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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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Kenneth Gallant

Bankruptcy & Debt, Bankruptcy, Credit & Debt

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1425 Jefferson Road, Rochester, NY 14623

Dennis R. Dawson

Bankruptcy

Status: Licensed: 46 Years

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Geneseo, NY 14454

Marcea Clark Tetamore

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

Status: Licensed: 34 Years

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Avon, NY 14414

Heather C. Engel

Bankruptcy, Bankruptcy

Status: Licensed: 31 Years

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16 Old French Rd, Honeoye Falls, NY 14472

John Francis Mckeown

Social Security, DUI-DWI, Bankruptcy, Bankruptcy & Debt

Status: Licensed: 40 Years

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53 Assembly Dr, Mendon, NY 14506

Frank J. Beretta

International, Divorce & Family Law, Bankruptcy & Debt

Status: Licensed: 40 Years

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Pittsford-Victor Road, Victor, NY 14564

Kelly Jeanne Diggins

Electronic Commerce, Business & Trade, Business, Commercial Bankruptcy

Status: Licensed: 17 Years

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207 High Point Dr, Victor, NY 14564

John Anthony Polimeni

Natural Resources, Contract, Bankruptcy, Medical Malpractice

Status: Licensed: 38 Years

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540 S Main St, Canandaigua, NY 14424

Michelle C. Stachura

Bankruptcy

Status: Licensed: 21 Years

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225 Kenneth Dr, Rochester, NY 14623

Bradley M Yusuf

Litigation, Dispute Resolution, Federal Appellate Practice, Collection, Commercial Real Estate

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99 Garnsey Road, Pittsford, NY 14534

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LEGAL TERMS

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.

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.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

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.

FCBA

See Fair Credit Billing Act.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

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.

FDCPA

See Fair Debt Collections & Practices Act.

TRUTH IN LENDING ACT (TILA)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disc... (more...)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.

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Livonia Center Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Kenneth Gallant

Dennis R. Dawson

Marcea Clark Tetamore

Heather C. Engel

John Francis Mckeown

Frank J. Beretta

Kelly Jeanne Diggins

John Anthony Polimeni

Michelle C. Stachura

Bradley M Yusuf

TIPS

LEGAL TERMS

INTEREST

LIMITED PARTNERSHIP

NONDISCHARGEABLE DEBTS

PREFERENCE

FCBA

SETOFF

GENERAL PARTNER

FDCPA

TRUTH IN LENDING ACT (TILA)

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