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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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Carlotta Lucy Palmer

Public Interest Law, Employee Rights, Elder Law, Credit & Debt

Status: In Good Standing Licensed: 18 Years

CONTACT

6 Market St, Amsterdam, NY 12010

Erica Lynne Ludwick

Family Law, Elder Law, Contract, Credit & Debt

Status: In Good Standing Licensed: 18 Years

CONTACT

6 Market St, Amsterdam, NY 12010

Erica Lynne Zimny

Family Law, Elder Law, Contract, Credit & Debt

Status: Inactive Licensed: 18 Years

CONTACT

1 Kimball St, Amsterdam, NY 12010

Christopher John Dodd

Public Finance, Securities, Banking & Finance, Credit & Debt

Status: Deceased Licensed: 52 Years

CONTACT

1414 State Highway 5-S, Amsterdam, NY 12010

Peter Alexander Tulin

Divorce & Family Law, Criminal, Credit & Debt

Status: Suspended Licensed: 49 Years

CONTACT

Saratoga Springs, NY 12866

Melissa Dell Bellew

Credit & Debt, Family Law, Estate Planning, Mediation

Status: In Good Standing Licensed: 31 Years

CONTACT

465 New Karner Road, Albany, NY 12205

Melissa Dell Bellew

General Practice

Status: In Good Standing

CONTACT

465 New Karner Road, Albany, NY 12205

William F Berglund

Real Estate, Divorce, Credit & Debt, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 21 Years

CONTACT

54 State St, Albany, NY 12207

Joshua Aaron Brody

Litigation, Estate Planning, Elder Law, Business, Credit & Debt

Status: In Good Standing Licensed: 13 Years

CONTACT

29 British American Blvd, Latham, NY 12110

Kevin A. Moss

Criminal, Traffic, Credit & Debt, Personal Injury

Status: In Good Standing Licensed: 52 Years

CONTACT

462 Bond Rd, Altamont, NY 12009

800-923-0641

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LEGAL TERMS

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

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.

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.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

SAMPLE LEGAL CASES

COLLINS FIN. v. Vigilante

... Such a system is not tolerable in regard to credit card and other consumer credit debt cases where items such as the interest rate, late payment charge, and over-the-limit fees may change several times over the course of the consumer credit agreement. ...

Grasso v. Grasso

... 765 The husband also correctly contends that the Supreme Court improvidently exercised its discretion by, in effect, holding him responsible for 100% of the credit card obligations that constitute the parties' marital debt as well as all the marital debt that was solely in the wife's ...

PRA III LLC v. Gonzalez

... agreement to extend credit to the defendant, the issuance of credit cards at the defendant's address, his use of credit cards, his ... Moreover, the plaintiff submitted no evidence demonstrating the defendant's intention to pay the alleged debt (see General Obligations Law Â§ 17-101 ...

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Galway Credit & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Carlotta Lucy Palmer

Erica Lynne Ludwick

Erica Lynne Zimny

Christopher John Dodd

Peter Alexander Tulin

Melissa Dell Bellew

Melissa Dell Bellew

William F Berglund

Joshua Aaron Brody

Kevin A. Moss

TIPS

LEGAL TERMS

CREDIT INSURANCE

DISCHARGE (OF DEBTS)

CHAPTER 13 PLAN

DISPOSABLE INCOME

TOXIC TORT

REDEMPTION

ADMINISTRATIVE EXPENSES

GUARANTOR

LIABILITY

SAMPLE LEGAL CASES

COLLINS FIN. v. Vigilante

Grasso v. Grasso

PRA III LLC v. Gonzalez

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