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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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Allison Leigh Lampert

Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 23 Years

CONTACT

650 Portion Rd, Ronkonkoma, NY 11779

Andrew Ross Wolk

Health Care, Divorce & Family Law, Criminal, Bankruptcy

Status: Licensed: 46 Years

CONTACT

5014 Express Dr S, Ronkonkoma, NY 11779

Brian David Bass

Criminal, Business, Bankruptcy & Debt, Accident & Injury

Status: Licensed: 35 Years

CONTACT

3100 Veterans Memorial Hwy, Bohemia, NY 11716

Brian M. Martin

Bankruptcy

Status: Licensed: 19 Years

CONTACT

1650 Sycamore Ave, Bohemia, NY 11716

Christine Marie Schibani

Commercial Real Estate, Family Law, Bankruptcy, Personal Injury

Status: Licensed: 24 Years

CONTACT

1737 N Ocean Ave, Medford, NY 11763

Craig Robins

Employment Discrimination, Bankruptcy, Bankruptcy & Debt, Personal Injury

Status:

CONTACT

479 Middle Country Road, Coram, NY 11727

Dennis Francis Dowd

Family Law, Collection

Status: Licensed: 23 Years

CONTACT

671 Montauk Hwy, Bayport, NY 11705

Douglas Paul Blumenthal

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

Status: Licensed: 37 Years

CONTACT

200 Hawkins Ave, Ronkonkoma, NY 11779

Edmond Robert Foy

Litigation, Bankruptcy

Status: Licensed: 15 Years

CONTACT

80 Orville Dr, Bohemia, NY 11716

Edward W. Jakubowski

Family Law, Commercial Real Estate, Commercial Bankruptcy, Business & Trade

Status: Licensed: 57 Years

CONTACT

969 Middle Country Rd, Saint James, NY 11780

800-923-0641

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LEGAL TERMS

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.

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.'

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.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

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.

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.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

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Holbrook Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Allison Leigh Lampert

Andrew Ross Wolk

Brian David Bass

Brian M. Martin

Christine Marie Schibani

Craig Robins

Dennis Francis Dowd

Douglas Paul Blumenthal

Edmond Robert Foy

Edward W. Jakubowski

TIPS

LEGAL TERMS

SECURED DEBT

LOSS DAMAGE WAIVER (LDW)

LIABILITY

CURRENT MONTHLY INCOME

CHAPTER 7 BANKRUPTCY

TOXIC TORT

DISPOSABLE INCOME

TRADE NAME

FRAUDULENT TRANSFER

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