit card, a debit card automatically withdraws money from your checking account at the time of the transaction. Debit cards are regulated by the Electronic Funds Transfer Act.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

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.

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

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Mchenry Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Christopher B. Morozin

Guy Youman

Guy R. Youman

Scott Alan Bentley

Scott Bentley

Scott William Brammer

Paul Zukowski

Bonnie Lillian Macfarlane

Bonnie Macfarlane

John Ridgway

TIPS

LEGAL TERMS

UNSECURED DEBT

FDCPA

BANKRUPTCY TRUSTEE

NONEXEMPT PROPERTY

PRESUMED ABUSE

DEBIT CARD

ADMINISTRATIVE EXPENSES

ABUSE

FAIR CREDIT REPORTING ACT (FCRA)

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