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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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Christopher Matthew Missick

Landlord-Tenant, Real Estate, Business, Credit & Debt

Status: In Good Standing Licensed: 16 Years

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7181 Brent Knl, Victor, NY 14564

Frank J. Beretta

International, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 40 Years

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Pittsford-Victor Road, Victor, NY 14564

Heather Engel

General Practice

Status: Inactive Licensed: 30 Years

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16 Old French Rd, Honeoye Falls, NY 14472

Heather C. Engel

General Practice

Status: Inactive Licensed: 30 Years

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16 Old French Rd, Honeoye Falls, NY 14472

John Anthony Polimeni

Natural Resources, Contract, Bankruptcy, Medical Malpractice

Status: In Good Standing Licensed: 38 Years

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540 S Main St, Canandaigua, NY 14424

John Francis Mckeown

Social Security, DUI-DWI, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 40 Years

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53 Assembly Dr, Mendon, NY 14506

Kelly Jeanne Diggins

Electronic Commerce, Business & Trade, Business, Commercial Bankruptcy

Status: In Good Standing Licensed: 17 Years

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207 High Point Dr, Victor, NY 14564

Kelly Jeanne Diggins

Electronic Commerce, Business & Trade, Business, Commercial Bankruptcy

Status: In Good Standing Licensed: 17 Years

CONTACT

207 High Point Dr, Victor, NY 14564

Pamela Beattie Webb

Industry Specialties, Civil & Human Rights, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 46 Years

CONTACT

865 Victor Rd, Victor, NY 14564

Patrick J. Conklin

Alimony & Spousal Support, Child Support, Consumer Bankruptcy, Farms

Status: In Good Standing Licensed: 20 Years

CONTACT

20 Ontario St, Canandaigua, NY 14424

800-923-0641

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LEGAL TERMS

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.

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).

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

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.'

CCCS

See Consumer Credit Counseling Service.

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.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

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.

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East Bloomfield Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Christopher Matthew Missick

Frank J. Beretta

Heather Engel

Heather C. Engel

John Anthony Polimeni

John Francis Mckeown

Kelly Jeanne Diggins

Kelly Jeanne Diggins

Pamela Beattie Webb

Patrick J. Conklin

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LEGAL TERMS

S CORPORATION

SUBROGATION

LIEN

BANKRUPTCY

LOSS DAMAGE WAIVER (LDW)

CCCS

NONEXEMPT PROPERTY

ABUSE

REDEMPTION

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