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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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Brett Warren Hausthor

Health Care, Bankruptcy & Debt

Status: Licensed: 41 Years

CONTACT

20939 23Rd Ave, Bayside, NY 11360

Jack Ira Slepian

Commercial Real Estate, Estate Planning, Business & Trade, Bankruptcy

Status:

CONTACT

21408 41St Ave, Bayside, NY 11361

Nathan Arthur Brill

Real Estate, Immigration, Divorce & Family Law, Credit & Debt

Status: Licensed: 20 Years

CONTACT

4240 Bell Blvd, Bayside, NY 11361

David Minsoo Pyun

Real Estate, Immigration, Bankruptcy & Debt

Status: Licensed: 22 Years

CONTACT

38-39 Bell Blvd, Bayside, NY 11361

Malcolm S. Babel

Bankruptcy & Debt

Status: Licensed: 57 Years

CONTACT

21338 40Th Avenue, Bayside, NY 11361

Rahul Agarwal

Real Estate, Lawsuit & Dispute, Bankruptcy & Debt

Status: Licensed: 18 Years

CONTACT

4240 Bell Blvd, Bayside, NY 11361

Stephanie Lagoudis

Other, Real Estate, Lawsuit & Dispute, Bankruptcy & Debt

Status: Licensed: 13 Years

CONTACT

21411 Northern Blvd, Bayside, NY 11361

Daniel Roger Murdock

Lawsuit & Dispute, International, Immigration, Bankruptcy

Status: Licensed: 62 Years

CONTACT

90 Horton St, Bronx, NY 10464

Edward B. Geller

Consumer Rights, Dispute Resolution, Lawsuit & Dispute, Collection

Status: Licensed: 45 Years

CONTACT

15 Landing Way, Bronx, NY 10464

Joseph C Perez

Bankruptcy & Debt, Divorce & Family Law, Real Estate

Status: Licensed: 38 Years

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CONTACT

216 Pennyfield Avenue, Bronx, NY 10465

800-923-0641

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LEGAL TERMS

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

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.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

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.

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.

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.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

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Great Neck Plaza Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Brett Warren Hausthor

Jack Ira Slepian

Nathan Arthur Brill

David Minsoo Pyun

Malcolm S. Babel

Rahul Agarwal

Stephanie Lagoudis

Daniel Roger Murdock

Edward B. Geller

Joseph C Perez

TIPS

LEGAL TERMS

FORBEARANCE

DISPOSABLE INCOME

INTEREST

BANKRUPTCY

CHAPTER 13 PLAN

CHAPTER 13 BANKRUPTCY

CREDIT INSURANCE

UNDUE HARDSHIP

PREFERENCE

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