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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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Brian J. Russell

Bankruptcy, Condominiums, Consumer Bankruptcy, Workout

Status: In Good Standing

FREE CONSULTATION

CONTACT

30 North LaSalle Street, Chicago, IL 60602

James J. Burns

Foreclosure, Real Estate, Workout, Bankruptcy

Status: In Good Standing

FREE CONSULTATION

CONTACT

25 North County Street, Waukegan, IL 60085

Alexander McCammon

Crops, Workout, Credit & Debt, Bankruptcy & Debt

Status: In Good Standing

CONTACT

300 N Lasalle, Chicago, IL 60654

Andrew Polansky

Crops, Workout, Credit & Debt, Bankruptcy & Debt

Status: In Good Standing

CONTACT

300 North Lasalle Street, Chicago, IL 60611

Anne Dreisbach

Crops, Workout, Credit & Debt, Bankruptcy & Debt

Status: In Good Standing

CONTACT

300 N Lasalle, Chicago, IL 60654

Anne Dreisbach

Crops, Workout, Credit & Debt, Bankruptcy & Debt

Status: In Good Standing

CONTACT

300 N Lasalle, Chicago, IL 60654

Bradley Foreman

Bankruptcy & Debt, Workout, Business, Credit & Debt, Lawsuit & Dispute

Status: In Good Standing Licensed: 39 Years

FREE CONSULTATION

CONTACT

900 W Jackson Blvd, Chicago, IL 60607

Conor McNamara

Crops, Workout, Credit & Debt, Bankruptcy & Debt

Status: In Good Standing

CONTACT

300 North Lasalle Street, Chicago, IL 60611

Gabriela Zamfir

Crops, Workout, Credit & Debt, Bankruptcy & Debt

Status: In Good Standing

CONTACT

300 N Lasalle, Chicago, IL 60654

George Olsen

Litigation, Banking & Finance, Workout, Bankruptcy

Status: In Good Standing

CONTACT

707 Lake Cook Road, Deerfield, IL 60015

800-923-0641

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LEGAL TERMS

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.

DEBIT CARD

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can ... (more...)

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can also be used at stores to pay for goods and services in place of a check. Unlike a credit card, a debit card automatically withdraws money from your checking account at the time of the transaction. Debit cards are regulated by the Electronic Funds Transfer Act.

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.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

FAIR CREDIT BILLING ACT (FCBA)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days af... (more...)

A federal law that gives you rights when an error occurs on your credit card statement. You must notify the credit card company of the mistake within 60 days after it mailed the bill to you. The company must then correct the mistake, or at least acknowledge receipt of your letter within 30 days, and must correct the error within 90 days or explain why it believes the credit card statement is correct.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

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Lake In The Hills Workout Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Brian J. Russell

James J. Burns

Alexander McCammon

Andrew Polansky

Anne Dreisbach

Anne Dreisbach

Bradley Foreman

Conor McNamara

Gabriela Zamfir

George Olsen

TIPS

LEGAL TERMS

CHAPTER 7 BANKRUPTCY

DEBIT CARD

PRESUMED ABUSE

401(K) PLAN

CREDITOR

FAIR CREDIT BILLING ACT (FCBA)

CHAPTER 13 PLAN

ABUSE

INTEREST

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