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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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Jessica Gittle Berman

Litigation, Business Organization, Reorganization, Bankruptcy & Debt

Status: In Good Standing

CONTACT

990 Stewart Avenue, Garden City, NY 11530

Scott Adam Steinberg

Commercial Real Estate, Corporate, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 41 Years

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190 Willis Ave, Mineola, NY 11501

Raymond David Marquez

Litigation, Business, Bankruptcy, Medical Malpractice

Status: In Good Standing

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170 Old Country Rd, Mineola, NY 11501

Mary Ann Catalano

Trusts, Estate, Employment, Reorganization

Status: In Good Standing

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1122 Franklin Ave, Garden City, NY 11530

Sofia S. Fayer

Residential Real Estate, Real Estate, Commercial Bankruptcy

Status: In Good Standing Licensed: 21 Years

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400 Garden City Plaza, Garden City, NY 11530

Arnold M. Bottalico

Foreclosure, Mass Torts, Insurance, Bankruptcy, Personal Injury

Status: In Good Standing

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1225 Franklin Ave, Garden City, NY 11530

Robbie Leon Vaughn

Real Estate, White Collar Crime, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing

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393 Jericho Tpke, Mineola, NY 11501

Jacqueline M. Della Chiesa

Bankruptcy & Debt, Foreclosure, Credit & Debt, Litigation

Status: In Good Standing

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401 Franklin Avenue, Garden City, NY 11530

Dennis Steven Malen

General Practice

Status: In Good Standing Licensed: 56 Years

CONTACT

123 Frost St, Old Westbury, NY 11590

Jennifer A. Bentley

Accident & Injury, Bankruptcy & Debt, Criminal, Employment

Status: In Good Standing Licensed: 20 Years

CONTACT

90 Merrick Avenue, East Meadow, NY 11554

800-923-0641

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LEGAL TERMS

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.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

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.

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

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.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

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.

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Carle Place Bankruptcy & Debt Lawyer, New York, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jessica Gittle Berman

Scott Adam Steinberg

Raymond David Marquez

Mary Ann Catalano

Sofia S. Fayer

Arnold M. Bottalico

Robbie Leon Vaughn

Jacqueline M. Della Chiesa

Dennis Steven Malen

Jennifer A. Bentley

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LEGAL TERMS

GARNISHMENT

SETOFF

CURRENT MONTHLY INCOME

CREDIT INSURANCE

LIEN

FORBEARANCE

ACCORD AND SATISFACTION

FRAUDULENT TRANSFER

PRESUMED ABUSE

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