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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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Jamie B. Chapman

Foreclosure, Real Estate, Transactions, Bankruptcy

Status: In Good Standing

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270 Madison Avenue, New York, NY 10016

Michael S. Hiller

Arbitration, Corporate, Business Organization, Bankruptcy Litigation

Status: In Good Standing

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600 Madison Avenue, New York, NY 10022

Justin B. Blackhall

Banking & Finance, Bankruptcy, Bankruptcy Litigation, Corporate

Status: In Good Standing

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40 Wall Street, New York, NY 10005

Jerry C. Feuerstein

Antitrust, Bankruptcy, Corporate, Business Organization

Status: In Good Standing

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360 Lexington Avenue, New York, NY 10017

Warren R. Graham

Banking & Finance, Bankruptcy, Corporate, Reorganization

Status: In Good Standing

FREE CONSULTATION

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292 Madison Avenue, New York, NY 10017

Rene S. Roupinian

Employee Rights, Class Action, Bankruptcy Litigation

Status: In Good Standing

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500 Fifth Avenue, New York, NY 10110

Samit G Patel

Credit & Debt, Banking & Finance, Bankruptcy, Estate Planning

Status: In Good Standing

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44 Wall Street, New York, NY 10005

Mitchell R Friedman

Construction, Criminal, Corporate, Bankruptcy

Status: In Good Standing

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11 Park Place, New York, NY 10007

Michelle Labayen

Bankruptcy & Debt

Status: In Good Standing

FREE CONSULTATION

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600 3Rd Ave, New York, NY 10016

Edward Weissman

Corporate, Construction, Contract, Credit & Debt

Status: In Good Standing

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60 East 42nd Street, New York, NY 10165

800-923-0641

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LEGAL TERMS

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

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.

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.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

DEBT COLLECTOR

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe... (more...)

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe. Debt collectors can be relentless, often using scare tactics, humiliation and repeated phone calls to extract payments or promises to pay.

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Santa Claus Bankruptcy & Debt Lawyer, New York, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jamie B. Chapman

Michael S. Hiller

Justin B. Blackhall

Jerry C. Feuerstein

Warren R. Graham

Rene S. Roupinian

Samit G Patel

Mitchell R Friedman

Michelle Labayen

Edward Weissman

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LEGAL TERMS

TRADE NAME

SUBROGATION

CHAPTER 13 PLAN

PREFERENCE

ABUSE

FRAUDULENT TRANSFER

GENERAL PARTNER

SOLE PROPRIETORSHIP

DEBT COLLECTOR

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