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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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Alan Jonathan Schwartz

Real Estate, Criminal, Collection, Accident & Injury

Status: In Good Standing Licensed: 44 Years

CONTACT

840 Franklin Ave, Garden City, NY 11530

Alan C. Eagle

Estate Planning, Employee Rights, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 39 Years

CONTACT

926 Rxr Plaza, Uniondale, NY 11556

Albert William Petraglia

Real Estate, Estate, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 51 Years

CONTACT

926 Rxr Plaza, Uniondale, NY 11556

Alison Margaret Ladd

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 15 Years

CONTACT

1201 Rxr Plaza, Uniondale, NY 11556

Allan Sherwood Botter

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

Status: In Good Standing Licensed: 66 Years

CONTACT

377 Oak St, Garden City, NY 11530

Amanda Rose Lamberson

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

Status: In Good Standing

CONTACT

400 Garden City Plaza, Garden City, NY 11530

Amanda Sue Reynolds

Employment, Employee Rights, Bankruptcy, Products Liability

Status: In Good Standing

CONTACT

926 Rxr Plaza, Uniondale, NY 11556

Amanda Rae Griner

Estate Planning, Employee Rights, Bankruptcy, Products Liability

Status: In Good Standing Licensed: 13 Years

CONTACT

926 Rxr Plz, Uniondale, NY 11556

Amanda Gurman

Estate Planning, Employee Rights, Bankruptcy, Products Liability

Status: In Good Standing

CONTACT

926 Rxr Plz, Uniondale, NY 11556

Amy Lesserson Brown

International, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

121 Hofstra University, Hempstead, NY 11549

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.

CREDIT FILE

See credit report.

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.

SECRET WARRANTY PROGRAM

A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid... (more...)

A program under which a car manufacturer will make repairs for free on vehicles with persistent problems, even after the warranty has expired, in order to avoid a recall and the accompanying bad press. Secret warranties are rarely advertised by the manufacturer, so consumers must pursue the manufacturer to discover and take advantage of them. A few states require manufacturers to notify car buyers when they adopt secret warranty programs.

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.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

DISCHARGE (OF DEBTS)

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

GUARANTEED RESERVATION

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehic... (more...)

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehicle for you no matter when you show up. If you have a guaranteed reservation with a hotel, it must provide you with a room, either at that hotel or at another comparable establishment. If you have a guaranteed reservation with a car agency, it must provide you with a vehicle. The downside of a guaranteed reservation is that if you don't show up and haven't cancelled your reservation, you will be billed for one night in the room or one day's use of the vehicle.

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.

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Merrick Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Alan Jonathan Schwartz

Alan C. Eagle

Albert William Petraglia

Alison Margaret Ladd

Allan Sherwood Botter

Amanda Rose Lamberson

Amanda Sue Reynolds

Amanda Rae Griner

Amanda Gurman

Amy Lesserson Brown

TIPS

LEGAL TERMS

BANKRUPTCY

CREDIT FILE

C CORPORATION

SECRET WARRANTY PROGRAM

PREFERENCE

CHAPTER 7 BANKRUPTCY

DISCHARGE (OF DEBTS)

GUARANTEED RESERVATION

GRACE PERIOD

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