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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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Stephen P. La Barbera

Environmental Law Other, Business, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 44 Years

CONTACT

99 Brookside Ave, Chester, NY 10918

Thomas Charles Landrigan

Lawsuit & Dispute, Estate, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 25 Years

CONTACT

99 Brookside Ave, Chester, NY 10918

Kyle Allen Seiss

Environmental Law Other, Elder Law, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 8 Years

CONTACT

99 Brookside Ave, Chester, NY 10918

Victoria Lynn Anderson

Federal Appellate Practice, Family Law, Divorce & Family Law, Civil Rights, Credit & Debt

Status: In Good Standing Licensed: 29 Years

CONTACT

1 Mediacom Way, Chester, NY 10918

Victoria Lynn Anderson

General Practice

Status: In Good Standing Licensed: 29 Years

CONTACT

1 Mediacom Way, Chester, NY 10918

Joseph J Reilly

Lawsuit & Dispute, Employment, Bankruptcy, Bankruptcy & Debt

Status: In Good Standing Licensed: 23 Years

CONTACT

2002 Route 17M, Goshen, NY 10924

Melissa Ann Perry

Tax, Elder Law, Bankruptcy, Personal Injury, Tax Litigation

Status: In Good Standing Licensed: 10 Years

CONTACT

40 Matthews St, Goshen, NY 10924

Timothy P. Mcelduff

Education, Tax, Social Security, Bankruptcy & Debt

Status: In Good Standing

CONTACT

30 Park Pl, Goshen, NY 10924

Darren Harrel Fairlie

Lawsuit & Dispute, Family Law, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 19 Years

CONTACT

30 Park Pl, Goshen, NY 10924

Christopher Paul Borek

DUI-DWI, Bankruptcy

Status: In Good Standing Licensed: 35 Years

CONTACT

255-275 Main St, Goshen, NY 10924

800-923-0641

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LEGAL TERMS

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

COLLECTION AGENCY

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the d... (more...)

A company hired by a creditor to collect a debt that it is owed. Creditors typically hire a collection agency only after they have made efforts to collect the debt themselves, typically through letters (called 'dunning' letters) and telephone calls. Collection agencies are regulated by the federal Fair Debt Collection Practices Act. Unfortunately, too many collectors ignore this law.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

GRACE PERIOD

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you h... (more...)

A period of time during which you are not required to make payments on a debt. For example, most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. Also, some student loans give you a grace period after graduating or dropping out of school. During this time, you are not required to make payments on your loan.

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.

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.

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

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.

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.

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Mediacom Park Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Stephen P. La Barbera

Thomas Charles Landrigan

Kyle Allen Seiss

Victoria Lynn Anderson

Victoria Lynn Anderson

Joseph J Reilly

Melissa Ann Perry

Timothy P. Mcelduff

Darren Harrel Fairlie

Christopher Paul Borek

TIPS

LEGAL TERMS

BANKRUPTCY

COLLECTION AGENCY

ACCORD AND SATISFACTION

GRACE PERIOD

INTEREST

PRIORITY DEBT

HOUSEHOLDER

MEETING OF CREDITORS

WINDING UP

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