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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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Alan G. Merkin

Real Estate, Lawsuit & Dispute, International, Bankruptcy & Debt

Status: In Good Standing Licensed: 35 Years

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254 S Main St, New City, NY 10956

Alden Brent Smith

Landlord-Tenant, Litigation, Contract, Bankruptcy

Status: In Good Standing

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151 N Main St, New City, NY 10956

Allen Kolber

Business, Bankruptcy & Debt

Status: In Good Standing

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134 Route 59, Suffern, NY 10901

Allen A. Kolber

Business, Bankruptcy & Debt

Status: In Good Standing

CONTACT

134 Route 59, Suffern, NY 10901

Ari Joshua Stein

Other, Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

1 Railroad Square, Haverstraw, NY 10927

Benjamin Michael Adams

Real Estate, Bankruptcy & Debt

Status: In Good Standing

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98 Lafayette Ave, Suffern, NY 10901

Desiree Venicia De Moya

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

Status: In Good Standing

CONTACT

163 S Main St, New City, NY 10956

Edward John Quilice

Bankruptcy & Debt

Status: In Good Standing Licensed: 14 Years

CONTACT

254 S Main St, New City, NY 10956

Elizabeth Anne Haas

Credit & Debt, Collection, Bankruptcy, Bankruptcy & Debt, Personal Injury

Status: In Good Standing Licensed: 47 Years

CONTACT

254 S Main St, New City, NY 10956

Frank J. Laperch

Bankruptcy & Debt

Status: In Good Standing

CONTACT

148 S Liberty Dr, Stony Point, NY 10980

800-923-0641

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LEGAL TERMS

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

TRADE NAME

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

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.

COLLECTION AGENCY

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the d... (more...)

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the debt themselves, typically through letters (called 'dunning' letters) and telephone calls. Collection agencies are regulated by the federal Fair Debt Collection Practices Act. Unfortunately, too many collectors ignore this law.

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.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

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Thiells Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Alan G. Merkin

Alden Brent Smith

Allen Kolber

Allen A. Kolber

Ari Joshua Stein

Benjamin Michael Adams

Desiree Venicia De Moya

Edward John Quilice

Elizabeth Anne Haas

Frank J. Laperch

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LEGAL TERMS

GRACE PERIOD

C CORPORATION

REAFFIRMATION

TRADE NAME

401(K) PLAN

COLLECTION AGENCY

BANKRUPTCY

BULK SALES LAW

DISCHARGE (OF DEBTS)

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