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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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Farva Jafri

Bankruptcy & Debt, Tax, Divorce, Estate Planning, White Collar Crime

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FREE CONSULTATION

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50 Evergreen Row, Armonk, NY 10504

Marianne Otoole

Bankruptcy & Debt

Status: Licensed: 35 Years

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2 Depot Plaza, Bedford Hills, NY 10507

Marianne T. O'Toole

Lawsuit & Dispute, Divorce, DUI-DWI, Bankruptcy

Status: Licensed: 35 Years

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2 Depot Plaza, Bedford Hills, NY 10507

Robert Anthony Cinque

State and Local, Divorce, DUI-DWI, Bankruptcy

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16 Mount Ebo Rd S, Brewster, NY 10509

Richard I. Goldsand

International Tax, Divorce, DUI-DWI, Bankruptcy

Status: Licensed: 55 Years

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864 Route 22, Brewster, NY 10509

Stamatia Kampitsis Dewbury

International, Divorce, Divorce & Family Law, Bankruptcy & Debt

Status: Licensed: 28 Years

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53 Gleneida Avenue, Carmel, NY 10512

Rick S. Cowle

Real Estate, Business, Bankruptcy & Debt, Bankruptcy

Status: Licensed: 22 Years

CONTACT

18 Fair St, Carmel, NY 10512

Conrad Pasquale

Motor Vehicle, Workers' Compensation, Child Custody, Collection

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48 Gleneida Ave, Carmel, NY 10512

B Faye Thorpe

Government, Divorce & Family Law, Bankruptcy & Debt

Status: Licensed: 20 Years

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110 Old Rte. 6, Carmel, NY 10512

Christopher Xavier Maher

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

Status: Licensed: 39 Years

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105 Gleneida Ave, Carmel, NY 10512

800-814-6700

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LEGAL TERMS

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.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily fu... (more...)

A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily funded by voluntary donations from the creditors that receive payments from debtors repaying their debts through that office. Despite this criticism, most CCCS counselors provide clients with thorough and neutral advice.

CREDIT FILE

See credit report.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

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Waccabuc Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Farva Jafri

Marianne Otoole

Marianne T. O'Toole

Robert Anthony Cinque

Richard I. Goldsand

Stamatia Kampitsis Dewbury

Rick S. Cowle

Conrad Pasquale

B Faye Thorpe

Christopher Xavier Maher

TIPS

LEGAL TERMS

PRIORITY DEBT

401(K) PLAN

CREDITOR

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

CREDIT FILE

GENERAL PARTNER

SETOFF

LIABILITY

BULK SALES LAW

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