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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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Brian Edward O'Donoghue

Corporate, Litigation, Criminal, Family Law, Credit & Debt

Status: Licensed: 50 Years

CONTACT

49 Upper Dock Rd, Kings Park, NY 11754

Cory Hal Morris

Government, Criminal, Administrative Law, Credit & Debt

Status: Licensed: 12 Years

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863 Islip Ave, Central Islip, NY 11722

Denise Civiletti

Credit & Debt

Status: Licensed: 42 Years

CONTACT

Riverhead, NY 11901

Jarrett Michael Behar

Credit & Debt

Status: Licensed: 24 Years

CONTACT

267 Carleton Ave, Central Islip, NY 11722

Jennifer Lynn Silvestro

Litigation, Banking & Finance, Credit & Debt, Bankruptcy

Status:

CONTACT

East Quogue, NY 11942

Joseph L. Fritz

Landlord-Tenant, Industry Specialties, DUI-DWI, Credit & Debt

Status: Licensed: 52 Years

CONTACT

135 W Main St, East Islip, NY 11730

Joseph Michael Hall

Government, Civil & Human Rights, Credit & Debt, Bankruptcy & Debt, Real Estate

Status:

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1787 Veterans Hwy, Islandia, NY 11749

Joseph Anthony Quatela

Health Care Other, Employment Discrimination, Child Custody, Credit & Debt

Status: Licensed: 39 Years

CONTACT

888 Veterans Hwy, Smithtown, NY 11788

Mady Andrea Adler

Credit & Debt

Status: Licensed: 39 Years

CONTACT

9 Larkspur Dr, Smithtown, NY 11787

Melinda Anne Rubin

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

Status: Licensed: 32 Years

CONTACT

147 W Montauk Hwy, Hampton Bays, NY 11946

800-814-6700

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LEGAL TERMS

BULK SALES LAW

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to ... (more...)

A law that regulates the transfer of business assets so that business owners cannot dispose of assets in order to avoid creditors. If a business owner wants to conduct a bulk sale of business assets -- that is, get rid of an unusually large amount of inventory, merchandise or equipment -- the business owner must typically publish a notice of the sale and give written notice to creditors. Then, the owner must set up an account to hold the funds from the sale for a brief period of time during which creditors may make claims against the money. The prohibition against bulk sales is spelled out in the Uniform Commercial Code -- and laws modeled on the UCC have been generally adopted throughout the country.

TRADE DRESS

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape... (more...)

The distinctive packaging or design of a product that promotes the product and distinguishes it from other products in the marketplace -- for example, the shape of Frangelico liqueur bottles. Trade dress can be protected under trademark law if a showing can be made that the average consumer would likely be confused as to product origin if another product were allowed to appear in similar dress.

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.

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.

FRATERNAL BENEFIT SOCIETY BENEFITS

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal socie... (more...)

These are benefits, often group life insurance, paid for by fraternal societies to their members. Elks, Masons or Knights of Columbus are common fraternal societies that provide benefits. Also called benefit society, benevolent society or mutual aid association benefits. Under bankruptcy laws, these benefits are virtually always considered exempt property.

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.

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.

COSIGNER

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for t... (more...)

A person who signs his or her name to a loan agreement, lease or credit application. If the primary debtor does not pay, the cosigner is fully responsible for the loan or debt. Many people use cosigners to qualify for a loan or credit card. Landlords may require a cosigner when renting to a student or someone with a poor credit history.

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.

SAMPLE LEGAL CASES

COLLINS FIN. v. Vigilante

... Such a system is not tolerable in regard to credit card and other consumer credit debt cases where items such as the interest rate, late payment charge, and over-the-limit fees may change several times over the course of the consumer credit agreement. ...

Grasso v. Grasso

... 765 The husband also correctly contends that the Supreme Court improvidently exercised its discretion by, in effect, holding him responsible for 100% of the credit card obligations that constitute the parties' marital debt as well as all the marital debt that was solely in the wife's ...

PRA III LLC v. Gonzalez

... agreement to extend credit to the defendant, the issuance of credit cards at the defendant's address, his use of credit cards, his ... Moreover, the plaintiff submitted no evidence demonstrating the defendant's intention to pay the alleged debt (see General Obligations Law Â§ 17-101 ...

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Shirley Credit & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Brian Edward O'Donoghue

Cory Hal Morris

Denise Civiletti

Jarrett Michael Behar

Jennifer Lynn Silvestro

Joseph L. Fritz

Joseph Michael Hall

Joseph Anthony Quatela

Mady Andrea Adler

Melinda Anne Rubin

TIPS

LEGAL TERMS

BULK SALES LAW

TRADE DRESS

PRESUMED ABUSE

PRIORITY DEBT

FRATERNAL BENEFIT SOCIETY BENEFITS

ACCORD AND SATISFACTION

PROCEEDS FOR DAMAGED EXEMPT PROPERTY

COSIGNER

GUARANTOR

SAMPLE LEGAL CASES

COLLINS FIN. v. Vigilante

Grasso v. Grasso

PRA III LLC v. Gonzalez

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