Algonquin Bankruptcy & Debt Lawyer, Illinois

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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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Colleen Thomas

Divorce & Family Law, Bankruptcy, Child Custody, Child Support, Adoption

Thomas Law Office is a family law practice that handles divorce and bankruptcy cases, as well as child custody, child support, adoptions and more. For... (more)

CONTACT

847-426-7990

30 N. Western Avenue, Carpentersville, IL 60110

Sarah J. Holbrook

Bankruptcy, Foreclosure

Status:

CONTACT

2413 W. Algonquin Rd., Algonquin, IL 60102

Sheila Diane Aiken

Consumer Bankruptcy, Bankruptcy

Status: Licensed: 19 Years

CONTACT

2413 W. Road, Algonquin, IL 60102

Michele Aiken

Bankruptcy, Employee Rights, Employee Rights

Status: Licensed: 18 Years

CONTACT

2413 W Algonquin Rd, Barrington, IL 60102

Sheila Aiken

Bankruptcy, Employment, Income Tax, Bankruptcy

Status: Licensed: 19 Years

CONTACT

2413 W. Road, Algonquin, IL 60102

Mary E. Gardner

Civil Rights, Transactions, Collection, Bankruptcy

Status: Licensed: 40 Years

CONTACT

106 Thorobred Ln, Dundee, IL 60118

Anne Bartos Miller

Bankruptcy, Estate, Real Estate, Mediation

Status: Licensed: 26 Years

CONTACT

1301 Pyott Rd., Lake in the Hills, IL 60156

Rita A Mcdade

Civil Rights, Corporate, Collection, Personal Injury

Status: Licensed: 17 Years

CONTACT

445 Park Ave, Cary, IL 60013

Thomas Vaclavek

Bankruptcy, Civil Rights, Employee Rights, Land Use & Zoning

Status: Licensed: 26 Years

CONTACT

1485 Commerce Drive, Algonquin, IL 60102

Richard T Jones

Bankruptcy

Status: Licensed: 43 Years

CONTACT

382 Melrose Ln, Crystal Lake, IL 60014

800-814-6700

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LEGAL TERMS

DISCHARGE (OF DEBTS)

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

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

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.

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.

REPOSSESSION

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

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.

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.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

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.

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Algonquin Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Colleen Thomas

Sarah J. Holbrook

Sheila Diane Aiken

Michele Aiken

Sheila Aiken

Mary E. Gardner

Anne Bartos Miller

Rita A Mcdade

Thomas Vaclavek

Richard T Jones

TIPS

LEGAL TERMS

DISCHARGE (OF DEBTS)

SOLE PROPRIETORSHIP

REDEMPTION

REAFFIRMATION

REPOSSESSION

GENERAL PARTNER

FAIR CREDIT BILLING ACT (FCBA)

SUBROGATION

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

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