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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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Adam Anderson Price

Commercial Real Estate, Real Estate, Lawsuit & Dispute, Bankruptcy

Status: Licensed: 15 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Adam Price

Commercial Real Estate, Real Estate, Lawsuit & Dispute, Bankruptcy

Status: Licensed: 15 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Martin Potter

Commercial Real Estate, Real Estate, Transactions, Bankruptcy

Status: Licensed: 34 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Rachael A. Stokas

Commercial Real Estate, Transactions, Bankruptcy

Status: Licensed: 23 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Anna Chansomphou David

Commercial Real Estate, Civil Rights, Collection, Bankruptcy

Status: Licensed: 20 Years

CONTACT

15W030 N Frontage Rd, Willowbrook, IL 60527

Dexter Holt

Bankruptcy

Status: Licensed: 27 Years

CONTACT

2837 Jonquil Lane, Woodridge, IL 60517

Rhonda Peek

Commercial Real Estate, Landlord-Tenant, Transactions, Bankruptcy

Status: Licensed: 27 Years

CONTACT

15W030 N Frontage Rd, Willowbrook, IL 60527

Joseph Circelli

Commercial Real Estate, Transactions, Bankruptcy

Status: Licensed: 31 Years

CONTACT

15W030 N Frontage Rd, Willowbrook, IL 60527

James Riegel

Commercial Real Estate, Transactions, Bankruptcy

Status: Licensed: 28 Years

CONTACT

15W030 N Frontage Rd, Willowbrook, IL 60527

Gregory Moody

Commercial Real Estate, Real Estate, Transactions, Bankruptcy

Status: Licensed: 34 Years

CONTACT

15W030 North Frontage Road, Willowbrook, IL 60527

800-814-6700

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LEGAL TERMS

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

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.

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.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

SECRET WARRANTY PROGRAM

A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid... (more...)

A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid a recall and the accompanying bad press. Secret warranties are rarely advertised by the manufacturer, so consumers must pursue the manufacturer to discover and take advantage of them. A few states require manufacturers to notify car buyers when they adopt secret warranty programs.

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.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

DISCHARGE (OF DEBTS)

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

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Darien Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Adam Anderson Price

Adam Price

Martin Potter

Rachael A. Stokas

Anna Chansomphou David

Dexter Holt

Rhonda Peek

Joseph Circelli

James Riegel

Gregory Moody

TIPS

LEGAL TERMS

LIEN

DISPOSABLE INCOME

GARNISHMENT

C CORPORATION

SETOFF

SECRET WARRANTY PROGRAM

AUTOMATIC STAY

FRAUDULENT TRANSFER

DISCHARGE (OF DEBTS)

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