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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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Brendan R. Wolf

Election & Political, Business Organization, Eminent Domain, Collection

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FREE CONSULTATION

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4 Old Route 146, Clifton Park, NY 12065

Craig H. Norman

Collection

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122 Remsen Street, Cohoes, NY 12047

George W. Redder

Corporate, Business Organization, Bankruptcy, Divorce

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243 Wall Street, Kingston, NY 12401

Ian L. Crimmins

Estate Planning, Family Law, Criminal, Collection

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FREE CONSULTATION

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18 Park Row, Chatham, NY 12037

Marc S. Ehrlich

Bankruptcy, Bankruptcy & Debt

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64 2nd Street, Troy, NY 12180

Scott M. Ronda

Business Organization, Family Law, Collection, Banking & Finance

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514 Vischers Ferry Road, Clifton Park, NY 12065

Aaron M. Depaolo

Federal Appellate Practice, Insurance, Bankruptcy, Medical Malpractice

Status: Licensed: 11 Years

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20 Corporate Woods Blvd, Albany, NY 12211

Adam Hill Cooper

Other, Real Estate, Collection, Accident & Injury

Status: Licensed: 20 Years

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20 Corporate Woods Blvd, Albany, NY 12211

Adam Alvarez

Real Estate, Government, Criminal, Bankruptcy & Debt

Status: Licensed: 24 Years

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279 Troy Rd, Rensselaer, NY 12144

Adam Fordham Kinney

Other, Lawsuit & Dispute, Bankruptcy & Debt

Status: Licensed: 16 Years

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10 Corporate Woods Dr, Albany, NY 12211

800-923-0641

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LEGAL TERMS

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.

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.

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.

FCRA

See Fair Credit Reporting Act.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

DEBT COLLECTOR

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe... (more...)

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe. Debt collectors can be relentless, often using scare tactics, humiliation and repeated phone calls to extract payments or promises to pay.

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.

FCBA

See Fair Credit Billing Act.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

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Hensonville Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Brendan R. Wolf

Craig H. Norman

George W. Redder

Ian L. Crimmins

Marc S. Ehrlich

Scott M. Ronda

Aaron M. Depaolo

Adam Hill Cooper

Adam Alvarez

Adam Fordham Kinney

TIPS

LEGAL TERMS

NONEXEMPT PROPERTY

BULK SALES LAW

SECURED DEBT

FCRA

LIMITED LIABILITY

DEBT COLLECTOR

TOXIC TORT

FCBA

MEETING OF CREDITORS

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