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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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Kenneth Gallant

Bankruptcy & Debt, Bankruptcy, Credit & Debt

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Leo Paul Kehoe

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

Status: Licensed: 64 Years

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6624 Briscoe Cove, North Rose, NY 14516

Edwin P. Frick

Estate, Wrongful Termination, Criminal, Bankruptcy

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John Lindsay Grow

Estate, Divorce & Family Law, Civil & Human Rights, Bankruptcy

Status: Licensed: 32 Years

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6431 State Route 21, Williamson, NY 14589

Roy Graham Franks

Foreclosure, Employment, Bankruptcy

Status: Licensed: 13 Years

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77 Water St, Lyons, NY 14489

Michael D Calarco

Trusts, Estate, Collection, Bankruptcy

Status: Licensed: 35 Years

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605 Mason St, Newark, NY 14513

Anita L. Pelletier

Education, Tax Litigation, International Tax, Health Care Other, Reorganization

Status: Licensed: 24 Years

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David Ettman

Advertising, Family Law, Criminal, Bankruptcy

Status: Licensed: 35 Years

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115 Fall St, Seneca Falls, NY 13148

David B. Cook

Other, Government, Bankruptcy

Status: Licensed: 47 Years

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153 W Main St, Webster, NY 14580

David M. Kaplan

Commercial Banks, Collection, Class Action, Bankruptcy

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46 Helmsford Way, Penfield, NY 14526

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LEGAL TERMS

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.

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.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

TRUTH IN LENDING ACT (TILA)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disc... (more...)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.

TRADE NAME

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

DOING BUSINESS AS (DBA)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or ... (more...)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or similar document with the appropriate agency -- for example, the county clerk. This enables consumers to discover the names of the business owners, which is important if a consumer needs to sue the business.

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

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.

Alton Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Kenneth Gallant

Leo Paul Kehoe

Edwin P. Frick

John Lindsay Grow

Roy Graham Franks

Michael D Calarco

Anita L. Pelletier

David Ettman

David B. Cook

David M. Kaplan

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LEGAL TERMS

CHAPTER 13 BANKRUPTCY

GRACE PERIOD

CURRENT MONTHLY INCOME

TRUTH IN LENDING ACT (TILA)

TRADE NAME

DOING BUSINESS AS (DBA)

UNDUE HARDSHIP

WORKOUT

CREDITOR

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