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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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Jeffrey Dean Wagner

Construction, Workers' Compensation, Insurance, Credit & Debt, Tax

Status: Licensed: 35 Years

CONTACT

200 E. Randolph Drive, Chicago, IL 60601

Branden Lynn Strickland

Commercial Real Estate, Trusts, Contract, Credit & Debt

Status: Licensed: 20 Years

CONTACT

806 N Peoria St, Chicago, IL 60642

Isaac Salomon Lew

Litigation, Federal Appellate Practice, Business, Credit & Debt

Status: Licensed: 13 Years

CONTACT

1826 W Rice St, Chicago, IL 60622

Gregory Allen Bauer

Industry Specialties, Corporate, Business, Credit & Debt

Status: Licensed: 27 Years

CONTACT

300 N Lasalle, Chicago, IL 60654

David Brian Levin

Commercial Real Estate, Motor Vehicle, Employment, Credit & Debt, Collection

Status: Licensed: 32 Years

CONTACT

1 South Dearborn Street, Chicago, IL 60603

William M. Bass

Credit & Debt, Bankruptcy, Family Law, Divorce, Divorce & Family Law

Status: Licensed: 52 Years

CONTACT

19 South Lasalle Street, Chicago, IL 60603

William M. Childers

Litigation, Family Law, Business & Trade, Credit & Debt

Status: Licensed: 48 Years

CONTACT

5412 N Wayne Ave, Chicago, IL 60640

Edrica Hawkins Beneby

Workers' Compensation, Administrative Law, Credit & Debt, Personal Injury

Status: Licensed: 14 Years

CONTACT

17 N State Street, Chicago, IL 60602

Arthur Raphael

Other, Business, Bankruptcy, Credit & Debt

Status: Licensed: 16 Years

CONTACT

19 S Lasalle St, Chicago, IL 60603

Sarah Kirk Baker

Corporate, Commercial Bankruptcy, Credit & Debt

Status:

CONTACT

300 N. Lasalle St., Chicago, IL 60654

800-923-0641

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LEGAL TERMS

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

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.

LIABILITY

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pi... (more...)

(1) The state of being liable--that is, legally responsible for an act or omission. Example:Peri hires Paul to fix a broken pipe in her bathroom, but the new pipe bursts the day after Paul installs it, ruining the bathroom floor. This raises the issue of liability: Who is responsible for the damage? Peri claims that Paul is responsible, and sues him for the cost of hiring another plumber to fix the pipe and replacing the floor. Paul, in turn, claims that the pipe manufacturer is responsible, because they supplied him with faulty materials. Both Peri and Paul must prove their claims in court; if Paul and/or the manufacturer is found liable, one or both will have to pay damages to Peri. (2) Something for which a person is liable. For example, a debt is often called a liability.

DISCHARGE (OF DEBTS)

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

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

CREDIT BUREAU

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit... (more...)

A private, profit-making company that collects and sells information about a person's credit history. Typical clients include banks, mortgage lenders and credit card companies that use the information to screen applicants for loans and credit cards. There are three major credit bureaus, Equifax, Experian and Trans Union, and they are regulated by the federal Fair Credit Reporting Act.

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.

CCCS

See Consumer Credit Counseling Service.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

SAMPLE LEGAL CASES

Portfolio Acquisitions, LLC v. Feltman

... On June 28, 2005, plaintiff filed its initial complaint against defendant to collect on an alleged defaulted credit card debt. ... Plaintiff asserts that it is well entrenched in Illinois law that the statute of limitations for an action on a credit card debt is 10 years. ...

Treadway v. NATIONS CREDIT FINANCIAL SERVS.

... appeals the order of the circuit court of Madison County that dismissed his class action complaint against the defendant, Nations Credit Financial Services ... knowingly done, shall be deemed a forfeiture of the entire interest which the note, bill, or other evidence of debt carries with ...

Laubner v. JP Morgan Chase Bank, NA

... More to the point, plaintiffs have not set forth any facts to show why $11,500 per month is not enough to sustain their respective lifestyles in a manner that is "comfortable." Plaintiffs make no allegations of debt (aside from the credit debt that trustees paid off), steep mortgage ...

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Northbrook Credit & Debt Lawyer, Illinois, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jeffrey Dean Wagner

Branden Lynn Strickland

Isaac Salomon Lew

Gregory Allen Bauer

David Brian Levin

William M. Bass

William M. Childers

Edrica Hawkins Beneby

Arthur Raphael

Sarah Kirk Baker

TIPS

LEGAL TERMS

DISCHARGEABLE DEBTS

SUBROGATION

LIABILITY

DISCHARGE (OF DEBTS)

ABUSE

CREDIT BUREAU

PRIORITY DEBT

CCCS

UNSECURED DEBT

SAMPLE LEGAL CASES

Portfolio Acquisitions, LLC v. Feltman

Treadway v. NATIONS CREDIT FINANCIAL SERVS.

Laubner v. JP Morgan Chase Bank, NA

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