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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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Angelo J. Vitiritti

Bankruptcy, Estate Planning, Transactions, Criminal

Status: In Good Standing Licensed: 34 Years

CONTACT

16231 Wausau Ave, South Holland, IL 60473

Angelo Vitiritti

Divorce & Family Law, Criminal, Bankruptcy, Estate Planning

Status: In Good Standing Licensed: 34 Years

CONTACT

16231 Wausau Ave, South Holland, IL 60473

David Siegel

Bankruptcy & Debt, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

10540 S. Western Ave, Chicago, IL 60643

Sabrina Herrell

Commercial Real Estate, Litigation, Estate Planning, Bankruptcy

Status: In Good Standing Licensed: 22 Years

CONTACT

11416 S Prairie Ave, Chicago, IL 60628

Sabrina Herrell

Commercial Real Estate, Litigation, Estate Planning, Bankruptcy

Status: In Good Standing Licensed: 22 Years

CONTACT

11416 S Prairie Ave, Chicago, IL 60628

Gregory Mitchell

Bankruptcy, Civil Rights, Federal Appellate Practice, Personal Injury

Status: In Good Standing Licensed: 39 Years

CONTACT

16901 S Dixie Highway, Hazel Crest, IL 60429

Dennis G Gianopolus

Real Estate, Traffic, Criminal, Credit & Debt

Status: In Good Standing Licensed: 34 Years

CONTACT

18511 Torrence Ave, Lansing, IL 60438

Theresa M. Long

Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 38 Years

CONTACT

2056 Ridge Road, Homewood, IL 60430

Alexander Nohr

Bankruptcy

Status: In Good Standing Licensed: 13 Years

CONTACT

11101 S. Western Avenue, Chicago, IL 60643

Damita Gail Buffington

Real Estate, Family Law, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 30 Years

CONTACT

10849 S Western Ave, Chicago, IL 60643

800-923-0641

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LEGAL TERMS

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.

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.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after 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.

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.

Dolton Bankruptcy & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Angelo J. Vitiritti

Angelo Vitiritti

David Siegel

Sabrina Herrell

Sabrina Herrell

Gregory Mitchell

Dennis G Gianopolus

Theresa M. Long

Alexander Nohr

Damita Gail Buffington

TIPS

LEGAL TERMS

REDEMPTION

PREFERENCE

GUARANTOR

REAFFIRMATION

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

CHAPTER 13 BANKRUPTCY

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

FCBA

CREDITOR

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