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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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Scott M. Smith

Agriculture, Corporate, Business Organization, Collection

Status: In Good Standing

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124 West Exchange Street, Cambridge, IL 61238

Lincoln T. Scott

Wills & Probate, Estate Planning, Family Law, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

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3610 25Th Street, Moline, IL 61265

Robert T. Park

Animal Bite, Arbitration, Collection, Commercial Insurance

Status: In Good Standing

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1600 Fourth Avenue, Rock Island, IL 61201

Amy L. Keys

Business Organization, Collection, Construction Liens, Contract

Status: In Good Standing

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1600 Fourth Avenue, Rock Island, IL 61201

Thomas Wayne Montgomery

Bankruptcy & Debt, Real Estate, Estate, Accident & Injury, Criminal

Status: In Good Standing

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127 North Prospect Street, Cambridge, IL 61238

David Wayne Meier

Bankruptcy, Corporate, Litigation

Status: In Good Standing Licensed: 47 Years

CONTACT

One John Deere Pl, Moline, IL 61265

Lincoln T. Scott

Estate Planning, Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 25 Years

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844 15th Avenue, East Moline, IL 61244

Steven L. Nelson

Corporate, Banking & Finance, Administrative Law, Bankruptcy

Status: In Good Standing Licensed: 48 Years

CONTACT

1515 5Th Avenue, Moline, IL 61265

J. Sue Myatt

Construction Contracts, Civil Rights, Contract, Consumer Bankruptcy

Status: In Good Standing

CONTACT

1620 Fifth Ave, Moline, IL 61265

Ray Choudhry

Estate, Family Law, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 50 Years

CONTACT

1515 5th Ave #430, Moline, IL 61265

800-923-0641

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LEGAL TERMS

CREDIT REPORT

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you m... (more...)

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved. An estimated 50% of all credit reports contain errors, such as accounts that don't belong to you, an incorrect account status or information reported that is older than seven years (ten years in the case of a bankruptcy).

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

FCBA

See Fair Credit Billing Act.

CCCS

See Consumer Credit Counseling Service.

DISCHARGE (OF DEBTS)

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

S CORPORATION

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

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.

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Andover Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Scott M. Smith

Lincoln T. Scott

Robert T. Park

Amy L. Keys

Thomas Wayne Montgomery

David Wayne Meier

Lincoln T. Scott

Steven L. Nelson

J. Sue Myatt

Ray Choudhry

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LEGAL TERMS

CREDIT REPORT

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

CHAPTER 13 BANKRUPTCY

FCBA

CCCS

DISCHARGE (OF DEBTS)

S CORPORATION

CREDIT BUREAU

CHAPTER 13 PLAN

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