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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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John Weber

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Bankruptcy & Debt, Real Estate, Estate, Credit & Debt, Collection

With the singular focus of individual Bankruptcy Law, we bring a collective effort to delivering personalized and effective representation to each of ... (more)

FREE CONSULTATION

CONTACT

800-910-2530

PO box 866, Amityville, NY 11701

Michael B. Green

General Practice

Status: In Good Standing Licensed: 27 Years

CONTACT

Seaford, NY 11783

Gary F. Herbst

Veterans' Affairs, Real Estate, Government, Bankruptcy & Debt

Status: In Good Standing

CONTACT

3305 Jerusalem Ave, Wantagh, NY 11793

Melanie A. Fitzgerald

Real Estate, Lawsuit, Bankruptcy & Debt

Status: In Good Standing

CONTACT

3305 Jerusalem Ave, Wantagh, NY 11793

Adam P. Wofse

Bankruptcy & Debt

Status: In Good Standing Licensed: 30 Years

CONTACT

3305 Jerusalem Ave, Wantagh, NY 11793

Joseph S. Maniscalco

Real Estate, Government, Bankruptcy & Debt

Status: In Good Standing

CONTACT

3305 Jerusalem Ave, Wantagh, NY 11793

Holly Rai

Lawsuit & Dispute, Bankruptcy & Debt

Status: Inactive Licensed: 17 Years

CONTACT

3305 Jerusalem Avenue, Wantagh, NY 11793

M David Tell

Bankruptcy & Debt

Status: In Good Standing Licensed: 64 Years

CONTACT

1846 Village Ln N, Wantagh, NY 11793

Dennis J. Mcgrath

Foreclosure, Credit & Debt, Bankruptcy & Debt

Status: In Good Standing Licensed: 8 Years

CONTACT

567 Broadway, Massapequa, NY 11758

Mitchell J. Rich

Litigation, Lawsuit, Collection, Medical Malpractice

Status: In Good Standing Licensed: 39 Years

CONTACT

3535 Jerusalem Ave, Wantagh, NY 11793

800-923-0641

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LEGAL TERMS

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.

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.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

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.

FAIR CREDIT BILLING ACT (FCBA)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days af... (more...)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days after it mailed the bill to you. The company must then correct the mistake, or at least acknowledge receipt of your letter within 30 days, and must correct the error within 90 days or explain why it believes the credit card statement is correct.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

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.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

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Seaford Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John Weber

Michael B. Green

Gary F. Herbst

Melanie A. Fitzgerald

Adam P. Wofse

Joseph S. Maniscalco

Holly Rai

M David Tell

Dennis J. Mcgrath

Mitchell J. Rich

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LEGAL TERMS

HOUSEHOLDER

SETOFF

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

CHAPTER 7 BANKRUPTCY

FAIR CREDIT BILLING ACT (FCBA)

WORKOUT

FRAUDULENT TRANSFER

INTEREST

DISCHARGEABLE DEBTS

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