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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

James S Don

Administrative Law, Dispute Resolution, Bankruptcy, Corporate

Status:

CONTACT

380 North Broadway, Jericho, NY 11753

David S. Zeidman, Esq

Divorce & Family Law, Consumer Bankruptcy, Residential Real Estate

Status: Licensed: 50 Years

CONTACT

16 Donald Dr., Syosset, NY 11791

Steven William Stutman

Real Estate, Consumer Bankruptcy, Wills & Probate, Bankruptcy

Status: Licensed: 51 Years

FREE CONSULTATION

CONTACT

535 Broadhollow Road, Melville, NY 11747

Ronald D. Weiss

Landlord-Tenant, Foreclosure, Credit & Debt, Bankruptcy

Status: Licensed: 37 Years

FREE CONSULTATION

CONTACT

734 Walt Whitman Rd, Melville, NY 11747

Craig Dennison Robins

Litigation, Consumer Protection, Bankruptcy, Bankruptcy & Debt

Status:

CONTACT

35 Pinelawn Road, Melville, NY 11747

Todd Alan Knauer

Real Estate, Banking & Finance, Business, Commercial Bankruptcy

Status: Licensed: 52 Years

CONTACT

225 Broadhollow Rd, Melville, NY 11747

Richard Alan Auerbach

Consumer Rights, Bankruptcy, Accident & Injury

Status: Licensed: 45 Years

CONTACT

500 N Broadway, Jericho, NY 11753

Kim D. Victor

Litigation, Corporate, Credit & Debt, Bankruptcy

Status: Licensed: 28 Years

CONTACT

90 Merrick Ave, East Meadow, NY 11554

Peter G. Zavatsky

Commercial Real Estate, Foreclosure, Credit & Debt, Bankruptcy

Status: Licensed: 48 Years

CONTACT

Syosset, NY 11791

Randy J. Schaefer

Corporate, Bankruptcy

Status: Licensed: 34 Years

CONTACT

None Listed, Jericho, NY 11753

800-814-6700

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LEGAL TERMS

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.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

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.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

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.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

NUISANCE FEES

Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fe... (more...)

Money charged by some credit card companies to increase their profits when you fail to use the card the way the creditor wants. Examples include late payment fees, inactivity fees and fees for not carrying a balance from month to month. It's best to shop around and get rid of cards that have these fees attached.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

SAMPLE LEGAL CASES

Barranco v. Cabrini Medical Center

... Department. Decided April 1, 2008. Concur â€” Gonzalez, JP, Williams, Catterson and Moskowitz, JJ. On or about February 21, 2001, plaintiff filed a petition in the United States Bankruptcy Court for the District of New Jersey. Some ...

Insurance Co. v. HSBC BANK USA

... We are asked in this case to decide whether a Bankruptcy Court order allowing a creditor to seize a debtor's bank account is entitled to res judicata effect in a subsequent state proceeding alleging that a portion of the funds in the account were state tax proceeds that should not ...

White v. Mazella-White

... which was to vacate the aforesaid inquest be made part of this judgment; and it is further," and (3) by deleting the fifth decretal paragraph thereof awarding the defendant the principal sum of $85,000 in equitable distribution payable to the defendant's trustee in bankruptcy; as so ...

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Plainview Bankruptcy Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

James S Don

David S. Zeidman, Esq

Steven William Stutman

Ronald D. Weiss

Craig Dennison Robins

Todd Alan Knauer

Richard Alan Auerbach

Kim D. Victor

Peter G. Zavatsky

Randy J. Schaefer

TIPS

LEGAL TERMS

WORKOUT

MEANS TEST

INTEREST

NONPROFIT CORPORATION

REAFFIRMATION

UNSECURED DEBT

LIQUIDATING PARTNER

NUISANCE FEES

ADMINISTRATIVE EXPENSES

SAMPLE LEGAL CASES

Barranco v. Cabrini Medical Center

Insurance Co. v. HSBC BANK USA

White v. Mazella-White

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