South Bethlehem Bankruptcy & Debt Lawyer, New York, page 4

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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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Stephen Francis Bailly

Other, Lawsuit & Dispute, Bankruptcy & Debt

Status: Licensed: 46 Years

CONTACT

15 Valleyview Dr, Albany, NY 12208

Daniel Robert Lecours

Lawsuit & Dispute, Bankruptcy & Debt

Status: Licensed: 13 Years

CONTACT

677 Broadway, Albany, NY 12207

Glen Kimball Williams

Military & Veterans Appeals, Litigation, Commercial Bankruptcy

Status: Licensed: 49 Years

CONTACT

677 Broadway, Albany, NY 12207

Kevin Laurilliard

Collection

Status:

CONTACT

677 Broadway, Albany, NY 12201

Meghan Mary Breen

Bankruptcy & Debt, Real Estate

Status:

CONTACT

50 Beaver St, Albany, NY 12207

Pilar Andrea Cano

Mediation, Lawsuit & Dispute, Collection, Bankruptcy & Debt

Status:

CONTACT

36 S Pearl St, Albany, NY 12207

Jonathan D. Deily

Real Estate, Lawsuit & Dispute, Business, Bankruptcy & Debt

Status:

CONTACT

54 State St, Albany, NY 12207

Joann Sternheimer

Real Estate, Lawsuit & Dispute, Business, Bankruptcy & Debt

Status:

CONTACT

54 State St, Albany, NY 12207

F. Matthew Jackson

Real Estate, Lawsuit & Dispute, Business, Bankruptcy & Debt

Status: Licensed: 29 Years

CONTACT

54 State St, Albany, NY 12207

Jenna Christine Smith

Lawsuit & Dispute, Consumer Rights, Business, Bankruptcy & Debt

Status: Licensed: 10 Years

CONTACT

30 S Pearl St, Albany, NY 12207

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.

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.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

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.

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.

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.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

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South Bethlehem Bankruptcy & Debt Lawyer, New York, page 4

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Stephen Francis Bailly

Daniel Robert Lecours

Glen Kimball Williams

Kevin Laurilliard

Meghan Mary Breen

Pilar Andrea Cano

Jonathan D. Deily

Joann Sternheimer

F. Matthew Jackson

Jenna Christine Smith

TIPS

LEGAL TERMS

CHAPTER 13 PLAN

BANKRUPTCY

CURRENT MONTHLY INCOME

REPOSSESSION

REAFFIRMATION

SECURED DEBT

FRAUDULENT TRANSFER

C CORPORATION

SUBROGATION

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