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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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Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution

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

Bernard J. Toussaint

Corporate, Business Organization, Banking & Finance, Bankruptcy

Status:

CONTACT

2500 South Highland Avenue, Lombard, IL 60148

C. David Ward

Bankruptcy

Status:

FREE CONSULTATION

CONTACT

2756 Route 34, Oswego, IL 60543

Christina Brotto

Banking & Finance, Bankruptcy, Corporate, Business Organization

Status:

CONTACT

2500 South Highland Avenue, Lombard, IL 60148

David N. Tanner

Corporate, Business Organization, Banking & Finance, Bankruptcy

Status:

CONTACT

2500 South Highland Avenue, Lombard, IL 60148

David W. Nordin

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

Status:

FREE CONSULTATION

CONTACT

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

Adnan Kagalwalla

International Tax, Estate Planning, Commercial Real Estate, Bankruptcy

Status: Licensed: 15 Years

CONTACT

1S450 Summit Ave, Villa Park, IL 60181

Alan Philip Solow

Corporate, Banking & Finance, Commercial Bankruptcy, Bankruptcy & Debt

Status: Licensed: 46 Years

CONTACT

203 N La Salle St, Chicago, IL 60601

Alex Matthew Rechenmacher

Estate Planning, Civil Rights, Business, Bankruptcy

Status: Licensed: 16 Years

CONTACT

Naperville, IL 60567

Andrew John Draus

Commercial Real Estate, Estate Planning, Transactions, Bankruptcy, Collection

Status: Licensed: 34 Years

CONTACT

53 E. St. Charles Road, Villa Park, IL 60181

800-814-6700

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LEGAL TERMS

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

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.

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

FAIR CREDIT BILLING ACT (FCBA)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days af... (more...)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days after it mailed the bill to you. The company must then correct the mistake, or at least acknowledge receipt of your letter within 30 days, and must correct the error within 90 days or explain why it believes the credit card statement is correct.

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.

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.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

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.

SAMPLE LEGAL CASES

Economy Fire & Cas. Co. v. Brumfield

... Appellees and Cross-Appellants, v. Hollis L. BRUMFIELD, Defendant and Counterplaintiff- Appellant and Cross-Appellee, and Michael J. Drewes; Constance Drewes; Beau Drewes; Zachary Fitzpatrick; Dan Fitzpatrick; Cindy Fitzpatrick; Steve Miller, Trustee in Bankruptcy for the ...

Seip v. Rogers Raw Materials Fund, LP

... Upon learning this, Beeland immediately sought to have the assets transferred either to Refco, LLC, or back to the original brokerage accounts. D. Refco Bankruptcy and the Special Redemption Letter. ... (2006)). Refco, LLC, filed for bankruptcy as well in November 2005. ...

Giannini v. Kumho Tire USA, Inc.

... While there are no Illinois cases addressing the stay granted in Rule 306, Garbe Iron Works held that the two-year statute of limitations for filing a mechanics' lien foreclosure was tolled by the automatic stay provision contained in the Federal Bankruptcy Act (11 USC Â§ 362(a)(1 ...

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Naperville Bankruptcy Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Steven H. Mevorah

Bernard J. Toussaint

C. David Ward

Christina Brotto

David N. Tanner

David W. Nordin

Adnan Kagalwalla

Alan Philip Solow

Alex Matthew Rechenmacher

Andrew John Draus

TIPS

LEGAL TERMS

CHAPTER 13 PLAN

GARNISHMENT

FAIR LABOR STANDARDS ACT (FLSA)

SECURED DEBT

FAIR CREDIT BILLING ACT (FCBA)

WINDING UP

PRESUMED ABUSE

DISCHARGE (OF DEBTS)

UNDUE HARDSHIP

SAMPLE LEGAL CASES

Economy Fire & Cas. Co. v. Brumfield

Seip v. Rogers Raw Materials Fund, LP

Giannini v. Kumho Tire USA, Inc.

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