Silver Lake Bankruptcy & Debt Lawyer, New York

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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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Dennis R. Dawson

Bankruptcy

Status: In Good Standing Licensed: 46 Years

CONTACT

Geneseo, NY 14454

James Matthew Wujcik

Real Estate, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 19 Years

CONTACT

11 Exchange St, Attica, NY 14011

John Kirby Colling

Traffic, Divorce & Family Law, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 40 Years

CONTACT

Arcade, NY 14009

John R. Scura

Real Estate, Government, Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 57 Years

CONTACT

131 Main St, Dansville, NY 14437

Marcea Clark Tetamore

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

Status: In Good Standing Licensed: 33 Years

CONTACT

Avon, NY 14414

Teresa Kowalczyk

Other, Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 45 Years

CONTACT

30 Park St, Warsaw, NY 14569

Theron Edwin Howard

Foreclosure, State Government, Estate Planning, Banking & Finance, Collection

Status: In Good Standing Licensed: 48 Years

CONTACT

15 Clay St, Le Roy, NY 14482

Vincent Orsland Ladd

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

Status: Inactive Licensed: 58 Years

CONTACT

Warsaw, NY 14569

800-923-0641

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LEGAL TERMS

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

NO-FAULT INSURANCE

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain ... (more...)

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain amount, regardless of who was at fault. The effect of no-fault insurance laws is to eliminate lawsuits in small accidents. The advantage is the prompt payment of medical bills and expenses. The downsides are that the amounts paid by no-fault policies are often not enough to fully cover a person's losses and that no-fault does not compensate for pain and suffering.

GARNISHMENT

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if ... (more...)

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

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.

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Silver Lake Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Dennis R. Dawson

James Matthew Wujcik

John Kirby Colling

John R. Scura

Marcea Clark Tetamore

Teresa Kowalczyk

Theron Edwin Howard

Vincent Orsland Ladd

TIPS

LEGAL TERMS

PRESUMED ABUSE

BANKRUPTCY TRUSTEE

REDEMPTION

LIQUIDATING PARTNER

NO-FAULT INSURANCE

GARNISHMENT

CREDIT INSURANCE

401(K) PLAN

INTEREST

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