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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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David W. Nordin

Bankruptcy, Credit & Debt, Family Law, Litigation

Status: In Good Standing

FREE CONSULTATION

CONTACT

Naperville Executive Center, 1555 Naperville/Wheaton Rd., Naperville, IL 60563

Patrick Neil Goodwin

Consumer Protection, Foreclosure, Credit & Debt, Corporate

Status: In Good Standing

FREE CONSULTATION

CONTACT

218 N. Jefferson St., Chicago, IL 60606

Chad Hayward

Foreclosure, Real Estate, Immigration, Credit & Debt

Status: In Good Standing

FREE CONSULTATION

CONTACT

205 W. Randolph Street, Chicago, IL 60606

Suzanne L. Walters

Credit & Debt

Status: In Good Standing Licensed: 27 Years

CONTACT

284 Virginia Street, Crystal Lake, IL 60014

John P. Carlin

Student Rights, Credit & Debt, Collection, Bankruptcy

Status: In Good Standing Licensed: 23 Years

CONTACT

1305 Remington Rd, Schaumburg, IL 60173

James T. Magee

Real Estate, Credit & Debt, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 54 Years

CONTACT

444 N Cedar Lake Rd, Grayslake, IL 60073

Andrea Dwyer

Family Law, Insurance, Credit & Debt, Personal Injury

Status: In Good Standing Licensed: 16 Years

CONTACT

1294 Yorkshire Ln, Bloomingdale, IL 60188

Andrea Gabriela Dwyer

Family Law, Insurance, Credit & Debt, Personal Injury

Status: In Good Standing Licensed: 16 Years

CONTACT

1294 Yorkshire Ln, Bloomingdale, IL 60188

Elizabeth Anne Bates Lehman

Litigation, Estate Planning, Credit & Debt, Bankruptcy

Status: In Good Standing Licensed: 42 Years

CONTACT

300 S County Farm Rd, Wheaton, IL 60187

Elizabeth Bates Lehman

Litigation, Estate Planning, Credit & Debt, Bankruptcy

Status: In Good Standing Licensed: 42 Years

CONTACT

300 S County Farm Rd, Wheaton, IL 60187

800-923-0641

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LEGAL TERMS

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

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.

FAIR CREDIT BILLING ACT (FCBA)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days af... (more...)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days after it mailed the bill to you. The company must then correct the mistake, or at least acknowledge receipt of your letter within 30 days, and must correct the error within 90 days or explain why it believes the credit card statement is correct.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

REPOSSESSION

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

CREDIT FILE

See credit report.

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.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

SAMPLE LEGAL CASES

Portfolio Acquisitions, LLC v. Feltman

... On June 28, 2005, plaintiff filed its initial complaint against defendant to collect on an alleged defaulted credit card debt. ... Plaintiff asserts that it is well entrenched in Illinois law that the statute of limitations for an action on a credit card debt is 10 years. ...

Treadway v. NATIONS CREDIT FINANCIAL SERVS.

... appeals the order of the circuit court of Madison County that dismissed his class action complaint against the defendant, Nations Credit Financial Services ... knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with ...

Laubner v. JP Morgan Chase Bank, NA

... More to the point, plaintiffs have not set forth any facts to show why $11,500 per month is not enough to sustain their respective lifestyles in a manner that is "comfortable." Plaintiffs make no allegations of debt (aside from the credit debt that trustees paid off), steep mortgage ...

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Algonquin Credit & Debt Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

David W. Nordin

Patrick Neil Goodwin

Chad Hayward

Suzanne L. Walters

John P. Carlin

James T. Magee

Andrea Dwyer

Andrea Gabriela Dwyer

Elizabeth Anne Bates Lehman

Elizabeth Bates Lehman

TIPS

LEGAL TERMS

DISCHARGEABLE DEBTS

FORBEARANCE

GARNISHMENT

FAIR CREDIT BILLING ACT (FCBA)

BULK SALES LAW

REPOSSESSION

CREDIT FILE

TRUTH IN LENDING ACT (TILA)

DISCHARGE (OF DEBTS)

SAMPLE LEGAL CASES

Portfolio Acquisitions, LLC v. Feltman

Treadway v. NATIONS CREDIT FINANCIAL SERVS.

Laubner v. JP Morgan Chase Bank, NA

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