Smithtown Bankruptcy & Debt Lawyer, New York, page 2

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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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Marylou Anne Paolucci

Collection

Status: In Good Standing Licensed: 30 Years

CONTACT

16 Trent Ln, Smithtown, NY 11787

Timothy C. Wan

Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 24 Years

CONTACT

202 E Main St, Smithtown, NY 11787

Liberatore Joseph Iannarone

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

Status: In Good Standing Licensed: 56 Years

CONTACT

300 E Main St, Smithtown, NY 11787

Andre Nicholas Poulis

Commercial Bankruptcy

Status: In Good Standing Licensed: 29 Years

CONTACT

527 Townline Rd, Smithtown, NY 11788

Paula Wetstein

Employment, Collection

Status: In Good Standing Licensed: 36 Years

CONTACT

4 Bonny Ct, Smithtown, NY 11787

Gregory Michael Savran

Collection

Status: In Good Standing Licensed: 15 Years

CONTACT

108 Roxbury Dr, Commack, NY 11725

Leland Scott Solon

Visa, Divorce & Family Law, Contract, Bankruptcy & Debt

Status: In Good Standing

CONTACT

100 Veterans Memorial Highway, Smithtown, NY 11788

Douglas Joseph Bilotti

Bankruptcy & Debt

Status: In Good Standing Licensed: 24 Years

CONTACT

6 Holly Ln, Saint James, NY 11780

Fredrick Paul Stern

Civil & Human Rights, Bankruptcy

Status: In Good Standing Licensed: 38 Years

CONTACT

120 Lake Ave S, Nesconset, NY 11767

Steven Gerald Pinks

Real Estate, Bankruptcy & Debt, Foreclosure

Status: In Good Standing

CONTACT

140 Fell Ct, Hauppauge, NY 11788

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.

BANKRUPTCY TRUSTEE

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is t... (more...)

A person appointed by the court to oversee the case of a person or business that has filed for bankruptcy. In a consumer Chapter 7 case, the trustee's role is to gather the debtor's nonexempt property, liquidate it and distribute it proportionally to her creditors. In a Chapter 13 case, the trustee's role is to receive the debtor's monthly payments and distribute them proportionally to her creditors.

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.

COLLATERAL

Property that guarantees payment of a secured debt.

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.

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.

FCBA

See Fair Credit Billing Act.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

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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Smithtown Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Marylou Anne Paolucci

Timothy C. Wan

Liberatore Joseph Iannarone

Andre Nicholas Poulis

Paula Wetstein

Gregory Michael Savran

Leland Scott Solon

Douglas Joseph Bilotti

Fredrick Paul Stern

Steven Gerald Pinks

TIPS

LEGAL TERMS

CHAPTER 7 BANKRUPTCY

BANKRUPTCY TRUSTEE

ADMINISTRATIVE EXPENSES

COLLATERAL

CURRENT MONTHLY INCOME

PRIORITY DEBT

FCBA

REDEMPTION

DEBIT CARD

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