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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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David Adam Blansky

Real Estate, Litigation, Lawsuit & Dispute, Bankruptcy

Status: Licensed: 28 Years

CONTACT

3305 Jerusalem Ave., Wantagh, NY 11793

Kim D. Victor

Litigation, Corporate, Credit & Debt, Bankruptcy

Status: Licensed: 28 Years

CONTACT

90 Merrick Ave, East Meadow, NY 11554

Richard Alan Auerbach

Consumer Rights, Bankruptcy, Accident & Injury

Status: Licensed: 45 Years

CONTACT

500 N Broadway, Jericho, NY 11753

Michael B. Green

General Practice

Status: Licensed: 28 Years

CONTACT

Seaford, NY 11783

Todd Alan Knauer

Real Estate, Banking & Finance, Business, Commercial Bankruptcy

Status: Licensed: 52 Years

CONTACT

225 Broadhollow Rd, Melville, NY 11747

Sue Liu Chin

Real Estate, Litigation, Credit & Debt, Bankruptcy

Status: Licensed: 20 Years

CONTACT

575 Underhill Blvd, Syosset, NY 11791

Randy J. Schaefer

Corporate, Bankruptcy

Status: Licensed: 34 Years

CONTACT

None Listed, Jericho, NY 11753

Robert Donald Nosek

Litigation, Collection, Commercial Bankruptcy, Bankruptcy & Debt

Status: Licensed: 27 Years

CONTACT

100 Jericho Quadrangle, Jericho, NY 11753

Gregory Laurence Matalon

Estate Administration, Estate Planning, Elder Law, Reorganization

Status: Licensed: 27 Years

CONTACT

100 Jericho Quadrangle, Jericho, NY 11753

Hal Lance Rose

Bankruptcy, Landlord-Tenant, Civil Rights, Business

Status:

CONTACT

2159 Hillside Avenue, Bellmore, NY 11710

800-814-6700

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LEGAL TERMS

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

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.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

LOSS DAMAGE WAIVER (LDW)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it ofte... (more...)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it often duplicates coverage provided by the renter's regular car insurance and/or the credit card she uses to rent the car. Nevertheless, hard-sell practices by rental car agents often dupe people into buying LDWs they don't really need. LDW is also called 'collision damage waiver.'

DEBT COLLECTOR

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe... (more...)

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe. Debt collectors can be relentless, often using scare tactics, humiliation and repeated phone calls to extract payments or promises to pay.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

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.

GARNISHMENT

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if ... (more...)

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

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Bethpage Bankruptcy & Debt Lawyer, New York, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

David Adam Blansky

Kim D. Victor

Richard Alan Auerbach

Michael B. Green

Todd Alan Knauer

Sue Liu Chin

Randy J. Schaefer

Robert Donald Nosek

Gregory Laurence Matalon

Hal Lance Rose

TIPS

LEGAL TERMS

LIQUIDATING PARTNER

SOLE PROPRIETORSHIP

GUARANTOR

LOSS DAMAGE WAIVER (LDW)

DEBT COLLECTOR

AUTOMATIC STAY

REDEMPTION

GARNISHMENT

CREDIT INSURANCE

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