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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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Jarrod William Smith

Divorce & Family Law, Criminal, Collection

Status: In Good Standing

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11 S Main St, Jordan, NY 13080

Holly Kozlowski Austin

Real Estate, Lawsuit & Dispute, Environmental Law, Bankruptcy

Status: In Good Standing Licensed: 20 Years

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Jordan, NY 13080

Manuel Alejandro Arroyo

Environmental Law Other, Elder Law, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 15 Years

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1034 Butters Farm Ln, Skaneateles, NY 13152

David M. Badami

Bankruptcy & Debt

Status: In Good Standing Licensed: 33 Years

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36 Onondaga St, Skaneateles, NY 13152

David Shockey

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 46 Years

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115 Mackay Ave, Syracuse, NY 13219

Kristin M. Sunser-King

Real Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 38 Years

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236 Bury Dr, Syracuse, NY 13209

Karen Veronica Defio

Other, Estate, Civil & Human Rights, Bankruptcy, Car Accident

Status: In Good Standing Licensed: 26 Years

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2848 Hiltonwood Road, Baldwinsville, NY 13027

Raymond J. Dague

Real Estate Other, Traffic, Adoption, Bankruptcy

Status: In Good Standing Licensed: 46 Years

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4874 Onondaga Rd, Syracuse, NY 13215

Karen Karhar Martin

Trusts, Family Law, Contract, Bankruptcy, International Tax

Status: In Good Standing Licensed: 23 Years

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4874 Onondaga Rd, Syracuse, NY 13215

David Alan Contiguglia

Real Estate, Estate, Civil & Human Rights, Bankruptcy & Debt

Status: In Good Standing

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100 Genesee St, Auburn, NY 13021

800-923-0641

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LEGAL TERMS

CREDIT FILE

See credit report.

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

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.

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.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

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.

GUARANTEED RESERVATION

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehic... (more...)

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehicle for you no matter when you show up. If you have a guaranteed reservation with a hotel, it must provide you with a room, either at that hotel or at another comparable establishment. If you have a guaranteed reservation with a car agency, it must provide you with a vehicle. The downside of a guaranteed reservation is that if you don't show up and haven't cancelled your reservation, you will be billed for one night in the room or one day's use of the vehicle.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

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Elbridge Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jarrod William Smith

Holly Kozlowski Austin

Manuel Alejandro Arroyo

David M. Badami

David Shockey

Kristin M. Sunser-King

Karen Veronica Defio

Raymond J. Dague

Karen Karhar Martin

David Alan Contiguglia

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LEGAL TERMS

CREDIT FILE

UNDUE HARDSHIP

SETOFF

ABUSE

UNSECURED DEBT

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

GUARANTEED RESERVATION

GENERAL PARTNER

BULK SALES LAW

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