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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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Glenn R. Meyers

Real Estate, Bankruptcy, Personal Injury, Medical Malpractice

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1123 Broadway, New York, NY 10001

William J. Cortellessa

Estate Planning, Consumer Protection, Corporate, Collection

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292 Madison Avenue, New York, NY 10017

Robert R. Leinwand

Bankruptcy, Bankruptcy & Debt

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1345 Avenue of the Americas, New York, NY 10105

Joel Cohen

Criminal, Corporate, Collection

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Cherokee Station, New York, NY 10021

Sunny Joseph Barkats

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

Status: Licensed: 22 Years

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18 East 41st Street, NYC, NY 10017

Jacqueline Torchin Carey

Criminal, Divorce & Family Law, Bankruptcy & Debt, Securities Fraud

Status: Licensed: 35 Years

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125-10 Queens Boulevard, Kew Gardens, NY 11415

Jerry Merola

Tax, Criminal, Business, Bankruptcy & Debt

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521 5th Ave, New York, NY 10175

James H. Shenwick

Real Estate, Credit & Debt, Bankruptcy, Bankruptcy & Debt

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655 Third Avenue, New York, NY 10017

Nathan Erlich

Business & Trade, Corporate, Banking & Finance, Bankruptcy, Other

Status: Licensed: 34 Years

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10818 Queens Blvd, Forest Hills, NY 11375

David Michael Kasell

Commercial Real Estate, Motor Vehicle, Collection, Bankruptcy

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1038 Jackson Ave, Long Island City, NY 11101

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LEGAL TERMS

FDCPA

See Fair Debt Collections & Practices Act.

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.

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.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

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.

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

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.

FCRA

See Fair Credit Reporting Act.

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.

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Maspeth Bankruptcy & Debt Lawyer, New York, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Glenn R. Meyers

William J. Cortellessa

Robert R. Leinwand

Joel Cohen

Sunny Joseph Barkats

Jacqueline Torchin Carey

Jerry Merola

James H. Shenwick

Nathan Erlich

David Michael Kasell

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LEGAL TERMS

FDCPA

INTEREST

PREFERENCE

C CORPORATION

LIMITED LIABILITY

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

FAIR LABOR STANDARDS ACT (FLSA)

FCRA

DISPOSABLE INCOME

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