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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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Jesus Antonio Cachaya

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Accident & Injury, Criminal, Divorce & Family Law, Immigration, Bankruptcy & Debt

We have offices located in Westchester, White Plains and New York City and we represent clients throughout all of New York State in various legal matt... (more)

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CONTACT

800-318-9750

203 E Post Rd, White Plains, NY 10601

Agnes C. Atadika

Other, Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 41 Years

CONTACT

50 Main St, White Plains, NY 10606

Alex Sid Talesnick

Banking & Finance, Bankruptcy & Debt

Status: In Good Standing Licensed: 13 Years

CONTACT

50 Main St, White Plains, NY 10606

Alexander Maclean Jeffrey

Credit & Debt

Status: In Good Standing Licensed: 27 Years

CONTACT

399 Knollwood Rd, White Plains, NY 10603

Allan Theodore Cannon

Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 67 Years

CONTACT

47 Brewster Rd, Scarsdale, NY 10583

Andre Steinke

Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 33 Years

CONTACT

151 E Post Rd, White Plains, NY 10601

Andrew Harris Kulak

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

Status: In Good Standing Licensed: 45 Years

CONTACT

300 Hamilton Ave, White Plains, NY 10601

Andrew Paul Marks

International Tax, Employment, Civil & Human Rights, Collection

Status: In Good Standing Licensed: 40 Years

CONTACT

555 Theodore Fremd Ave, Rye, NY 10580

Anna R. Schwartz

Litigation, International Tax, Trademark, Collection

Status: In Good Standing Licensed: 28 Years

CONTACT

555 Theodore Fremd Ave, Rye, NY 10580

Anne Penachio

Landlord-Tenant, Business, Bankruptcy, Malpractice

Status: In Good Standing

CONTACT

245 Main St, White Plains, NY 10601

800-923-0641

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LEGAL TERMS

PRIORITY DEBT

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13... (more...)

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

COLLECTION AGENCY

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the d... (more...)

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the debt themselves, typically through letters (called 'dunning' letters) and telephone calls. Collection agencies are regulated by the federal Fair Debt Collection Practices Act. Unfortunately, too many collectors ignore this law.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

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Harrison Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jesus Antonio Cachaya

Agnes C. Atadika

Alex Sid Talesnick

Alexander Maclean Jeffrey

Allan Theodore Cannon

Andre Steinke

Andrew Harris Kulak

Andrew Paul Marks

Anna R. Schwartz

Anne Penachio

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LEGAL TERMS

PRIORITY DEBT

CURRENT MONTHLY INCOME

GENERAL PARTNER

COLLECTION AGENCY

WINDING UP

DISPOSABLE INCOME

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

FRATERNAL BENEFIT SOCIETY BENEFITS

MEETING OF CREDITORS

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