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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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Ian L. Crimmins

Estate Planning, Family Law, Criminal, Collection

Status: In Good Standing

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18 Park Row, Chatham, NY 12037

Jerrold W. Bartman

Bankruptcy

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409 New Karner Road, Albany, NY 12205

Marc S. Ehrlich

Bankruptcy, Bankruptcy & Debt

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64 2nd Street, Troy, NY 12180

Aaron M. Depaolo

Federal Appellate Practice, Insurance, Bankruptcy, Medical Malpractice

Status: In Good Standing Licensed: 11 Years

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20 Corporate Woods Blvd, Albany, NY 12211

Adam Hill Cooper

Other, Real Estate, Collection, Accident & Injury

Status: In Good Standing Licensed: 20 Years

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20 Corporate Woods Blvd, Albany, NY 12211

Adam Alvarez

Real Estate, Government, Criminal, Bankruptcy & Debt

Status: In Good Standing Licensed: 24 Years

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279 Troy Rd, Rensselaer, NY 12144

Adam Fordham Kinney

Other, Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 16 Years

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10 Corporate Woods Dr, Albany, NY 12211

Alan Jay Goldberg

Industry Specialties, Employment, Bankruptcy & Debt

Status: In Good Standing

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1 Commerce Plaza, Albany, NY 12260

Alexander Powhida

Landlord-Tenant, Employment Discrimination, Child Custody, Bankruptcy

Status: In Good Standing

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State St And Washington Ave, Albany, NY 12224

Alexis Elizabeth Kim

Litigation, Contract, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 9 Years

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200 Great Oaks Blvd, Albany, NY 12203

800-923-0641

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LEGAL TERMS

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.

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.

DISCHARGE (OF DEBTS)

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

GUARANTEED RESERVATION

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehic... (more...)

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehicle for you no matter when you show up. If you have a guaranteed reservation with a hotel, it must provide you with a room, either at that hotel or at another comparable establishment. If you have a guaranteed reservation with a car agency, it must provide you with a vehicle. The downside of a guaranteed reservation is that if you don't show up and haven't cancelled your reservation, you will be billed for one night in the room or one day's use of the vehicle.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

COLLATERAL

Property that guarantees payment of a secured debt.

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.

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.

TRADE NAME

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

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Ravena Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Ian L. Crimmins

Jerrold W. Bartman

Marc S. Ehrlich

Aaron M. Depaolo

Adam Hill Cooper

Adam Alvarez

Adam Fordham Kinney

Alan Jay Goldberg

Alexander Powhida

Alexis Elizabeth Kim

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LEGAL TERMS

PRIORITY DEBT

CHAPTER 13 BANKRUPTCY

DISCHARGE (OF DEBTS)

GUARANTEED RESERVATION

WINDING UP

COLLATERAL

ABUSE

CURRENT MONTHLY INCOME

TRADE NAME

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