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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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Bruce S. Scolton

Alimony & Spousal Support, Corporate, Credit & Debt, Bankruptcy

Status: In Good Standing

CONTACT

414 E. Fairmount Avenue, Lakewood, NY 14750

Charles Robert Loveland

Real Estate, Traffic, Family Law, Bankruptcy

Status: In Good Standing

CONTACT

11 Lake Avenue, Brocton, NY 14716

Dustin Deweese Nelson

Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

Chautauqua, NY 14722

Anthony J. Spann

Real Estate, Divorce & Family Law, Criminal, Bankruptcy & Debt

Status: In Good Standing Licensed: 71 Years

CONTACT

23 E 6Th St, Dunkirk, NY 14048

David Matthew Civilette

Landlord-Tenant, Bankruptcy, Divorce & Family Law

Status: In Good Standing Licensed: 52 Years

CONTACT

643 Central Ave, Dunkirk, NY 14048

Andrew David Brautigam

Traffic, Wills & Probate, Workers' Compensation, Criminal, Bankruptcy

Status: In Good Standing

CONTACT

32 White St, Fredonia, NY 14063

Richard Hunt Fessenden

Real Estate, Estate, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 51 Years

CONTACT

Jamestown, NY 14702

James Edward Westman

Employee Rights, Family Law, Divorce & Family Law, Collection, Personal Injury

Status: In Good Standing Licensed: 48 Years

CONTACT

300 E 6Th St, Jamestown, NY 14701

Stephen James Wright

Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 33 Years

CONTACT

525 Fairmount Ave, Jamestown, NY 14701

Matthea W. Ross

Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 12 Years

CONTACT

202 W 4Th St, Jamestown, NY 14701

800-923-0641

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LEGAL TERMS

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

TRADE DRESS

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape... (more...)

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape of Frangelico liqueur bottles. Trade dress can be protected under trademark law if a showing can be made that the average consumer would likely be confused as to product origin if another product were allowed to appear in similar dress.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

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.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

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.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

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.

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.

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Cherry Creek Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Bruce S. Scolton

Charles Robert Loveland

Dustin Deweese Nelson

Anthony J. Spann

David Matthew Civilette

Andrew David Brautigam

Richard Hunt Fessenden

James Edward Westman

Stephen James Wright

Matthea W. Ross

TIPS

LEGAL TERMS

NONEXEMPT PROPERTY

TRADE DRESS

REDEMPTION

REPOSSESSION

AUTOMATIC STAY

REAFFIRMATION

CREDIT BUREAU

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

S CORPORATION

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