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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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Alan Pressman

DUI-DWI, Criminal, Collection, Bankruptcy

Status: In Good Standing Licensed: 44 Years

CONTACT

2950 Express Dr S, Islandia, NY 11749

Alan Peter Pressman

Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 44 Years

CONTACT

2950 Express Dr S, Islandia, NY 11749

Alison Margaret Berdnik

Commercial Real Estate, Litigation, Bankruptcy, Medical Malpractice

Status: In Good Standing Licensed: 24 Years

CONTACT

45 Sun Hill Rd, Nesconset, NY 11767

Allison Leigh Lampert

Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 23 Years

CONTACT

650 Portion Rd, Ronkonkoma, NY 11779

Andre Nicholas Poulis

Commercial Bankruptcy

Status: In Good Standing Licensed: 29 Years

CONTACT

527 Townline Rd, Smithtown, NY 11788

Andrew Ross Wolk

Health Care, Divorce & Family Law, Criminal, Bankruptcy

Status: In Good Standing Licensed: 45 Years

CONTACT

5014 Express Dr S, Ronkonkoma, NY 11779

Angelo Louis Siragusa

Collection, Bankruptcy

Status: In Good Standing Licensed: 26 Years

CONTACT

1787 Veterans Hwy, Islandia, NY 11749

Annette Terry Altman

Bankruptcy & Debt

Status: In Good Standing Licensed: 23 Years

CONTACT

1787 Veterans Hwy, Islandia, NY 11749

Brandi Pamela Klineberg

Business, Bankruptcy & Debt

Status: In Good Standing

CONTACT

102 Motor Pkwy, Smithtown, NY 11788

Brian Morris

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

Status: In Good Standing Licensed: 20 Years

CONTACT

2233 Nesconset Hwy, Lake Grove, NY 11755

800-923-0641

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LEGAL TERMS

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

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.

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.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

FCRA

See Fair Credit Reporting Act.

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.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

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.

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.

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Nesconset Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Alan Pressman

Alan Peter Pressman

Alison Margaret Berdnik

Allison Leigh Lampert

Andre Nicholas Poulis

Andrew Ross Wolk

Angelo Louis Siragusa

Annette Terry Altman

Brandi Pamela Klineberg

Brian Morris

TIPS

LEGAL TERMS

DISCHARGE (OF DEBTS)

PREFERENCE

ADMINISTRATIVE EXPENSES

REAFFIRMATION

FCRA

FAIR CREDIT REPORTING ACT (FCRA)

CURRENT MONTHLY INCOME

FRATERNAL BENEFIT SOCIETY BENEFITS

HOUSEHOLDER

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