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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. Buonomo

Bankruptcy, Business Organization, Insurance, Litigation

Status: In Good Standing

CONTACT

1997 State Route 17M, Goshen, NY 10924

Carol C. Pierce

Dispute Resolution, Arbitration, Corporate, Bankruptcy

Status: In Good Standing

CONTACT

10 Matthews Street, Goshen, NY 10924

James G. Yastion

Corporate, Collection, Complex Litigation, Credit & Debt

Status: In Good Standing

CONTACT

10 Matthews Street, Goshen, NY 10924

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

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

Douglas Michael Jones

Real Estate, Litigation, Medicare & Medicaid, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 34 Years

CONTACT

2 N Main St, Florida, NY 10921

Allan J. Ahearne

Bankruptcy, Products Liability, Personal Injury, Car Accident

Status: In Good Standing Licensed: 20 Years

CONTACT

25 Railroad Ave, Warwick, NY 10990

Timothy P. Mcelduff

Education, Tax, Social Security, Bankruptcy & Debt

Status: In Good Standing

CONTACT

30 Park Pl, Goshen, NY 10924

800-923-0641

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LEGAL TERMS

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

CREDIT REPORT

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you m... (more...)

An account of your credit history, prepared by a credit bureau. A credit report will contain both credit history, such as what you owe to whom and whether you make the payments on time, as well as personal history, such as your former addresses, employment record and lawsuits in which you have been involved. An estimated 50% of all credit reports contain errors, such as accounts that don't belong to you, an incorrect account status or information reported that is older than seven years (ten years in the case of a bankruptcy).

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.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

401(K) PLAN

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income ... (more...)

A deferred compensation savings program in which employees invest part of their wages, sometimes along with employer contributions, to save on taxes. No income taxes on the amount invested and any earnings are due until the employee withdraws money from the fund.

GENERAL PARTNER

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the... (more...)

A person who joins with at least one other to own and operate a business for profit -- and who (unlike a corporation's owners), is personally liable for all the business's debts and obligations. A general partner's actions can legally bind the entire business. See also partnership, limited partnership.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

NONDISCHARGEABLE DEBTS

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chap... (more...)

Debts that cannot be erased by filing for bankruptcy. If you file for Chapter 7 bankruptcy, these debts will remain when your case is over. If you file for Chapter 13 bankruptcy, the nondischargeable debts will have to be paid in full during your plan or you will have a balance at the end of your case. Examples of nondischargeable debts include alimony and child support, most income tax debts, many student loans and debts for personal injury or death caused by drunk driving. Compare dischargeable debts.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

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Palm Tree Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Robert J. Buonomo

Carol C. Pierce

James G. Yastion

Victoria Lynn Anderson

Victoria Lynn Anderson

Thomas Charles Landrigan

Kyle Allen Seiss

Douglas Michael Jones

Allan J. Ahearne

Timothy P. Mcelduff

TIPS

LEGAL TERMS

REDEMPTION

CREDIT REPORT

SECRET WARRANTY PROGRAM

CHAPTER 13 BANKRUPTCY

401(K) PLAN

GENERAL PARTNER

SECURED DEBT

NONDISCHARGEABLE DEBTS

PRESUMED ABUSE

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