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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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Hal R. Ginsburg

Construction Liens, Complex Litigation, Arbitration, Collection

Status: In Good Standing Licensed: 41 Years

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Joseph Gillette

Real Estate, Criminal, Bankruptcy

Status: In Good Standing Licensed: 35 Years

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Richard Harvey Bag

Bankruptcy & Debt, Business

Status: In Good Standing Licensed: 52 Years

FREE CONSULTATION

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1025 Northern Blvd, Roslyn, NY 11576

Stephan B. Gleich

Litigation, Corporate, Contract, Bankruptcy & Debt

Status: In Good Standing Licensed: 50 Years

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36 South Station Plaza, Great Neck, NY 11021

Nathan Erlich

Business & Trade, Corporate, Banking & Finance, Bankruptcy

Status: In Good Standing Licensed: 34 Years

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10818 Queens Blvd, Forest Hills, NY 11375

Ira S. Newman

Sexual Harassment, Elder Law, Banking & Finance, Credit & Debt

Status: In Good Standing

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20 Devon Rd, Great Neck, NY 11023

Allan R. Bloomfield

Divorce, Consumer Protection, Bankruptcy

Status: In Good Standing Licensed: 49 Years

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11821 Queens Blvd, Forest Hills, NY 11375

Jason Paul Sackoor

Real Estate, Foreclosure, Bankruptcy & Debt

Status: In Good Standing

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19-02 Whitestone Expressway, Whitestone, NY 11357

Rafael Ariel Poltielov

Foreclosure, Wills & Probate, Business, Bankruptcy

Status: In Good Standing

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11821 Queens Blvd, Forest Hills, NY 11375

Kevin Dean Ribakove

Estate, Real Estate, Bankruptcy & Debt, Health Care, Power of Attorney

Status: In Good Standing Licensed: 48 Years

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10719 71St Ave, Forest Hills, NY 11375

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.

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.

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

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.

FCRA

See Fair Credit Reporting Act.

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.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

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Oakland Gardens Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Hal R. Ginsburg

Joseph Gillette

Richard Harvey Bag

Stephan B. Gleich

Nathan Erlich

Ira S. Newman

Allan R. Bloomfield

Jason Paul Sackoor

Rafael Ariel Poltielov

Kevin Dean Ribakove

TIPS

LEGAL TERMS

DEFINED CONTRIBUTION PLAN

REAFFIRMATION

BANKRUPTCY

SECURED DEBT

ABUSE

FCRA

FCBA

BULK SALES LAW

C CORPORATION

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