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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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Alex Spizz

Reorganization, Bankruptcy, Credit & Debt, Bankruptcy Litigation

Status: Licensed: 51 Years

CONTACT

425 Park Avenue, New York, NY 10022

Brad Jeffrey Axelrod

Corporate, Banking & Finance, Reorganization, Bankruptcy, Divorce & Family Law

Status: Licensed: 36 Years

CONTACT

500 5Th Ave, New York, NY 10110

Vivienne C. La Borde

Merger & Acquisition, Corporate, Reorganization

Status: Licensed: 24 Years

CONTACT

521 5th Ave, New York, NY 10028

Robert Lightfoot Cunningham

Banking & Finance, Reorganization, International Other

Status: Licensed: 52 Years

CONTACT

200 Park Avenue, New York, NY 10166

Ivan Taback

Litigation, Estate Planning, Shareholders' Rights, Non-profit, Reorganization

Status: Licensed: 31 Years

CONTACT

None listed, New York, NY 10036

Max Nicklin Schleusener

Banking & Finance, Bankruptcy, Reorganization, Corporate

Status: Licensed: 12 Years

CONTACT

None Listed, New York, NY 10036

Barton Nachamie

Bankruptcy, Banking & Finance, Dispute Resolution, Reorganization

Status: Licensed: 65 Years

CONTACT

425 Park Ave, New York, NY 10022

Robert A. Baime

Real Estate, Business, Reorganization, Bankruptcy

Status: Licensed: 40 Years

CONTACT

1095 Avenue Of The Americas, New York, NY 10036

Richard Hunter Engman

Reorganization, Credit & Debt, Workout

Status: Licensed: 28 Years

CONTACT

222 E 41st St, New York, NY 10017

Vanessa Green Spiro

Real Estate, Lending, Reorganization, Bankruptcy & Debt

Status: Licensed: 35 Years

CONTACT

222 E 41st St, New York, NY 10017

800-923-0641

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LEGAL TERMS

REPOSSESSION

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and ... (more...)

A creditor's taking property that has been pledged as collateral for a loan. Lenders will most often repossess cars when the owner has missed loan payments and has not attempted to work with the lender to resolve the problem. A repossessor can't use force to get at your car, but he can legally hot-wire it and even drive it out of your unlocked garage.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

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.

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.

GARNISHMENT

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if ... (more...)

A court-ordered process that takes property from a person to satisfy a debt. For example, a person who owes money to a creditor may have her wages garnished if she loses a lawsuit filed by the creditor. Up to 25% of a person's wages can be deducted.

IRS EXPENSES

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income mu... (more...)

A table of national and regional expense estimates published by the IRS. Debtors whose current monthly income is more than their state's median family income must use the IRS expenses to calculate their average net income in a Chapter 7 case, or their disposable income in a Chapter 13 case.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

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Kaser Reorganization Lawyer, New York, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Alex Spizz

Brad Jeffrey Axelrod

Vivienne C. La Borde

Robert Lightfoot Cunningham

Ivan Taback

Max Nicklin Schleusener

Barton Nachamie

Robert A. Baime

Richard Hunter Engman

Vanessa Green Spiro

TIPS

LEGAL TERMS

REPOSSESSION

DISCHARGEABLE DEBTS

WINDING UP

LIMITED PARTNERSHIP

AUTOMATIC STAY

FRAUDULENT TRANSFER

GARNISHMENT

IRS EXPENSES

GENERAL PARTNER

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