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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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John H. Thomas

Bankruptcy, Landlord-Tenant, Real Estate, Litigation

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158 Orange Avenue, Walden, NY 12586

Mark T. Starkman

Administrative Law, Bankruptcy Litigation, Construction Liens, Credit & Debt

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Orange Avenue, Walden, NY 12586

Robert J. Buonomo

Bankruptcy, Business Organization, Insurance, Litigation

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1997 State Route 17M, Goshen, NY 10924

James G. Yastion

Corporate, Collection, Complex Litigation, Credit & Debt

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10 Matthews Street, Goshen, NY 10924

Joseph Wilson Coburn

Real Estate, Lawsuit & Dispute, Government, Bankruptcy & Debt

Status: Licensed: 45 Years

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Pine Bush, NY 12566

Brian Christopher Fetzko

Criminal, Real Estate, Traffic, Bankruptcy, Bankruptcy & Debt

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12 Evergreen Dr, Middletown, NY 10940

William Wesley Frame

Criminal, Litigation, Bankruptcy, Franchising

Status: Licensed: 20 Years

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305 Sherwood Dr N, Middletown, NY 10941

Patrick D. Hickey

Environmental Law Other, Elder Law, Bankruptcy, Personal Injury

Status: Licensed: 9 Years

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1 Dolson Ave, Middletown, NY 10940

Michael O'Leary

Bankruptcy, Bankruptcy & Debt

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Middletown, NY 10940

Kevin Gomez

Real Estate, Wills, Divorce & Family Law, Criminal, Collection

Status: Licensed: 24 Years

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Middletown, NY 10940

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LEGAL TERMS

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

CCCS

See Consumer Credit Counseling Service.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

LOSS DAMAGE WAIVER (LDW)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it ofte... (more...)

Rental car insurance that makes the rental car company responsible for damage to or theft of a rental car. This insurance is a major consumer ripoff, as it often duplicates coverage provided by the renter's regular car insurance and/or the credit card she uses to rent the car. Nevertheless, hard-sell practices by rental car agents often dupe people into buying LDWs they don't really need. LDW is also called 'collision damage waiver.'

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.

S CORPORATION

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

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.

Bloomingburg Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John H. Thomas

Mark T. Starkman

Robert J. Buonomo

James G. Yastion

Joseph Wilson Coburn

Brian Christopher Fetzko

William Wesley Frame

Patrick D. Hickey

Michael O'Leary

Kevin Gomez

TIPS

LEGAL TERMS

GRACE PERIOD

CCCS

PRESUMED ABUSE

LOSS DAMAGE WAIVER (LDW)

INTEREST

S CORPORATION

SUBROGATION

REAFFIRMATION

CREDIT FILE

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