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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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John Harold Redfield

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Bankruptcy & Debt, Credit & Debt

Chicago Bankruptcy Attorney John Redfield has more than 40 years of experience in bankruptcy law. He holds his Masters of Law in taxation and is a cer... (more)

CONTACT

312-641-6777

135 S Lasalle St, Chicago, IL 60603

David W. Nordin

Bankruptcy, Credit & Debt, Family Law, Litigation, Estate Planning

Status:

FREE CONSULTATION

CONTACT

Naperville Executive Center, 1555 Naperville/Wheaton Rd., Naperville, IL 60563

Chad Hayward

Foreclosure, Real Estate, Immigration, Credit & Debt

Status:

FREE CONSULTATION

CONTACT

205 W. Randolph Street, Chicago, IL 60606

John P. Carlin

Student Rights, Credit & Debt, Collection, Bankruptcy, Commercial Real Estate

Status: Licensed: 24 Years

CONTACT

1305 Remington Rd, Schaumburg, IL 60173

James T. Magee

Real Estate, Credit & Debt, Bankruptcy, Bankruptcy & Debt, Transportation & Shipping

Status: Licensed: 55 Years

CONTACT

444 N Cedar Lake Rd, Grayslake, IL 60073

Andrea Dwyer

Family Law, Insurance, Credit & Debt, Personal Injury

Status: Licensed: 17 Years

CONTACT

1294 Yorkshire Ln, Bloomingdale, IL 60188

Elizabeth Anne Bates Lehman

Litigation, Estate Planning, Credit & Debt, Bankruptcy

Status: Licensed: 43 Years

CONTACT

300 S County Farm Rd, Wheaton, IL 60187

Laura Ladon Ellis

Wills, Elder Law, Credit & Debt, Bankruptcy

Status: Licensed: 27 Years

CONTACT

636 South Des Plaines River Road, Des Plaines, IL 60016

Marc Lichtman

Civil Rights, Transactions, Contract, Credit & Debt

Status: Licensed: 41 Years

CONTACT

1555 Eastwood Ave, Highland Park, IL 60035

Richard Hirsh

Foreclosure, Bankruptcy, Business, Credit & Debt

Status: Licensed: 49 Years

FREE CONSULTATION

CONTACT

1500 Eisenhower Lane, Lisle, IL 60532

800-814-6700

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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.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

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.

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

DISCHARGE (OF DEBTS)

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

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.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

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.

SAMPLE LEGAL CASES

Portfolio Acquisitions, LLC v. Feltman

... On June 28, 2005, plaintiff filed its initial complaint against defendant to collect on an alleged defaulted credit card debt. ... Plaintiff asserts that it is well entrenched in Illinois law that the statute of limitations for an action on a credit card debt is 10 years. ...

Treadway v. NATIONS CREDIT FINANCIAL SERVS.

... appeals the order of the circuit court of Madison County that dismissed his class action complaint against the defendant, Nations Credit Financial Services ... knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with ...

Laubner v. JP Morgan Chase Bank, NA

... More to the point, plaintiffs have not set forth any facts to show why $11,500 per month is not enough to sustain their respective lifestyles in a manner that is "comfortable." Plaintiffs make no allegations of debt (aside from the credit debt that trustees paid off), steep mortgage ...

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Algonquin Credit & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John Harold Redfield

David W. Nordin

Chad Hayward

John P. Carlin

James T. Magee

Andrea Dwyer

Elizabeth Anne Bates Lehman

Laura Ladon Ellis

Marc Lichtman

Richard Hirsh

TIPS

LEGAL TERMS

PRESUMED ABUSE

WORKOUT

LIABILITY

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

CREDIT COUNSELING

DISCHARGE (OF DEBTS)

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

NONDISCHARGEABLE DEBTS

GENERAL PARTNER

SAMPLE LEGAL CASES

Portfolio Acquisitions, LLC v. Feltman

Treadway v. NATIONS CREDIT FINANCIAL SERVS.

Laubner v. JP Morgan Chase Bank, NA

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