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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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Robert Syo Tumminaro

Motor Vehicle, Advertising, Criminal, Credit & Debt

Status: In Good Standing Licensed: 14 Years

CONTACT

701 E Irving Park Rd, Roselle, IL 60172

Kelly Patrick Sibert

Real Estate, Collection, Contract, Credit & Debt

Status: In Good Standing Licensed: 16 Years

CONTACT

446 Des Plaines Ave, Forest Park, IL 60130

Isaac Salomon Lew

Litigation, Federal Appellate Practice, Business, Credit & Debt

Status: In Good Standing Licensed: 13 Years

CONTACT

1826 W Rice St, Chicago, IL 60622

Jean Spitzer

General Practice

Status: Inactive Licensed: 41 Years

CONTACT

1550 N Lake Shore Dr, Chicago, IL 60610

Branden Lynn Strickland

Commercial Real Estate, Trusts, Contract, Credit & Debt

Status: In Good Standing Licensed: 20 Years

CONTACT

806 N Peoria St, Chicago, IL 60642

Evan Lincoln Moscov

Real Estate, Bankruptcy & Debt, Credit & Debt, Personal Injury

Status: In Good Standing Licensed: 23 Years

CONTACT

469 W. Huron Street, Chicago, IL 60654

Carolyn Shields Attkisson

Credit & Debt, Bankruptcy

Status: Inactive Licensed: 49 Years

CONTACT

57 E Delaware Place, Chicago, IL 60611

Jacqueline Marie Vidmar

Motor Vehicle, Social Security, Environmental Law Other, Credit & Debt

Status: In Good Standing Licensed: 37 Years

CONTACT

350 W Hubbard St, Chicago, IL 60654

E. Glenn Rippie

Social Security, Environmental Law Other, Corporate, Credit & Debt

Status: In Good Standing Licensed: 40 Years

CONTACT

350 West Hubbard Street, Chicago, IL 60654

Michael Guerra

Motor Vehicle, Social Security, Environmental Law Other, Credit & Debt

Status: In Good Standing Licensed: 37 Years

CONTACT

350 West Hubbard Street, Chicago, IL 60654

800-923-0641

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LEGAL TERMS

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.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

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.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit 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.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

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 5

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Robert Syo Tumminaro

Kelly Patrick Sibert

Isaac Salomon Lew

Jean Spitzer

Branden Lynn Strickland

Evan Lincoln Moscov

Carolyn Shields Attkisson

Jacqueline Marie Vidmar

E. Glenn Rippie

Michael Guerra

TIPS

LEGAL TERMS

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

LIMITED PARTNERSHIP

NO-FAULT INSURANCE

CREDITOR

NONEXEMPT PROPERTY

WORKOUT

FRAUDULENT TRANSFER

CHAPTER 7 BANKRUPTCY

CURRENT MONTHLY INCOME

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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