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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

Lauren Tracy Riddick

Commercial Real Estate, Civil Rights, Bankruptcy

Status: In Good Standing Licensed: 11 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Adam Price

Commercial Real Estate, Real Estate, Lawsuit & Dispute, Bankruptcy

Status: In Good Standing Licensed: 15 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Adam Anderson Price

Commercial Real Estate, Real Estate, Lawsuit & Dispute, Bankruptcy

Status: In Good Standing Licensed: 14 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Rachael Stokas

Commercial Real Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 23 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Martin Potter

Commercial Real Estate, Real Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 33 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Rachael A. Stokas

Commercial Real Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 22 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Martin Potter

Commercial Real Estate, Real Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 33 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Lauren Riddick

Commercial Real Estate, Bankruptcy

Status: In Good Standing Licensed: 12 Years

CONTACT

15 W030 N Frontage Rd, Willowbrook, IL 60527

Ernest John Codilis

Commercial Real Estate, Real Estate, Transactions, Bankruptcy

Status: In Good Standing Licensed: 48 Years

CONTACT

15W030 N Frontage Rd, Willowbrook, IL 60527

Anna David

Commercial Real Estate, Collection, Bankruptcy, Civil Rights

Status: In Good Standing Licensed: 19 Years

CONTACT

15W030 N Frontage Rd, Willowbrook, IL 60527

800-923-0641

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LEGAL TERMS

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

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.

DEBT COLLECTOR

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe... (more...)

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe. Debt collectors can be relentless, often using scare tactics, humiliation and repeated phone calls to extract payments or promises to pay.

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.

FDCPA

See Fair Debt Collections & Practices Act.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

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.

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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Darien Bankruptcy Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Lauren Tracy Riddick

Adam Price

Adam Anderson Price

Rachael Stokas

Martin Potter

Rachael A. Stokas

Martin Potter

Lauren Riddick

Ernest John Codilis

Anna David

TIPS

LEGAL TERMS

ADMINISTRATIVE EXPENSES

SETOFF

DEBT COLLECTOR

GARNISHMENT

FDCPA

INTEREST

REDEMPTION

TRADE NAME

SECURED DEBT

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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