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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

Vincent C. Machroli

✓ VERIFIED

Divorce & Family Law, Paternity, Estate Planning, Bankruptcy, Criminal

OVER 30 YEARS OF EXPERIENCE IN FAMILY LAW, ESTATE PLANNING, REAL ESTATE, AND BANKRUPTCY LAW At the Law Office of Vincent C. Machroli, P.C., we are ... (more)

FREE CONSULTATION

CONTACT

708-449-7404

4415 Harrison St, Hillside, IL 60162

Steven H. Mevorah

✓ VERIFIED

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

Matthew J Ryan

Bankruptcy, Criminal, Estate Planning, Family Law

Status: In Good Standing

FREE CONSULTATION

CONTACT

3101 N Rose Street, Franklin Park, IL 60131

Richard Neil Gentry

Bankruptcy, Divorce, Estate Planning, Business

Status: In Good Standing

CONTACT

358 May St, Elmhurst, IL 60126

Richard Gentry

Bankruptcy, Divorce, Estate Planning, Business

Status: In Good Standing

CONTACT

358 May St, Elmhurst, IL 60126

Brett A. Kaufman

Bankruptcy & Debt, Bankruptcy, Accident & Injury, Personal Injury, Workers' Compensation

Status: In Good Standing

FREE CONSULTATION

CONTACT

4415 West Harrison St, Hillside, IL 60162

Patrick Terence Sheehan

International Tax, International, Bankruptcy

Status: In Good Standing Licensed: 38 Years

CONTACT

314 North York Road, Elmhurst, IL 60126

Robert Michael Rush

Tax, International Tax, Bankruptcy

Status: In Good Standing Licensed: 24 Years

CONTACT

314 N York Rd., Elmhurst, IL 60126

Molly Maureen Young

Bankruptcy

Status: In Good Standing Licensed: 12 Years

CONTACT

314 North York Road, Elmhurst, IL 60126

Raymond Gaynor

Tax, Lawsuit & Dispute, Bankruptcy

Status: In Good Standing Licensed: 21 Years

CONTACT

314 North York Road, Elmhurst, IL 60126

800-923-0641

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LEGAL TERMS

COLLATERAL

Property that guarantees payment of a secured debt.

DEBIT CARD

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can ... (more...)

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can also be used at stores to pay for goods and services in place of a check. Unlike a credit card, a debit card automatically withdraws money from your checking account at the time of the transaction. Debit cards are regulated by the Electronic Funds Transfer Act.

GUARANTEED RESERVATION

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehic... (more...)

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehicle for you no matter when you show up. If you have a guaranteed reservation with a hotel, it must provide you with a room, either at that hotel or at another comparable establishment. If you have a guaranteed reservation with a car agency, it must provide you with a vehicle. The downside of a guaranteed reservation is that if you don't show up and haven't cancelled your reservation, you will be billed for one night in the room or one day's use of the vehicle.

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.

TRUTH IN LENDING ACT (TILA)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disc... (more...)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.

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.

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.

DEFINED CONTRIBUTION PLAN

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount ... (more...)

A type of pension plan that does not guarantee any particular pension amount upon retirement. Instead, the employer pays into the pension fund a certain amount every month, or every year, for each employee. The employer usually pays a fixed percentage of an employee's wages or salary, although sometimes the amount is a fraction of the company's profits, with the size of each employee's pension share depending on the amount of wage or salary. Upon retirement, each employee's pension is determined by how much was contributed to the fund on behalf of that employee over the years, plus whatever earnings that money has accumulated as part of the investments of the entire pension fund.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

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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Berkeley Bankruptcy Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Vincent C. Machroli

Steven H. Mevorah

Matthew J Ryan

Richard Neil Gentry

Richard Gentry

Brett A. Kaufman

Patrick Terence Sheehan

Robert Michael Rush

Molly Maureen Young

Raymond Gaynor

TIPS

LEGAL TERMS

COLLATERAL

DEBIT CARD

GUARANTEED RESERVATION

CREDIT BUREAU

TRUTH IN LENDING ACT (TILA)

SECURED DEBT

PRESUMED ABUSE

DEFINED CONTRIBUTION PLAN

PREFERENCE

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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