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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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Includes: Bankruptcy Litigation, Commercial Bankruptcy, Consumer Bankruptcy, Dissolution

Michael Radzilowsky

Household Mold, Bankruptcy, Divorce & Family Law, Foreclosure

Status: In Good Standing

CONTACT

1024 W. Argyle #205, Chicago, IL 60640

Joseph Lou

Real Estate, Credit & Debt, Bankruptcy, Accident & Injury

Status: In Good Standing

CONTACT

4001 W. Devon Ave,, Chicago, IL 60646

Thad Mogensen

General Practice

Status: In Good Standing Licensed: 17 Years

CONTACT

2850 N Lakewood Ave, Chicago, IL 60657

Steven E. Anderson

Civil Rights, Banking & Finance, Collection, Bankruptcy

Status: In Good Standing Licensed: 18 Years

CONTACT

2949 N Troy St, Chicago, IL 60618

Vasilios Savvas Sarikas

Bankruptcy, Divorce, State Appellate Practice, Family Law

Status: In Good Standing Licensed: 15 Years

CONTACT

4723 West Belmont Avenue, Chicago, IL 60641

Vasilios Sarikas

General Practice

Status: In Good Standing Licensed: 15 Years

CONTACT

4723 West Belmont Avenue, Chicago, IL 60641

Lauren Elizabeth Myerscough-Mueller

Workers' Compensation, Family Law, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 10 Years

CONTACT

3157 N. California Ave., Chicago, IL 60618

Mason Scott Cole

Litigation, Insurance, Business Organization, Commercial Bankruptcy

Status: In Good Standing Licensed: 14 Years

CONTACT

1652 W Belmont Ave, Chicago, IL 60657

Mark Edward Moreno

Traffic, State Appellate Practice, DUI-DWI, Bankruptcy

Status: In Good Standing Licensed: 22 Years

CONTACT

1300 W Belmont Ave, Chicago, IL 60657

Mark Moreno

Traffic, State Appellate Practice, DUI-DWI, Bankruptcy

Status: In Good Standing Licensed: 22 Years

CONTACT

1300 W Belmont Ave, Chicago, IL 60657

800-923-0641

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LEGAL TERMS

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

DOING BUSINESS AS (DBA)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or ... (more...)

A situation in which a business owner operates a company under a name different from his or her real name. The owner must file a 'fictitious name statement' or similar document with the appropriate agency -- for example, the county clerk. This enables consumers to discover the names of the business owners, which is important if a consumer needs to sue the business.

CREDIT FILE

See credit report.

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.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

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.

INFRINGEMENT (OF TRADEMARK)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringeme... (more...)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringement turns on whether the defendant's use causes a likelihood of confusion in the average consumer. If a court determines that the average consumer would be confused, the owner of the original mark can prevent the other's use of the infringing mark and sometimes collect damages.

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.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

SAMPLE LEGAL CASES

Economy Fire & Cas. Co. v. Brumfield

... Appellees and Cross-Appellants, v. Hollis L. BRUMFIELD, Defendant and Counterplaintiff- Appellant and Cross-Appellee, and Michael J. Drewes; Constance Drewes; Beau Drewes; Zachary Fitzpatrick; Dan Fitzpatrick; Cindy Fitzpatrick; Steve Miller, Trustee in Bankruptcy for the ...

Seip v. Rogers Raw Materials Fund, LP

... Upon learning this, Beeland immediately sought to have the assets transferred either to Refco, LLC, or back to the original brokerage accounts. D. Refco Bankruptcy and the Special Redemption Letter. ... (2006)). Refco, LLC, filed for bankruptcy as well in November 2005. ...

Giannini v. Kumho Tire USA, Inc.

... While there are no Illinois cases addressing the stay granted in Rule 306, Garbe Iron Works held that the two-year statute of limitations for filing a mechanics' lien foreclosure was tolled by the automatic stay provision contained in the Federal Bankruptcy Act (11 USC Â§ 362(a)(1 ...

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Lincolnwood Bankruptcy Lawyer, Illinois

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Michael Radzilowsky

Joseph Lou

Thad Mogensen

Steven E. Anderson

Vasilios Savvas Sarikas

Vasilios Sarikas

Lauren Elizabeth Myerscough-Mueller

Mason Scott Cole

Mark Edward Moreno

Mark Moreno

TIPS

LEGAL TERMS

REDEMPTION

DOING BUSINESS AS (DBA)

CREDIT FILE

PRESUMED ABUSE

MEANS TEST

PRIORITY DEBT

INFRINGEMENT (OF TRADEMARK)

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

GUARANTOR

SAMPLE LEGAL CASES

Economy Fire & Cas. Co. v. Brumfield

Seip v. Rogers Raw Materials Fund, LP

Giannini v. Kumho Tire USA, Inc.

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