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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 Ian Pankin

Workout, Consumer Bankruptcy, Commercial Bankruptcy, Bankruptcy

Status:

CONTACT

48 Willoughby St, MetroTech, Brooklyn, NY 11201

R. Spencer Lauterbach

Corporate, Workout, Household Mold, Trusts

Status:

CONTACT

151 North Main Street, New City, NY 10956

Hyung Joon Stanley Lim

Banking & Finance, Credit & Debt, Workout, Lending

Status:

CONTACT

1 Crosfield Ave, West Nyack, NY 10994

Nat Wasserstein

Business, Credit & Debt, Workout, Corporate

Status: Licensed: 30 Years

FREE CONSULTATION

CONTACT

328 North Broadway, Upper Nyack, NY 10960

William Paul Weintraub

Litigation, Workout, Reorganization, Credit & Debt

Status: Licensed: 45 Years

CONTACT

620 Eighth Avenue, New York, NY 10018

Rosalie Walker Walker Gray

Business Organization, Workout

Status: Licensed: 39 Years

CONTACT

885 3Rd Ave, New York, NY 10022

John F. Bricker

Banking & Finance, Workout

Status: Licensed: 45 Years

CONTACT

1114 Avenue Of The Americas, New York, NY 10036

Michael E. Wiles

Litigation, Workout

Status: Licensed: 47 Years

CONTACT

919 3Rd Ave, New York, NY 10022

Michael J. Rishty

Real Estate, Joint Ventures, Merger & Acquisition, Workout

Status: Licensed: 24 Years

CONTACT

200 Park Ave, New York, NY 10166

Richard Hunter Engman

Reorganization, Credit & Debt, Workout

Status: Licensed: 28 Years

CONTACT

222 E 41st St, New York, NY 10017

800-814-6700

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LEGAL TERMS

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

COLLATERAL

Property that guarantees payment of a secured debt.

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.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

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.

COSIGNER

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for t... (more...)

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt. Many people use cosigners to qualify for a loan or credit card. Landlords may require a cosigner when renting to a student or someone with a poor credit history.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

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.

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Greenwood Lake Workout Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

David Ian Pankin

R. Spencer Lauterbach

Hyung Joon Stanley Lim

Nat Wasserstein

William Paul Weintraub

Rosalie Walker Walker Gray

John F. Bricker

Michael E. Wiles

Michael J. Rishty

Richard Hunter Engman

TIPS

LEGAL TERMS

ABUSE

BULK SALES LAW

COLLATERAL

PREFERENCE

MEETING OF CREDITORS

SECRET WARRANTY PROGRAM

COSIGNER

WINDING UP

GUARANTOR

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