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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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Steven H. Mevorah

✓ VERIFIED

Divorce & Family Law, Immigration, Personal Injury, Criminal, Bankruptcy

Steven H. Mevorah is the founder of Mevorah & Giglio Law Offices and began his practice in 1979. Mr. Mevorah brings significant experience to bear in ... (more)

FREE CONSULTATION

CONTACT

630-932-9100

900 E. Roosevelt Rd., Lombard, IL 60148

Robert Schaller

✓ VERIFIED

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

WILLS, TRUSTS, PROBATE & TAX ATTORNEY & REGISTERED CPA | EXPECT THE BEST | 37+ YEARS OF EXPERIENCE

Attorney Robert Schaller treats every client like family, giving them the time and personal attention they deserve. The law firm offers both in-office... (more)

FREE CONSULTATION

CONTACT

630-655-1233

700 Commerce Drive, Oak Brook, IL 60523

Vincent C. Machroli

✓ VERIFIED

Divorce & Family Law, Paternity, Estate Planning, Bankruptcy, Criminal

OVER 30 YEARS OF EXPERIENCE IN FAMILY LAW, ESTATE PLANNING, REAL ESTATE, AND BANKRUPTCY LAW At the Law Office of Vincent C. Machroli, P.C., we are ... (more)

FREE CONSULTATION

CONTACT

708-449-7404

4415 Harrison St, Hillside, IL 60162

Bernard J. Toussaint

Corporate, Business Organization, Banking & Finance, Bankruptcy

Status: In Good Standing

CONTACT

2500 South Highland Avenue, Lombard, IL 60148

David N. Tanner

Corporate, Business Organization, Banking & Finance, Bankruptcy

Status: In Good Standing

CONTACT

2500 South Highland Avenue, Lombard, IL 60148

Christina Brotto

Banking & Finance, Bankruptcy, Corporate, Business Organization

Status: In Good Standing

CONTACT

2500 South Highland Avenue, Lombard, IL 60148

Matthew J Ryan

Bankruptcy, Criminal, Estate Planning, Family Law

Status: In Good Standing

FREE CONSULTATION

CONTACT

3101 N Rose Street, Franklin Park, IL 60131

Robert Honig

Real Estate, Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 32 Years

CONTACT

116 S. York St, Elmhurst, IL 60126

Joseph C. Michelotti

Tax, Foreclosure, Immigration, Bankruptcy & Debt

Status: In Good Standing Licensed: 41 Years

CONTACT

2625 Butterfield, Oak Brook, IL 60523

Ross M. Zambon

Foreclosure, Real Estate, Litigation, Bankruptcy

Status: In Good Standing

CONTACT

2500 S Highland Ave, Lombard, IL 60148

800-923-0641

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LEGAL TERMS

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.

CCCS

See Consumer Credit Counseling Service.

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.

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.

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.

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.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

TRADE DRESS

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape... (more...)

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape of Frangelico liqueur bottles. Trade dress can be protected under trademark law if a showing can be made that the average consumer would likely be confused as to product origin if another product were allowed to appear in similar dress.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

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Villa Park Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Steven H. Mevorah

Robert Schaller

Vincent C. Machroli

Bernard J. Toussaint

David N. Tanner

Christina Brotto

Matthew J Ryan

Robert Honig

Joseph C. Michelotti

Ross M. Zambon

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LEGAL TERMS

INTEREST

CCCS

HOUSEHOLDER

NO-FAULT INSURANCE

PREFERENCE

CHAPTER 7 BANKRUPTCY

CREDIT BUREAU

TRADE DRESS

CHAPTER 13 BANKRUPTCY

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