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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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Stamatia Kampitsis Dewbury

International, Divorce, Divorce & Family Law, Bankruptcy & Debt

Status: Licensed: 28 Years

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53 Gleneida Avenue, Carmel, NY 10512

Nancy Corrigan

Consumer Protection, Litigation, Business Organization, Credit & Debt

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71 Richardsville Road, Carmel, NY 10512

Christopher Xavier Maher

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

Status: Licensed: 39 Years

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105 Gleneida Ave, Carmel, NY 10512

Conrad Pasquale

Motor Vehicle, Workers' Compensation, Child Custody, Collection

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48 Gleneida Ave, Carmel, NY 10512

Rick S. Cowle

Real Estate, Business, Bankruptcy & Debt, Bankruptcy

Status: Licensed: 22 Years

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18 Fair St, Carmel, NY 10512

Francis J. O'Reilly

Bankruptcy & Debt, Credit & Debt

Status: Licensed: 36 Years

FREE CONSULTATION

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1961 Route 6, Carmel, NY 10512

B Faye Thorpe

Government, Divorce & Family Law, Bankruptcy & Debt

Status: Licensed: 20 Years

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110 Old Rte. 6, Carmel, NY 10512

Cornelius Patrick Mccarthy

Intellectual Property, Divorce & Family Law, Business, Credit & Debt, Bankruptcy & Debt

Status: Licensed: 41 Years

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612 N Lake Blvd, Mahopac, NY 10541

Taran M. Provost

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

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227 Willow Drive, Mahopac, NY 10541

William John Frohne

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

Status: Licensed: 48 Years

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103 Church Hill Rd, Carmel, NY 10512

800-814-6700

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LEGAL TERMS

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

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.

FDCPA

See Fair Debt Collections & Practices Act.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

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.

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.

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.

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.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

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Kent Cliffs Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Stamatia Kampitsis Dewbury

Nancy Corrigan

Christopher Xavier Maher

Conrad Pasquale

Rick S. Cowle

Francis J. O'Reilly

B Faye Thorpe

Cornelius Patrick Mccarthy

Taran M. Provost

William John Frohne

TIPS

LEGAL TERMS

CHAPTER 13 BANKRUPTCY

GUARANTOR

FDCPA

LIMITED LIABILITY

DEBIT CARD

CHAPTER 13 PLAN

PRIORITY DEBT

AUTOMATIC STAY

MEETING OF CREDITORS

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