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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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Raya D. Bogard

Corporate, Business Successions, Business Organization, Collection

Status: In Good Standing

CONTACT

1001 Warrenville Road, Lisle, IL 60532

Thomas Gosselin

Business Organization, Collection, Commercial Real Estate, Defamation & Slander

Status: In Good Standing

CONTACT

2425 Royal Blvd, Elgin, IL 60123

Michael J. Dudek

Bankruptcy, Corporate, Collection, Commercial Bankruptcy

Status: In Good Standing

CONTACT

One N. LaSalle Street, Chicago, IL 60602

Ethan L. Crooks

Corporate, Business Organization, Business Successions, Collection

Status: In Good Standing

CONTACT

55 W. Wacker Drive, Chicago, IL 60601

Chad W. Riley

Corporate, Business Organization, Business Successions, Collection

Status: In Good Standing

CONTACT

55 W. Wacker Drive, Chicago, IL 60601

Elisabeth A. Sustman

Administrative Law, Bankruptcy Litigation, Class Action, Collection

Status: In Good Standing

CONTACT

55 W. Wacker Drive, Chicago, IL 60601

Christopher B. Morozin

Bankruptcy, Collection, Contract, Criminal

Status: In Good Standing

FREE CONSULTATION

CONTACT

74 East Grand Avenue, Fox Lake, IL 60020

Sharon Shapiro

Corporate, Business Organization, Civil Rights, Collection

Status: In Good Standing

CONTACT

100 West Kinzie, Chicago, IL 60610

Scott Janko

Corporate, Collection, Commercial Leasing, Consumer Protection

Status: In Good Standing

FREE CONSULTATION

CONTACT

218 N. Jefferson Street, Chicago, IL 60661

Bryan R. Bagdady

Business, Wills & Probate, Bankruptcy & Debt, Contract, Collection

Status: In Good Standing Licensed: 42 Years

FREE CONSULTATION

CONTACT

17w220 22nd Street, Oakbrook Terrace, IL 60181

800-923-0641

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LEGAL TERMS

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.

GARNISHMENT

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if ... (more...)

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

FCBA

See Fair Credit Billing Act.

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.

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.

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.

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.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

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Chicago Collection Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Raya D. Bogard

Thomas Gosselin

Michael J. Dudek

Ethan L. Crooks

Chad W. Riley

Elisabeth A. Sustman

Christopher B. Morozin

Sharon Shapiro

Scott Janko

Bryan R. Bagdady

TIPS

LEGAL TERMS

SETOFF

GARNISHMENT

LIEN

FCBA

PREFERENCE

401(K) PLAN

GUARANTEED RESERVATION

PRESUMED ABUSE

CHAPTER 7 BANKRUPTCY

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