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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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Denise Civiletti

Credit & Debt

Status: Licensed: 42 Years

CONTACT

Riverhead, NY 11901

Elizabeth A. Pfister

Divorce & Family Law, Civil & Human Rights, Bankruptcy & Debt

Status: Licensed: 32 Years

CONTACT

210 Center Dr, Riverhead, NY 11901

Evans Michael Hillen

International, Bankruptcy & Debt

Status: Licensed: 14 Years

CONTACT

148 E Montauk Hwy, Hampton Bays, NY 11946

Glenn Louis Kantor

Estate, Bankruptcy

Status: Licensed: 41 Years

CONTACT

12 Oak Street, Westhampton Beach, NY 11978

Jennifer Lynn Silvestro

Litigation, Banking & Finance, Credit & Debt, Bankruptcy

Status:

CONTACT

East Quogue, NY 11942

Karen C. Napolitano

Real Estate, Divorce & Family Law, Business, Collection

Status: Licensed: 33 Years

CONTACT

632 Roanoke Ave, Riverhead, NY 11901

Lisa Alexandra Frey

Landlord-Tenant, Social Security, Child Custody, Bankruptcy & Debt

Status: Licensed: 41 Years

CONTACT

50 Old Main Rd, Quogue, NY 11959

Mel Jacoby

Accident & Injury, Bankruptcy & Debt, Divorce & Family Law, Criminal

Status:

FREE CONSULTATION

CONTACT

36 East 2nd Street, Riverhead, NY 11901

Melinda Anne Rubin

Immigration, Divorce, Civil Rights, Credit & Debt, Products Liability

Status: Licensed: 32 Years

CONTACT

147 W Montauk Hwy, Hampton Bays, NY 11946

Michael Macco

Bankruptcy, Bankruptcy & Debt

Status: Licensed: 43 Years

CONTACT

The Old Post Office Unit, Riverhead, NY 11901

800-923-0641

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LEGAL TERMS

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.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

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.

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

FDCPA

See Fair Debt Collections & Practices Act.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

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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Quogue Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Denise Civiletti

Elizabeth A. Pfister

Evans Michael Hillen

Glenn Louis Kantor

Jennifer Lynn Silvestro

Karen C. Napolitano

Lisa Alexandra Frey

Mel Jacoby

Melinda Anne Rubin

Michael Macco

TIPS

LEGAL TERMS

CHAPTER 7 BANKRUPTCY

GUARANTOR

FRAUDULENT TRANSFER

ACCORD AND SATISFACTION

LIMITED LIABILITY

ADMINISTRATIVE EXPENSES

FDCPA

TRADE NAME

PRESUMED ABUSE

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