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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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Elliot Scott Schlissel

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Divorce & Family Law, Criminal, Real Estate, Wills & Probate, Bankruptcy & Debt

I am available to help my clients 7 days a week.

The Law Offices of Schlissel DeCorpo is composed of attorneys and paralegals who are caring, dedicated professionals contributing experience and exper... (more)

FREE CONSULTATION

CONTACT

800-718-3171

479 Merrick Rd, Lynbrook, NY 11563

Adam L. Rosen

Real Estate, Bankruptcy & Debt, Personal Injury

Status: Licensed: 29 Years

CONTACT

500 Merrick Rd, Rockville Centre, NY 11570

Adam Jon Fishbein

Bankruptcy & Debt

Status: Licensed: 31 Years

CONTACT

735 Central Ave, Woodmere, NY 11598

Alan Evan Marder

Collection, Bankruptcy & Debt

Status:

CONTACT

406 Oceanfront, Long Beach, NY 11561

Allison Diana Polesky

Consumer Bankruptcy

Status: Licensed: 16 Years

CONTACT

99 W Hawthorne Ave, Valley Stream, NY 11580

Antoinette I Pugliese

Litigation, Elder Law, Business & Trade, Bankruptcy

Status: Licensed: 21 Years

CONTACT

381 Mulry Ln, Lawrence, NY 11559

Avinoam Cohen

Immigration, Divorce & Family Law, DUI-DWI, Bankruptcy & Debt

Status: Licensed: 19 Years

CONTACT

11 Sunrise Plaza, Valley Stream, NY 11580

Brian Fraser Sharpe

Lawsuit & Dispute, International, Immigration, Bankruptcy & Debt

Status: Licensed: 16 Years

CONTACT

148 S Long Beach Ave, Freeport, NY 11520

Bryan Gordon

Real Estate, Consumer Rights, Bankruptcy & Debt

Status: Licensed: 34 Years

CONTACT

70 E Sunrise Hwy, Valley Stream, NY 11581

Christal A. Cammock

Divorce & Family Law, Immigration, Estate, Bankruptcy & Debt, Business

Status: Licensed: 5 Years

FREE CONSULTATION

CONTACT

70 E Sunrise Hwy, Valley Stream, NY 11581

800-814-6700

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800-943-8690

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LEGAL TERMS

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.

NO-FAULT INSURANCE

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain ... (more...)

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain amount, regardless of who was at fault. The effect of no-fault insurance laws is to eliminate lawsuits in small accidents. The advantage is the prompt payment of medical bills and expenses. The downsides are that the amounts paid by no-fault policies are often not enough to fully cover a person's losses and that no-fault does not compensate for pain and suffering.

FDCPA

See Fair Debt Collections & Practices Act.

PRIORITY DEBT

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13... (more...)

A type of debt that is paid first if there are distributions made from the bankruptcy estate in a Chapter 7 bankruptcy, and must be paid in full in a Chapter 13 bankruptcy. Priority debts include alimony and child support, fees owed to the trustee and the attorney in the bankruptcy case, and wages owed to employees.

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

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.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

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.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

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Island Park Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Elliot Scott Schlissel

Adam L. Rosen

Adam Jon Fishbein

Alan Evan Marder

Allison Diana Polesky

Antoinette I Pugliese

Avinoam Cohen

Brian Fraser Sharpe

Bryan Gordon

Christal A. Cammock

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LEGAL TERMS

C CORPORATION

NO-FAULT INSURANCE

FDCPA

PRIORITY DEBT

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

PRESUMED ABUSE

401(K) PLAN

CREDIT INSURANCE

PREFERENCE

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