West Hempstead Bankruptcy & Debt Lawyer, New York, page 5

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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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Jeanne A. Greco

Adoption, Divorce & Family Law, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 43 Years

CONTACT

672 Dogwood Ave, Franklin Square, NY 11010

Steven Thomas Hansen

Education, Dispute Resolution, Lawsuit & Dispute, Bankruptcy & Debt

Status: In Good Standing Licensed: 29 Years

CONTACT

828 Hempstead Tpke, Franklin Square, NY 11010

John E. Molinari

Other, Industry Specialties, Business, Bankruptcy & Debt

Status: Inactive Licensed: 52 Years

CONTACT

148 S Long Beach Ave, Freeport, NY 11520

Brian Fraser Sharpe

Lawsuit & Dispute, International, Immigration, Bankruptcy & Debt

Status: In Good Standing Licensed: 16 Years

CONTACT

148 S Long Beach Ave, Freeport, NY 11520

Stanley J. Goldberg

Credit & Debt

Status: In Good Standing Licensed: 63 Years

CONTACT

30 S Ocean Ave, Freeport, NY 11520

Gerald Harvey Green

Estate, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing Licensed: 65 Years

CONTACT

72 Guy Lombardo Ave, Freeport, NY 11520

Lawrence Stuart Lefkowitz

Divorce & Family Law, Bankruptcy, Bankruptcy & Debt, Accident & Injury

Status: In Good Standing Licensed: 27 Years

CONTACT

72 Guy Lombardo Ave, Freeport, NY 11520

Jeanne M. Provenzano

Real Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 22 Years

CONTACT

43 Euston Road, Garden City, NY 11530

Charles Joseph Janoff

Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 47 Years

CONTACT

36 Cathedral Ave, Garden City, NY 11530

Dominic Salvatore Rizzo

Real Estate, Lawsuit & Dispute, Government, Bankruptcy & Debt

Status: In Good Standing Licensed: 41 Years

CONTACT

1461 Franklin Ave, Garden City, NY 11530

800-923-0641

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LEGAL TERMS

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

CREDITOR

A person or entity (such as a bank) to whom a debt is owed.

ABUSE

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because ... (more...)

Misuse of the Chapter 7 bankruptcy remedy. This term is typically applied to Chapter 7 bankruptcy filings that should have been filed under Chapter 13, because the debtor appears to have enough disposable income to fund a Chapter 13 repayment plan.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

CREDIT FILE

See credit report.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

LIMITED PARTNERSHIP

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner ... (more...)

A business structure that allows one or more partners (called limited partners) to enjoy limited personal liability for partnership debts while another partner or partners (called general partners) have unlimited personal liability. The key difference between a general and limited partner concerns management decision making--general partners run the business, and limited partners, who are usually passive investors, are not allowed to make day-to-day business decisions. If they do, they risk being treated as general partners with unlimited personal liability.

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.

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.

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West Hempstead Bankruptcy & Debt Lawyer, New York, page 5

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Jeanne A. Greco

Steven Thomas Hansen

John E. Molinari

Brian Fraser Sharpe

Stanley J. Goldberg

Gerald Harvey Green

Lawrence Stuart Lefkowitz

Jeanne M. Provenzano

Charles Joseph Janoff

Dominic Salvatore Rizzo

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LEGAL TERMS

CHAPTER 13 BANKRUPTCY

CREDITOR

ABUSE

SECURED DEBT

CREDIT FILE

PREFERENCE

LIMITED PARTNERSHIP

PRIORITY DEBT

INTEREST

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