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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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Lee Matthew Van Houten

Alimony & Spousal Support, Bankruptcy, Collection, Criminal

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104-114 North Cayuga Street, Ithaca, NY 14850

David Alan Contiguglia

Real Estate, Estate, Civil & Human Rights, Bankruptcy & Debt

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100 Genesee St, Auburn, NY 13021

Michael Gleason Bersani

Motor Vehicle, Wrongful Termination, Civil & Human Rights, Collection, Accident & Injury

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71 South St, Auburn, NY 13021

Walter Charles Foulke

Lawsuit & Dispute, Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 64 Years

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5 Court St, Auburn, NY 13021

Joseph A. Camardo

Business, Bankruptcy

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127 Genesee St, Auburn, NY 13021

Manford Benjamin Susman

Lawsuit & Dispute, Industry Specialties, Government, Bankruptcy & Debt

Status: Licensed: 15 Years

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126 Genesee St, Auburn, NY 13021

Richard William Gunger

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

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5 Court St, Auburn, NY 13021

Kristin Leeann Garland

Business, Bankruptcy & Debt

Status: Licensed: 18 Years

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110 Genesee St, Auburn, NY 13021

Christine Valkenburgh

Real Estate, Government, Business, Bankruptcy & Debt

Status: Licensed: 34 Years

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7 E Steuben St, Bath, NY 14810

John Anthony Polimeni

Natural Resources, Contract, Bankruptcy, Medical Malpractice

Status: Licensed: 38 Years

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540 S Main St, Canandaigua, NY 14424

800-814-6700

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LEGAL TERMS

NONPROFIT CORPORATION

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.

DISCHARGE (OF DEBTS)

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

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.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

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.

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.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

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Rock Stream Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Lee Matthew Van Houten

David Alan Contiguglia

Michael Gleason Bersani

Walter Charles Foulke

Joseph A. Camardo

Manford Benjamin Susman

Richard William Gunger

Kristin Leeann Garland

Christine Valkenburgh

John Anthony Polimeni

TIPS

LEGAL TERMS

NONPROFIT CORPORATION

DISCHARGE (OF DEBTS)

MEETING OF CREDITORS

LIEN

NONEXEMPT PROPERTY

SECURED DEBT

GARNISHMENT

REAFFIRMATION

LIQUIDATING PARTNER

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