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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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Howard L. Teplinsky

Dispute Resolution, Arbitration, Bankruptcy, Bankruptcy Litigation

Status:

CONTACT

750 Lake Cook Rd, Buffalo Grove, IL 60089

William J. Factor

Government, Business, Bankruptcy, Bankruptcy & Debt

Status:

FREE CONSULTATION

CONTACT

1363 Shermer Road, Northbrook, IL 60062

David P. Holtkamp

Bankruptcy, Bankruptcy & Debt

Status:

FREE CONSULTATION

CONTACT

1363 Shermer Road, Northbrook, IL 60062

Randall Alan Wolff

Personal Injury, Car Accident, Slip & Fall Accident, Divorce & Family Law, Bankruptcy

Status: Licensed: 41 Years

FREE CONSULTATION

CONTACT

3325 N. Arlington Heights Rd 500, Arlington Heights, IL 60004

David Siegel

Bankruptcy, Divorce & Family Law, Divorce, Bankruptcy & Debt

Status:

FREE CONSULTATION

CONTACT

790 Chaddick Drive, Wheeling, IL 60090

Diane Brazen Gordon

Commercial Real Estate, Motor Vehicle, Student Rights, Bankruptcy

Status: Licensed: 35 Years

CONTACT

33 Chestnut Terr, Buffalo Grove, IL 60089

Michael L. Starzec

Lawsuit & Dispute, Industry Specialties, Collection, Bankruptcy & Debt

Status: Licensed: 30 Years

CONTACT

775 Corporate Woods Pkwy, Vernon Hills, IL 60061

David Scott Curcio

Business & Trade, Consumer Bankruptcy

Status: Licensed: 39 Years

CONTACT

2500 Lake Cook Rd, Deerfield, IL 60015

Beth Iris Katz

Collection

Status: Licensed: 41 Years

CONTACT

1400 E. Lake Cook Rd., Buffalo Grove, IL 60089

Stuart Wallace

Bankruptcy

Status: Licensed: 13 Years

CONTACT

100 Lexington Drive, Buffalo Grove, IL 60089

800-814-6700

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LEGAL TERMS

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

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.'

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.

TRADE DRESS

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape... (more...)

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape of Frangelico liqueur bottles. Trade dress can be protected under trademark law if a showing can be made that the average consumer would likely be confused as to product origin if another product were allowed to appear in similar dress.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

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.

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

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Lincolnshire Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Howard L. Teplinsky

William J. Factor

David P. Holtkamp

Randall Alan Wolff

David Siegel

Diane Brazen Gordon

Michael L. Starzec

David Scott Curcio

Beth Iris Katz

Stuart Wallace

TIPS

LEGAL TERMS

PRESUMED ABUSE

CREDITOR

LOSS DAMAGE WAIVER (LDW)

GARNISHMENT

TRADE DRESS

WORKOUT

PREFERENCE

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

NONEXEMPT PROPERTY

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