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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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Arthur I Blutter

Tax, Foreclosure, Litigation, Bankruptcy

Status: In Good Standing

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150 Motor Pkwy, Hauppauge, NY 11788

Edward Zinker

Bankruptcy & Debt, Real Estate, Lawsuit & Dispute

Status: In Good Standing Licensed: 59 Years

FREE CONSULTATION

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2150 Joshuas Path, Hauppauge, NY 11788

Howard E. Knispel

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

Status: In Good Standing

FREE CONSULTATION

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354 Veterans Hwy., Commack, NY 11725

Howard Knispel

Divorce & Family Law, Criminal, Credit & Debt, Bankruptcy & Debt

Status: In Good Standing

FREE CONSULTATION

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354 Veterans Hwy, Commack, NY 11725

Elena M. Kreitzman

Real Estate, Family Law, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 31 Years

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300 Rabro Dr, Smithtown, NY 11788

Robert Daniel Goldhaber

Real Estate, Dispute Resolution, Government, Collection

Status: In Good Standing Licensed: 33 Years

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1393 Veterans Hwy, Hauppauge, NY 11788

Alan Pressman

DUI-DWI, Criminal, Collection, Bankruptcy

Status: In Good Standing Licensed: 44 Years

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2950 Express Dr S, Islandia, NY 11749

Andrew F. Brems

Misdemeanor, Contract, Collection, Slip & Fall Accident

Status: In Good Standing

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330 Vanderbilt Motor Parkway, Hauppauge, NY 11788

John Calimano

Estate Planning, Elder Law, Civil Rights, Bankruptcy

Status: In Good Standing

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330 Vanderbilt Motor Parkway, Hauppauge, NY 11788

Bradley M. Zelenitz

Landlord-Tenant, Trusts, Contract, Bankruptcy

Status: In Good Standing

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330 Vanderbilt Motor Parkway, Hauppauge, NY 11788

800-923-0641

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LEGAL TERMS

COLLATERAL

Property that guarantees payment of a secured debt.

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.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

CCCS

See Consumer Credit Counseling Service.

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.

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.

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.

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.

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Smithtown Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Arthur I Blutter

Edward Zinker

Howard E. Knispel

Howard Knispel

Elena M. Kreitzman

Robert Daniel Goldhaber

Alan Pressman

Andrew F. Brems

John Calimano

Bradley M. Zelenitz

TIPS

LEGAL TERMS

COLLATERAL

FAIR CREDIT BILLING ACT (FCBA)

IRS EXPENSES

NONEXEMPT PROPERTY

CCCS

LIABILITY

GENERAL PARTNER

BANKRUPTCY TRUSTEE

PREFERENCE

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