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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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Krista Elaine Siederman

Collection

Status: Licensed: 9 Years

CONTACT

1176 Portion Rd, Holtsville, NY 11742

Mel Jacoby

Bankruptcy & Debt, Accident & Injury, Criminal, Divorce & Family Law

Status:

FREE CONSULTATION

CONTACT

1737 N Ocean Ave, Medford, NY 11763

Melvyn Lewis Jacoby

Real Estate, Motor Vehicle, Bankruptcy, Bankruptcy & Debt

Status:

CONTACT

1737 N Ocean Ave, Medford, NY 11763

Jane Marie Mclaughlin

Bankruptcy & Debt

Status: Licensed: 35 Years

CONTACT

1719 N Ocean Ave, Medford, NY 11763

Joseph Mario Mauro

Consumer Bankruptcy, Bankruptcy & Debt

Status: Licensed: 29 Years

CONTACT

7 Bayberry Ct, Holtsville, NY 11742

Raquel Suzann Ushkow

Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 31 Years

CONTACT

10 Sherry Ln, Selden, NY 11784

Allison Leigh Lampert

Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 23 Years

CONTACT

650 Portion Rd, Ronkonkoma, NY 11779

John Joseph Gonzalez

Real Estate, Bankruptcy, Bankruptcy & Debt, Personal Injury

Status:

CONTACT

3237 Route 112, Medford, NY 11763

Craig Robins

Employment Discrimination, Bankruptcy, Bankruptcy & Debt, Personal Injury

Status:

CONTACT

479 Middle Country Road, Coram, NY 11727

Richard Andrew Jacoby

DUI-DWI, Collection, Bankruptcy, Medical Malpractice

Status:

CONTACT

1737 N Ocean Ave, Medford, NY 11763

800-814-6700

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800-943-8690

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LEGAL TERMS

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.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

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.

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.

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.'

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily fu... (more...)

A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily funded by voluntary donations from the creditors that receive payments from debtors repaying their debts through that office. Despite this criticism, most CCCS counselors provide clients with thorough and neutral advice.

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.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

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Farmingville Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Krista Elaine Siederman

Mel Jacoby

Melvyn Lewis Jacoby

Jane Marie Mclaughlin

Joseph Mario Mauro

Raquel Suzann Ushkow

Allison Leigh Lampert

John Joseph Gonzalez

Craig Robins

Richard Andrew Jacoby

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LEGAL TERMS

MEANS TEST

C CORPORATION

REPOSSESSION

PRESUMED ABUSE

LOSS DAMAGE WAIVER (LDW)

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

ABUSE

NONDISCHARGEABLE DEBTS

LIQUIDATING PARTNER

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