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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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Michael J. Hall

Banking & Finance, Litigation, Construction, Reorganization

Status: In Good Standing

CONTACT

677 Broadway, Albany, NY 12201

David Hilleary Wilder

Litigation, Arbitration, Banking & Finance, Credit & Debt

Status: In Good Standing

CONTACT

39 North Pearl Street, Albany, NY 12207

Shannan Collier Krasnokutski

Arbitration, Credit & Debt, Employee Rights, Environmental Law Other

Status: In Good Standing

CONTACT

39 North Pearl Street, Albany, NY 12207

Patrick F. Tedesco

Litigation, Banking & Finance, Business, Credit & Debt

Status: In Good Standing

CONTACT

39 North Pearl Street, Albany, NY 12207

Geraldine Pomerantz

Bankruptcy & Debt

Status: In Good Standing Licensed: 37 Years

CONTACT

40 N Pearl St, Albany, NY 12207

Nicholas Francis Antenucci

Government, Bankruptcy & Debt

Status: In Good Standing

CONTACT

150 State St, Albany, NY 12207

John David Mccarthy

Employment Discrimination, Public Offerings, Bankruptcy & Debt

Status: In Good Standing Licensed: 17 Years

CONTACT

146 State St, Albany, NY 12207

E Raymond Kolarsey

Health Care Other, Life & Health, Insurance, Reorganization

Status: In Good Standing

CONTACT

121 State St, Albany, NY 12207

Brian J. Mccann

Real Estate, Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

Washington Ave, Albany, NY 12227

Brian J. Mccann

Real Estate, Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 42 Years

CONTACT

Washington Ave, Albany, NY 12227

800-923-0641

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LEGAL TERMS

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemp... (more...)

In a bankruptcy proceeding, money collected through insurance, arbitration, mediation, settlement or a lawsuit to pay for exempt property that's no longer exemptible because it has been damaged or destroyed.

TRADE NAME

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

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

CREDIT INSURANCE

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay o... (more...)

Insurance a lender requires a borrower to purchase to cover the loan. If the borrower dies or becomes disabled before paying off the loan, the policy will pay off the remaining balance. Federal and state consumer protection laws require the lender to disclose to existing and potential borrowers the terms and costs of obtaining credit insurance because it can affect the terms of the loan.

C CORPORATION

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S c... (more...)

Common business slang to distinguish a corporation whose profits are taxed separate from its owners under subchapter C of the Internal Revenue Code, from an S corporation, whose profits are passed through to shareholders and taxed on their personal returns under subchapter S of the Internal Revenue Code.

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.

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.

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.

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.

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Selkirk Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Michael J. Hall

David Hilleary Wilder

Shannan Collier Krasnokutski

Patrick F. Tedesco

Geraldine Pomerantz

Nicholas Francis Antenucci

John David Mccarthy

E Raymond Kolarsey

Brian J. Mccann

Brian J. Mccann

TIPS

LEGAL TERMS

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

TRADE NAME

FORBEARANCE

CREDIT INSURANCE

C CORPORATION

FRAUDULENT TRANSFER

GUARANTOR

LIABILITY

DEBIT CARD

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