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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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Benjamin David Burge

Estate Planning, Credit & Debt

Status: In Good Standing Licensed: 13 Years

CONTACT

424 Main St, Buffalo, NY 14202

Brian R. Goodwin

Commercial Banks, Commercial Real Estate, Credit & Debt, Motor Vehicle, Collection

Status: In Good Standing Licensed: 21 Years

CONTACT

97 Virginia Road, Buffalo, NY 14225

Bruce Devoin Mcallister

Workers' Compensation, Corporate, Credit & Debt, Personal Injury

Status: In Good Standing Licensed: 44 Years

CONTACT

30 Eagle St, Buffalo, NY 14221

Bruce D. Mcallister

Workers' Compensation, Corporate, Credit & Debt, Personal Injury

Status: In Good Standing Licensed: 44 Years

CONTACT

30 Eagle St, Buffalo, NY 14221

John Peter Amershadian

Real Estate, Banking & Finance, Business, Credit & Debt

Status: In Good Standing Licensed: 48 Years

CONTACT

140 Pearl St, Buffalo, NY 14202

Lisa Ann Kurbiel

Divorce & Family Law, Credit & Debt

Status: In Good Standing Licensed: 32 Years

CONTACT

240 Selkirk Dr, Lockport, NY 14120

Maximillian G. Tresmond

General Practice

Status: In Good Standing Licensed: 9 Years

CONTACT

424 Main St, Buffalo, NY 14202

Peter David Grubea

Bankruptcy & Debt, Consumer Bankruptcy, Credit & Debt

Status: In Good Standing Licensed: 31 Years

FREE CONSULTATION

CONTACT

336 Harris Hill Rd, Buffalo, NY 14221

Thomas E. Hare

Credit & Debt, Family Law, Criminal, Bankruptcy

Status: In Good Standing

CONTACT

418 Obrian Hall, Buffalo, NY 14260

Todd Alan Morth

Consumer Bankruptcy, Credit & Debt, Bankruptcy Litigation

Status: In Good Standing Licensed: 26 Years

CONTACT

336 Harris Hill Rd, Buffalo, NY 14221

800-923-0641

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LEGAL TERMS

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

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.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

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.

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.

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

COLLINS FIN. v. Vigilante

... Such a system is not tolerable in regard to credit card and other consumer credit debt cases where items such as the interest rate, late payment charge, and over-the-limit fees may change several times over the course of the consumer credit agreement. ...

Grasso v. Grasso

... 765 The husband also correctly contends that the Supreme Court improvidently exercised its discretion by, in effect, holding him responsible for 100% of the credit card obligations that constitute the parties' marital debt as well as all the marital debt that was solely in the wife's ...

PRA III LLC v. Gonzalez

... agreement to extend credit to the defendant, the issuance of credit cards at the defendant's address, his use of credit cards, his ... Moreover, the plaintiff submitted no evidence demonstrating the defendant's intention to pay the alleged debt (see General Obligations Law Â§ 17-101 ...

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Barker Credit & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Benjamin David Burge

Brian R. Goodwin

Bruce Devoin Mcallister

Bruce D. Mcallister

John Peter Amershadian

Lisa Ann Kurbiel

Maximillian G. Tresmond

Peter David Grubea

Thomas E. Hare

Todd Alan Morth

TIPS

LEGAL TERMS

FAIR LABOR STANDARDS ACT (FLSA)

NONDISCHARGEABLE DEBTS

LIMITED PARTNERSHIP

MEANS TEST

FORBEARANCE

CHAPTER 13 PLAN

BULK SALES LAW

FRATERNAL BENEFIT SOCIETY BENEFITS

SECURED DEBT

SAMPLE LEGAL CASES

COLLINS FIN. v. Vigilante

Grasso v. Grasso

PRA III LLC v. Gonzalez

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