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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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James Martin Gallagher

Consumer Bankruptcy, Wills & Probate, Personal Injury, Real Estate

Status: Licensed: 45 Years

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2249 Derby Road (At Sunrise Highway), Baldwin, NY 11510

Jeffrey M. Rosenblum

Bankruptcy & Debt, Tax, Estate, Lawsuit & Dispute

Status: Licensed: 51 Years

FREE CONSULTATION

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371 Merrick Road, Rockville Centre, NY 11570

Jerry Merola

Tax, Bankruptcy & Debt, Criminal, Business

Status:

FREE CONSULTATION

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91 N. Franklin Street, Hempstead, NY 11550

Mel Jacoby

Accident & Injury, Bankruptcy & Debt, Criminal, Divorce & Family Law

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FREE CONSULTATION

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2545 Hempstead Turnpike, East Meadow, NY 11554

Jennifer A. Bentley

Accident & Injury, Bankruptcy & Debt, Criminal, Employment

Status: Licensed: 20 Years

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90 Merrick Avenue, East Meadow, NY 11554

Richard Glenn Gertler

Litigation, Corporate Governance, Business & Trade, Bankruptcy Litigation

Status: Licensed: 40 Years

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90 Merrick Avenue, East Meadow, NY 11554

Danny D. De Voe

Bankruptcy & Debt, Business, Collection, Estate

Status: Licensed: 19 Years

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1325 Franklin Ave., Garden City, NY 11530

Leonard M. Ross

Corporate, Contract, Business Organization, Credit & Debt, Real Estate

Status: Licensed: 46 Years

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265 Sunrise Hwy, Rockville Centre, NY 11570

Scott Robert Cohen

Landlord-Tenant, Insurance, Collection, Legal Malpractice

Status:

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1921 Bellmore Avenue, Bellmore, NY 11710

Jessica Gittle Berman

Litigation, Business Organization, Reorganization, Bankruptcy & Debt

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990 Stewart Avenue, Garden City, NY 11530

800-814-6700

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LEGAL TERMS

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.

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.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

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.

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.

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.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

GUARANTEED RESERVATION

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehic... (more...)

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehicle for you no matter when you show up. If you have a guaranteed reservation with a hotel, it must provide you with a room, either at that hotel or at another comparable establishment. If you have a guaranteed reservation with a car agency, it must provide you with a vehicle. The downside of a guaranteed reservation is that if you don't show up and haven't cancelled your reservation, you will be billed for one night in the room or one day's use of the vehicle.

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Merrick Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

James Martin Gallagher

Jeffrey M. Rosenblum

Jerry Merola

Mel Jacoby

Jennifer A. Bentley

Richard Glenn Gertler

Danny D. De Voe

Leonard M. Ross

Scott Robert Cohen

Jessica Gittle Berman

TIPS

LEGAL TERMS

REPOSSESSION

DEFINED CONTRIBUTION PLAN

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

UNSECURED DEBT

WINDING UP

MEETING OF CREDITORS

UNDUE HARDSHIP

LIMITED LIABILITY

GUARANTEED RESERVATION

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