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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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Anadel Canale

Bankruptcy & Debt, Real Estate, Foreclosure, Accident & Injury, Credit & Debt

Status: Licensed: 30 Years

CONTACT

1805 5th Ave, Bay Shore, NY 11706

Cory Hal Morris

Government, Criminal, Administrative Law, Credit & Debt

Status: Licensed: 12 Years

CONTACT

863 Islip Ave, Central Islip, NY 11722

Francis J. Tubridy

Commercial Real Estate, Real Estate, Credit & Debt, Bankruptcy & Debt

Status:

CONTACT

330 Vanderbilt Motor Parkway, Hauppauge, NY 11788

Glenn Alan Reichelscheimer

Estate, Wills & Probate, Bankruptcy & Debt, Credit & Debt

Status:

CONTACT

283 Commack Rd, Commack, NY 11725

Jarrett Michael Behar

Credit & Debt

Status: Licensed: 24 Years

CONTACT

267 Carleton Ave, Central Islip, NY 11722

Joseph L. Fritz

Landlord-Tenant, Industry Specialties, DUI-DWI, Credit & Debt

Status: Licensed: 52 Years

CONTACT

135 W Main St, East Islip, NY 11730

Joseph Michael Hall

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

Status:

CONTACT

1787 Veterans Hwy, Islandia, NY 11749

Joseph Anthony Quatela

Health Care Other, Employment Discrimination, Child Custody, Credit & Debt

Status: Licensed: 39 Years

CONTACT

888 Veterans Hwy, Smithtown, NY 11788

Mady Andrea Adler

Credit & Debt

Status: Licensed: 39 Years

CONTACT

9 Larkspur Dr, Smithtown, NY 11787

Paul John Klemm

Civil Rights, Credit & Debt, Personal Injury

Status: Licensed: 26 Years

CONTACT

1787 Veterans Highway, Islandia, NY 11749

800-814-6700

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LEGAL TERMS

COSIGNER

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for t... (more...)

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt. Many people use cosigners to qualify for a loan or credit card. Landlords may require a cosigner when renting to a student or someone with a poor credit history.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

COLLATERAL

Property that guarantees payment of a secured debt.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

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.

LIQUIDATING PARTNER

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

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

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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Great River Credit & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Anadel Canale

Cory Hal Morris

Francis J. Tubridy

Glenn Alan Reichelscheimer

Jarrett Michael Behar

Joseph L. Fritz

Joseph Michael Hall

Joseph Anthony Quatela

Mady Andrea Adler

Paul John Klemm

TIPS

LEGAL TERMS

COSIGNER

SECURED DEBT

COLLATERAL

CHAPTER 13 BANKRUPTCY

ACCORD AND SATISFACTION

AUTOMATIC STAY

LIQUIDATING PARTNER

SOLE PROPRIETORSHIP

LIABILITY

SAMPLE LEGAL CASES

COLLINS FIN. v. Vigilante

Grasso v. Grasso

PRA III LLC v. Gonzalez

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