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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 J. Rosenberg

Bankruptcy & Debt

Status: Licensed: 54 Years

CONTACT

24 Oak Meadow Ln, Bellport, NY 11713

Arthur Barry Malman

Business, Bankruptcy & Debt

Status: Licensed: 57 Years

CONTACT

99 Georgica Close Rd, East Hampton, NY 11937

Mary Catherine Caroom

Clean Air Practice, Employee Rights, Business & Trade, Credit & Debt, Mediation

Status: Licensed: 36 Years

CONTACT

East Hampton, NY 11937

Melvin Jerome Tublin

Industry Specialties, Business, Bankruptcy & Debt

Status: Licensed: 71 Years

CONTACT

46 Norfolk Dr, East Hampton, NY 11937

Brian Jay Lester

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

Status: Licensed: 27 Years

CONTACT

132 N Main St, East Hampton, NY 11937

Edward Timothy Mcauliffe

Landlord-Tenant, Dispute Resolution, Consumer Protection, Collection, Lawsuit & Dispute

Status: Licensed: 26 Years

CONTACT

3 Breeze Hill Rd, East Hampton, NY 11937

Leonard I. Ackerman

Dispute Resolution, Contract, Credit & Debt, Medical Malpractice

Status:

CONTACT

34 Pantigo Rd, East Hampton, NY 11937

David Cohen

Real Estate, Litigation, Transportation & Shipping, Corporate, Bankruptcy & Debt

Status: Licensed: 42 Years

CONTACT

102 Montauk Blvd., East Hampton, NY 11937

Jennifer Lynn Silvestro

Litigation, Banking & Finance, Credit & Debt, Bankruptcy

Status:

CONTACT

East Quogue, NY 11942

Stanley Weiner

International, Divorce & Family Law, Bankruptcy & Debt

Status: Licensed: 51 Years

CONTACT

22 Stargazer Dr, Eastport, NY 11941

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.

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.

INFRINGEMENT (OF TRADEMARK)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringeme... (more...)

Unauthorized use of a protected trademark or service mark, or use of something very similar to a protected mark. The success of a lawsuit to stop the infringement turns on whether the defendant's use causes a likelihood of confusion in the average consumer. If a court determines that the average consumer would be confused, the owner of the original mark can prevent the other's use of the infringing mark and sometimes collect damages.

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.

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.

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.

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.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

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.

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Orient Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Robert J. Rosenberg

Arthur Barry Malman

Mary Catherine Caroom

Melvin Jerome Tublin

Brian Jay Lester

Edward Timothy Mcauliffe

Leonard I. Ackerman

David Cohen

Jennifer Lynn Silvestro

Stanley Weiner

TIPS

LEGAL TERMS

DISCHARGEABLE DEBTS

WORKOUT

INFRINGEMENT (OF TRADEMARK)

CREDIT BUREAU

INTEREST

UNSECURED DEBT

NONEXEMPT PROPERTY

SETOFF

LIABILITY

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