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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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William F. Macreery

Litigation, Bankruptcy, Bankruptcy & Debt

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7 Granite Springs Rd, Granite Springs, NY 10527

Gary Mark Rikoon

Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 47 Years

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79 Granite Springs Rd, Yorktown Heights, NY 10598

Jonathan Matthew Victor

Contract, Credit & Debt, Construction, Constitutional Law, Education

Status: Licensed: 16 Years

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963 Route 6, Mahopac, NY 10541

Leonard Frank Quartaro

Bankruptcy & Debt, Criminal, Credit & Debt

Status: Licensed: 30 Years

CONTACT

35B Heritage Hls, Somers, NY 10589

George J. Calcagnini

International, Divorce & Family Law, Bankruptcy & Debt

Status: Licensed: 46 Years

CONTACT

376 Route 202, Somers, NY 10589

Denis J. Timone

International, Divorce & Family Law, Bankruptcy & Debt

Status: Licensed: 57 Years

CONTACT

384 Route 202, Somers, NY 10589

Lester Forest

Consumer Bankruptcy, Estate, Civil Rights, Bankruptcy & Debt

Status: Licensed: 43 Years

CONTACT

299 Route 6N, Mahopac, NY 10541

Anthony John Tripodi

Commercial Real Estate, Real Estate, Government, Bankruptcy & Debt

Status: Licensed: 49 Years

CONTACT

40 Triangle Ctr, Yorktown Heights, NY 10598

Cornelius Patrick Mccarthy

Intellectual Property, Divorce & Family Law, Business, Credit & Debt, Bankruptcy & Debt

Status: Licensed: 41 Years

CONTACT

612 N Lake Blvd, Mahopac, NY 10541

John R. Kibbe

Industry Specialties, Business, Bankruptcy & Debt

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CONTACT

1961 Commerce St, Yorktown Heights, NY 10598

800-814-6700

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LEGAL TERMS

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.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

DEFINED CONTRIBUTION PLAN

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount ... (more...)

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount every month, or every year, for each employee. The employer usually pays a fixed percentage of an employee's wages or salary, although sometimes the amount is a fraction of the company's profits, with the size of each employee's pension share depending on the amount of wage or salary. Upon retirement, each employee's pension is determined by how much was contributed to the fund on behalf of that employee over the years, plus whatever earnings that money has accumulated as part of the investments of the entire pension fund.

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.

COLLATERAL

Property that guarantees payment of a secured debt.

REPOSSESSION

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

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.

NONPROFIT CORPORATION

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

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Shenorock Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

William F. Macreery

Gary Mark Rikoon

Jonathan Matthew Victor

Leonard Frank Quartaro

George J. Calcagnini

Denis J. Timone

Lester Forest

Anthony John Tripodi

Cornelius Patrick Mccarthy

John R. Kibbe

TIPS

LEGAL TERMS

CHAPTER 13 BANKRUPTCY

TRADE NAME

DEFINED CONTRIBUTION PLAN

BANKRUPTCY

COLLATERAL

REPOSSESSION

PREFERENCE

NONPROFIT CORPORATION

FRATERNAL BENEFIT SOCIETY BENEFITS

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