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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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John J. Lynch

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Bankruptcy & Debt

Over 50 Years of Combined Legal Experience! Experienced Illinois Bankruptcy Law AttorneysAre your financial problems forcing you to consider bankru... (more)

FREE CONSULTATION

CONTACT

800-952-9511

3333 Warrenville Road, Lisle, IL 60532

Steven H. Mevorah

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Divorce & Family Law, Immigration, Personal Injury, Criminal, Bankruptcy

Steven H. Mevorah is the founder of Mevorah & Giglio Law Offices and began his practice in 1979. Mr. Mevorah brings significant experience to bear in ... (more)

FREE CONSULTATION

CONTACT

630-932-9100

900 E. Roosevelt Rd., Lombard, IL 60148

Deanna Lynne Aguinaga Walker

Estate, Estate Planning, Residential Real Estate, Bankruptcy & Debt, Wills & Probate

Geneva Estate Planning Lawyer

Deanna L. Aguinaga Walker is a well-versed attorney who concentrates her practice in the areas of estate planning, bankruptcy, residential real estate... (more)

FREE CONSULTATION

CONTACT

331-222-7978

28 N. 1st St., Suite 101, Geneva, IL 60134

Raya D. Bogard

Corporate, Business Successions, Business Organization, Collection

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CONTACT

1001 Warrenville Road, Lisle, IL 60532

David W. Nordin

Bankruptcy, Credit & Debt, Family Law, Litigation, Estate Planning

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FREE CONSULTATION

CONTACT

Naperville Executive Center, 1555 Naperville/Wheaton Rd., Naperville, IL 60563

Bernard J. Toussaint

Corporate, Business Organization, Banking & Finance, Bankruptcy

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CONTACT

2500 South Highland Avenue, Lombard, IL 60148

David N. Tanner

Corporate, Business Organization, Banking & Finance, Bankruptcy

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CONTACT

2500 South Highland Avenue, Lombard, IL 60148

Christina Brotto

Banking & Finance, Bankruptcy, Corporate, Business Organization

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CONTACT

2500 South Highland Avenue, Lombard, IL 60148

C. David Ward

Bankruptcy

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FREE CONSULTATION

CONTACT

2756 Route 34, Oswego, IL 60543

Richard Hirsh

Foreclosure, Bankruptcy, Business, Credit & Debt

Status: Licensed: 49 Years

FREE CONSULTATION

CONTACT

1500 Eisenhower Lane, Lisle, IL 60532

800-814-6700

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LEGAL TERMS

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.

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.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

PRIORITY DEBT

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13... (more...)

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.

FCBA

See Fair Credit Billing Act.

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.

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

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.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

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Naperville Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John J. Lynch

Steven H. Mevorah

Deanna Lynne Aguinaga Walker

Raya D. Bogard

David W. Nordin

Bernard J. Toussaint

David N. Tanner

Christina Brotto

C. David Ward

Richard Hirsh

TIPS

LEGAL TERMS

NONPROFIT CORPORATION

TRADE DRESS

CREDIT COUNSELING

PRIORITY DEBT

FCBA

WINDING UP

GRACE PERIOD

DEFINED CONTRIBUTION PLAN

LIEN

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