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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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R William Stephens

Environmental Law, Bankruptcy & Debt, Accident & Injury

Status: Licensed: 60 Years

CONTACT

2495 Main St, Buffalo, NY 14214

Robert Jay Feldman

Lawsuit & Dispute, Business, Bankruptcy & Debt

Status:

CONTACT

465 Main St, Buffalo, NY 14203

John C. Spitzmiller

Health Care, Estate, Employment, Bankruptcy & Debt

Status: Licensed: 52 Years

CONTACT

125 Main St, Buffalo, NY 14203

Robert B. Gleichenhaus

Real Estate, Business, Bankruptcy & Debt

Status: Licensed: 44 Years

CONTACT

43 Court St, Buffalo, NY 14202

Francis P. Weimer

Real Estate, Health Care, Estate, Bankruptcy & Debt

Status: Licensed: 46 Years

CONTACT

43 Court St, Buffalo, NY 14202

David Colin Schopp

Divorce & Family Law, Criminal, Bankruptcy & Debt

Status: Licensed: 42 Years

CONTACT

290 Main St, Buffalo, NY 14202

Raymond Craig Stilwell

Real Estate, Lawsuit & Dispute, Bankruptcy & Debt

Status: Licensed: 40 Years

CONTACT

4476 Main St, Buffalo, NY 14226

Paul A. Chiaravalloti

Business, Bankruptcy & Debt

Status: Licensed: 39 Years

CONTACT

1 Seneca St, Buffalo, NY 14203

William Peter Johnson

Real Estate, Estate, Business, Bankruptcy

Status: Licensed: 38 Years

CONTACT

200 John James Audubon Pkwy, Buffalo, NY 14228

David J. Mcnamara

Other, Real Estate, Business, Bankruptcy & Debt

Status: Licensed: 38 Years

CONTACT

125 Main Street, Buffalo, NY 14203

800-814-6700

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800-943-8690

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LEGAL TERMS

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.

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.

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.

TOXIC TORT

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and su... (more...)

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and suffering.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

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.

SECRET WARRANTY PROGRAM

A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid... (more...)

A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid a recall and the accompanying bad press. Secret warranties are rarely advertised by the manufacturer, so consumers must pursue the manufacturer to discover and take advantage of them. A few states require manufacturers to notify car buyers when they adopt secret warranty programs.

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.

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Centerville Bankruptcy & Debt Lawyer, New York, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

R William Stephens

Robert Jay Feldman

John C. Spitzmiller

Robert B. Gleichenhaus

Francis P. Weimer

David Colin Schopp

Raymond Craig Stilwell

Paul A. Chiaravalloti

William Peter Johnson

David J. Mcnamara

TIPS

LEGAL TERMS

FRAUDULENT TRANSFER

PRIORITY DEBT

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

TOXIC TORT

IRS EXPENSES

CHAPTER 13 BANKRUPTCY

MEANS TEST

SECRET WARRANTY PROGRAM

REAFFIRMATION

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