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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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Andrew J. Luskin

Dispute Resolution, Franchising, Business Organization, Collection

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Peter F. Rooney

Other, Real Estate, Government, Bankruptcy & Debt

Status: Licensed: 69 Years

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Edward Kavanagh

Contract, Contract, Commercial Bankruptcy, Commercial Real Estate, Corporate

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Amanda M. Baron-Frank

Bankruptcy & Debt, Real Estate, Accident & Injury, Criminal, Litigation

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Michael Adam Shichman

Family Law, Collection, Commercial Bankruptcy

Status: Licensed: 42 Years

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109 High Farms Rd, Glen Head, NY 11545

Andrew Anthony Kress

Business, Bankruptcy & Debt

Status: Licensed: 45 Years

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41 Summit Rd, Port Washington, NY 11050

Shalini Vohra

Bankruptcy & Debt

Status: Licensed: 30 Years

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Marc Howard Hyman

Real Estate, Lawsuit & Dispute, Bankruptcy & Debt

Status: Licensed: 35 Years

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Stacey Natiss Gordon

Real Estate, Estate, Bankruptcy & Debt

Status: Licensed: 36 Years

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277 Willis Ave, Greenvale, NY 11577

Aaron D. Jones

Estate, Business, Bankruptcy & Debt

Status: Licensed: 23 Years

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97 Powerhouse Rd, Greenvale, NY 11577

800-814-6700

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LEGAL TERMS

FCRA

See Fair Credit Reporting Act.

CCCS

See Consumer Credit Counseling Service.

DISPOSABLE INCOME

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Ch... (more...)

The difference between a debtor's current monthly income and allowable expenses. This is the amount that the new bankruptcy law deems available to pay into a Chapter 13 plan.

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.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

DEBIT CARD

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can ... (more...)

A card issued by a bank that combines the functions of an ATM card and checks. A debit card can be used to withdraw cash at a bank like an ATM card, and it can also be used at stores to pay for goods and services in place of a check. Unlike a credit card, a debit card automatically withdraws money from your checking account at the time of the transaction. Debit cards are regulated by the Electronic Funds Transfer Act.

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.

HOUSEHOLDER

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a ho... (more...)

A person who supports and maintains a household, with or without other people. In bankruptcy law, a householder, housekeeper or head of household can claim a homestead exemption and possibly other exemptions relating to the maintenance of the household.

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Sea Cliff Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Andrew J. Luskin

Peter F. Rooney

Edward Kavanagh

Amanda M. Baron-Frank

Michael Adam Shichman

Andrew Anthony Kress

Shalini Vohra

Marc Howard Hyman

Stacey Natiss Gordon

Aaron D. Jones

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LEGAL TERMS

FCRA

CCCS

DISPOSABLE INCOME

NONEXEMPT PROPERTY

CHAPTER 13 PLAN

SOLE PROPRIETORSHIP

DEBIT CARD

CHAPTER 7 BANKRUPTCY

HOUSEHOLDER

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