Orland Park 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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Mark M. Berardi

Real Estate, Estate, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 13 Years

CONTACT

14919 Founders Xing, Lockport, IL 60491

Thomas Lee Murphy

Insurance, Adoption, Bankruptcy, Mediation

Status: In Good Standing Licensed: 53 Years

CONTACT

9500 Bormet Dr, Mokena, IL 60448

Jeffrey Soufal

Business & Trade, Collection, Litigation, Estate Planning

Status: In Good Standing Licensed: 30 Years

CONTACT

9500 Bormet Dr, Mokena, IL 60448

Thomas Murphy

Divorce & Family Law, Criminal, Civil Rights, Bankruptcy

Status: In Good Standing Licensed: 12 Years

CONTACT

9500 Bormet Dr, Mokena, IL 60448

Leonard Robert Gargas

Residential Real Estate, Wills & Probate, Consumer Bankruptcy

Status: In Good Standing Licensed: 47 Years

CONTACT

10004 W. 190th Pl., Mokena, IL 60448

Firas Abunada

Bankruptcy, Family Law, Commercial Real Estate

Status: In Good Standing Licensed: 13 Years

CONTACT

18927 Hickory Creek Drive, Mokena, IL 60448

Martin Joseph Weisenburger

Landlord-Tenant, Trusts, Divorce, Bankruptcy

Status: In Good Standing Licensed: 51 Years

CONTACT

8630 Wheeler Dr, Orland Park, IL 60462

Jeffrey Brian Dovitz

Commercial Real Estate, Real Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 19 Years

CONTACT

10729 W 159Th St, Orland Park, IL 60467

Lauren Elizabeth Slomka

Commercial Real Estate, Federal Appellate Practice, Estate Planning, Bankruptcy

Status: In Good Standing Licensed: 23 Years

CONTACT

15255 S 94Th Ave, Orland Park, IL 60462

Sandra Lynn Makowka

Commercial Real Estate, Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 19 Years

CONTACT

10729 W 159Th St, Orland Park, IL 60467

800-923-0641

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LEGAL TERMS

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.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

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.

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.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

TRADE DRESS

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape... (more...)

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape of Frangelico liqueur bottles. Trade dress can be protected under trademark law if a showing can be made that the average consumer would likely be confused as to product origin if another product were allowed to appear in similar dress.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

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Orland Park Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Mark M. Berardi

Thomas Lee Murphy

Jeffrey Soufal

Thomas Murphy

Leonard Robert Gargas

Firas Abunada

Martin Joseph Weisenburger

Jeffrey Brian Dovitz

Lauren Elizabeth Slomka

Sandra Lynn Makowka

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LEGAL TERMS

CURRENT MONTHLY INCOME

AUTOMATIC STAY

CREDIT BUREAU

LIABILITY

BANKRUPTCY

CHAPTER 7 BANKRUPTCY

SETOFF

TRADE DRESS

GUARANTOR

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