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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.
1. Contact
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7. Profile

C. David Ward

Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

2756 Route 34, Oswego, IL 60543

Hilary J. Negele

Real Estate, Wills, Bankruptcy

Status: In Good Standing

CONTACT

444 N Cedar Lake Rd, Round Lake, IL 60073

Sarah J. Holbrook

Bankruptcy, Foreclosure

Status: In Good Standing

CONTACT

2413 W. Algonquin Rd., Algonquin, IL 60102

Gayle Horn

Age Discrimination, Affirmative Action, Civil Rights, Bankruptcy Litigation

Status: In Good Standing Licensed: 20 Years

CONTACT

312 North May Street, Chicago, IL 60607

T. Scott Leo

Construction, Litigation, Banking & Finance, Bankruptcy

Status: In Good Standing Licensed: 45 Years

CONTACT

100 N Lasalle St, Chicago, IL 60602

Henry B. Merens

Litigation, Corporate, Business Organization, Bankruptcy

Status: In Good Standing Licensed: 44 Years

CONTACT

53 W Jackson Blvd, Chicago, IL 60604

Erich S. Buck

Government, Corporate, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 24 Years

CONTACT

53 W Jackson Blvd, Chicago, IL 60604

Adam P. Silverman

Litigation, Corporate, Business Organization, Bankruptcy

Status: In Good Standing Licensed: 27 Years

CONTACT

53 W Jackson Blvd, Chicago, IL 60604

Paul F. Markoff

Corporate, Contract, Banking & Finance, Credit & Debt

Status: In Good Standing Licensed: 28 Years

CONTACT

134 N Lasalle St, Chicago, IL 60602

Christopher L. Muniz

Bankruptcy, Corporate, Employment, Employee Rights

Status: In Good Standing Licensed: 25 Years

CONTACT

One North Lasalle Street, Chicago, IL 60602

800-923-0641

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LEGAL TERMS

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

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.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

COLLATERAL

Property that guarantees payment of a secured debt.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

FDCPA

See Fair Debt Collections & Practices Act.

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.

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.

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Chicago Bankruptcy & Debt Lawyer, Illinois, page 6

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

C. David Ward

Hilary J. Negele

Sarah J. Holbrook

Gayle Horn

T. Scott Leo

Henry B. Merens

Erich S. Buck

Adam P. Silverman

Paul F. Markoff

Christopher L. Muniz

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LEGAL TERMS

FAIR LABOR STANDARDS ACT (FLSA)

401(K) PLAN

REDEMPTION

C CORPORATION

COLLATERAL

IRS EXPENSES

FDCPA

CREDIT INSURANCE

GRACE PERIOD

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