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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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John Minardo

Real Estate, Criminal, Business, Bankruptcy & Debt

Status: Licensed: 23 Years

CONTACT

68 Madison Street, Sag Harbor, NY 11963

Cindy Ellen Tzerman

Lawsuit & Dispute, Business, Bankruptcy & Debt, Insurance

Status: Licensed: 43 Years

CONTACT

10 Whalers Walk, Sag Harbor, NY 11963

David Cohen

Real Estate, Litigation, Transportation & Shipping, Corporate, Bankruptcy & Debt

Status: Licensed: 42 Years

CONTACT

102 Montauk Blvd., East Hampton, NY 11937

Christian H W Mittweg

Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 39 Years

CONTACT

366 Edge Of Woods Rd, Water Mill, NY 11976

James Douglas Dougherty

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

Status: Licensed: 62 Years

CONTACT

Shelter Island, NY 11964

William Robert Dalsimer

Estate, Divorce & Family Law, Bankruptcy & Debt

Status: Licensed: 57 Years

CONTACT

Southampton, NY 11969

James Michael O'Shea

Landlord-Tenant, Criminal, Business, Bankruptcy

Status: Licensed: 43 Years

CONTACT

250 N Sea Rd, Southampton, NY 11968

Leonard I. Ackerman

Dispute Resolution, Contract, Credit & Debt, Medical Malpractice

Status:

CONTACT

34 Pantigo Rd, East Hampton, NY 11937

Brian Jay Lester

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

Status: Licensed: 27 Years

CONTACT

132 N Main St, East Hampton, NY 11937

Thomas W.E Joyce

Real Estate, Estate, Consumer Rights, Bankruptcy & Debt

Status: Licensed: 62 Years

CONTACT

Southampton, NY 11969

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.

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.

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

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.

CREDIT COUNSELING

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Unde... (more...)

Counseling that explores the possibility of repaying debts outside of bankruptcy and educates the debtor about credit, budgeting, and financial management. Under the new bankruptcy law, a debtor must undergo credit counseling with an approved provider before filing for bankruptcy.

NO-FAULT INSURANCE

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain ... (more...)

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain amount, regardless of who was at fault. The effect of no-fault insurance laws is to eliminate lawsuits in small accidents. The advantage is the prompt payment of medical bills and expenses. The downsides are that the amounts paid by no-fault policies are often not enough to fully cover a person's losses and that no-fault does not compensate for pain and suffering.

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

TOXIC TORT

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and su... (more...)

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and suffering.

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Sag Harbor Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John Minardo

Cindy Ellen Tzerman

David Cohen

Christian H W Mittweg

James Douglas Dougherty

William Robert Dalsimer

James Michael O'Shea

Leonard I. Ackerman

Brian Jay Lester

Thomas W.E Joyce

TIPS

LEGAL TERMS

REDEMPTION

PRIORITY DEBT

DISPOSABLE INCOME

SUBROGATION

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

CREDIT COUNSELING

NO-FAULT INSURANCE

FRATERNAL BENEFIT SOCIETY BENEFITS

TOXIC TORT

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