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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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Mary Lannon Fangio

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Bankruptcy & Debt, Residential Real Estate

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When you need legal help to deal with debt, property or business matters, an experienced attorney offers you the best chance for a successful resoluti... (more)

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CONTACT

800-652-8481

247-259 West Fayette Street, Syracuse, NY 13202

David L Delvecchio

Bankruptcy, Contract, Estate Planning, Family Law

Status: In Good Standing

CONTACT

109 South Warren Street, Syracuse, NY 13202

Elisabeth A. Barker

Traffic, Guardianships & Conservatorships, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing

CONTACT

Empire Building, 472 South Salina Street, 620, Syracuse, NY 13202

Alan Rosenthal

Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 50 Years

CONTACT

100 E Washington St, Syracuse, NY 13202

Alexandra Lee Condon

Social Security, Employee Rights, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 10 Years

CONTACT

211 W Jefferson St, Syracuse, NY 13202

Anneliese Rae Aliasso

Bankruptcy & Debt

Status: In Good Standing

CONTACT

125 E Jefferson St, Syracuse, NY 13202

Anthony Frank Copani

Estate Planning, Civil & Human Rights, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 41 Years

CONTACT

224 Harrison St, Syracuse, NY 13202

Anthony Hanley

Litigation, Trusts, Bankruptcy & Debt

Status: In Good Standing Licensed: 36 Years

CONTACT

211 W Jefferson St, Syracuse, NY 13202

Anthony J. Pietrafesa

Bankruptcy & Debt, Consumer Rights, Defect and Lemon Law, Deceptive Trade Practices, Bad Faith Insurance

Status: In Good Standing Licensed: 42 Years

CONTACT

120 E Washington St, Syracuse, NY 13202

Anthony R. Hanley

Litigation, Trusts, Bankruptcy & Debt

Status: Suspended Licensed: 30 Years

CONTACT

600 Onondaga Savings Bank Bd, Syracuse, NY 13202

800-923-0641

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LEGAL TERMS

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.

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.

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.

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.

FCBA

See Fair Credit Billing Act.

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.

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.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

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Nedrow Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Mary Lannon Fangio

David L Delvecchio

Elisabeth A. Barker

Alan Rosenthal

Alexandra Lee Condon

Anneliese Rae Aliasso

Anthony Frank Copani

Anthony Hanley

Anthony J. Pietrafesa

Anthony R. Hanley

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LEGAL TERMS

REPOSSESSION

LIMITED PARTNERSHIP

LIABILITY

DISPOSABLE INCOME

FCBA

FORBEARANCE

NONEXEMPT PROPERTY

MEANS TEST

CHAPTER 13 BANKRUPTCY

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