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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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Jason S. Harris

Litigation, Corporate, Commercial Real Estate, Collection

Status: In Good Standing Licensed: 23 Years

CONTACT

300 Saunders Road, Deerfield, IL 60015

Joseph D'onofrio

Bankruptcy, Immigration

Status: In Good Standing Licensed: 24 Years

CONTACT

Deerfield, IL 60015

James Ronald Krasny

Litigation, Collection, Bankruptcy

Status: In Good Standing Licensed: 49 Years

CONTACT

740 Constance Lane, Deerfield, IL 60015

Constance Conole Carey

General Practice

Status: In Good Standing Licensed: 49 Years

CONTACT

740 Constance Lane, Deerfield, IL 60015

Constance Carey

General Practice

Status: In Good Standing Licensed: 49 Years

CONTACT

740 Constance Lane, Deerfield, IL 60015

James Krasny

Litigation, Collection, Bankruptcy

Status: In Good Standing Licensed: 49 Years

CONTACT

740 Constance Lane, Deerfield, IL 60015

Charles Andrew Walgreen

International Tax, Consumer Rights, Bankruptcy, Litigation

Status: In Good Standing Licensed: 12 Years

CONTACT

304 Wilmot Rd, Deerfield, IL 60015

Robert Duane Peters

Oil & Gas, Estate Planning, Business, Bankruptcy

Status: In Good Standing Licensed: 17 Years

CONTACT

108 Wilmot Rd, Deerfield, IL 60015

Robert M. Greco

Commercial Bankruptcy

Status: In Good Standing Licensed: 44 Years

CONTACT

1648 Berkley Ct, Deerfield, IL 60015

Marc Eugene Lane

Collection

Status: In Good Standing Licensed: 33 Years

CONTACT

146 Plumtree Road, Deerfield, IL 60015

800-923-0641

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LEGAL TERMS

TRUTH IN LENDING ACT (TILA)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disc... (more...)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.

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.

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.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

NONPROFIT CORPORATION

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or f... (more...)

A legal structure authorized by state law allowing people to come together to either benefit members of an organization (a club, or mutual benefit society) or for some public purpose (such as a hospital, environmental organization or literary society). Nonprofit corporations, despite the name, can make a profit, but the business cannot be designed primarily for profit-making purposes, and the profits must be used for the benefit of the organization or purpose the corporation was created to help. When a nonprofit corporation dissolves, any remaining assets must be distributed to another nonprofit, not to board members. As with for-profit corporations, directors of nonprofit corporations are normally shielded from personal liability for the organization's debts. Some nonprofit corporations qualify for a federal tax exemption under _ 501(c)(3) of the Internal Revenue Code, with the result that contributions to the nonprofit are tax deductible by their donors.

INTEREST

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to ... (more...)

A commission you pay a bank or other creditor for lending you money or extending you credit. An interest rate represents the annual percentage that is added to your balance. This means that if your loan or credit line has an interest rate of 8%, the holder adds 8% to the balance each year. More specifically, interest is calculated and added to your loan or credit line through a process called compounding. If interest is compounded daily, the balance will rise by 1/365th of 8% each day. If interest is compounded monthly, the balance will rise 1/12th of 8% at the start of each month.

COLLATERAL

Property that guarantees payment of a secured debt.

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.

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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Techny Bankruptcy & Debt Lawyer, Illinois, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jason S. Harris

Joseph D'onofrio

James Ronald Krasny

Constance Conole Carey

Constance Carey

James Krasny

Charles Andrew Walgreen

Robert Duane Peters

Robert M. Greco

Marc Eugene Lane

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LEGAL TERMS

TRUTH IN LENDING ACT (TILA)

FRAUDULENT TRANSFER

ACCORD AND SATISFACTION

SUBROGATION

NONPROFIT CORPORATION

INTEREST

COLLATERAL

WINDING UP

DEBIT CARD

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