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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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Robert J. Buonomo

Bankruptcy, Business Organization, Insurance, Litigation

Status: In Good Standing

CONTACT

1997 State Route 17M, Goshen, NY 10924

James G. Yastion

Corporate, Collection, Complex Litigation, Credit & Debt

Status: In Good Standing

CONTACT

10 Matthews Street, Goshen, NY 10924

Carol C. Pierce

Dispute Resolution, Arbitration, Corporate, Bankruptcy

Status: In Good Standing

CONTACT

10 Matthews Street, Goshen, NY 10924

Marc William Suffern

Lawsuit & Dispute, Divorce & Family Law, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing Licensed: 49 Years

CONTACT

Slate Hill, NY 10973

Howard S. Dallow

International, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 55 Years

CONTACT

225 Dolson Ave, Middletown, NY 10940

Simon David Haysom

Timeshare, Immigration, Divorce, Bankruptcy

Status: In Good Standing Licensed: 35 Years

CONTACT

Goshen, NY 10924

Frank A. Lombardi

Lawsuit & Dispute, Estate, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

38 Jordan Lane, Middletown, NY 10940

Emily Cajigas

Real Estate, Lawsuit & Dispute, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 13 Years

CONTACT

41 Dolson Avenue, Middletown, NY 10940

Michael Schwartz

Bankruptcy

Status: In Good Standing Licensed: 62 Years

CONTACT

20 Benedict St, Middletown, NY 10940

Douglas Michael Jones

Real Estate, Litigation, Medicare & Medicaid, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 34 Years

CONTACT

2 N Main St, Florida, NY 10921

800-923-0641

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LEGAL TERMS

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.

DISCHARGE (OF DEBTS)

A bankruptcy court's erasure of the debts of a person or business that has filed for bankruptcy.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

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.

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

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.

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.

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.

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New Hampton Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Robert J. Buonomo

James G. Yastion

Carol C. Pierce

Marc William Suffern

Howard S. Dallow

Simon David Haysom

Frank A. Lombardi

Emily Cajigas

Michael Schwartz

Douglas Michael Jones

TIPS

LEGAL TERMS

GUARANTOR

DISCHARGE (OF DEBTS)

REAFFIRMATION

UNSECURED DEBT

WINDING UP

FAIR LABOR STANDARDS ACT (FLSA)

GARNISHMENT

MEANS TEST

PREFERENCE

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