West Point 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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Gene L Grobstein

Family Law, Divorce, Bankruptcy

Status:

CONTACT

10 Little Britain Rd, Newburgh, NY 12550

Gisele Camielle Rosado

Commercial Real Estate, Civil Rights, Contract, Credit & Debt

Status: Licensed: 19 Years

CONTACT

717 Broadway, Newburgh, NY 12550

Glen L. Heller

Landlord-Tenant, Estate, Bankruptcy & Debt, Car Accident

Status:

CONTACT

555 Hudson Valley Ave, Newburgh, NY 12553

Gustavo Walter Alzugaray

Workers' Compensation, Bankruptcy, Personal Injury, Medical Malpractice

Status: Licensed: 26 Years

CONTACT

1279 Route 300, Newburgh, NY 12551

Jacqueline Mcbride Gaillard

Education, Traffic, Employment, Bankruptcy & Debt

Status: Licensed: 28 Years

CONTACT

37 Duncan Ave, Cornwall On Hudson, NY 12520

James William Shuttleworth

Government, Bankruptcy & Debt, Personal Injury

Status: Licensed: 36 Years

CONTACT

1279 Route 300, Newburgh, NY 12550

John R. Kibbe

Industry Specialties, Business, Bankruptcy & Debt

Status:

CONTACT

1961 Commerce St, Yorktown Heights, NY 10598

Joseph Phillip Rones

Government, Bankruptcy & Debt, Personal Injury, Accident & Injury

Status: Licensed: 52 Years

CONTACT

417 Philo St, Newburgh, NY 12553

Karen M Kelly

Bankruptcy & Debt

Status: Licensed: 27 Years

CONTACT

700 Corporate Blvd, Newburgh, NY 12550

Lawrence Marshal Klein

Business, Bankruptcy & Debt

Status: Licensed: 65 Years

CONTACT

17 N Plank Rd, Newburgh, NY 12550

800-814-6700

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LEGAL TERMS

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.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

COLLATERAL

Property that guarantees payment of a secured debt.

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.

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.

UNSECURED DEBT

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only reme... (more...)

A debt that is not tied to any item of property. A creditor doesn't have the right to grab property to satisfy the debt if you default. The creditor's only remedy is to sue you and get a judgment. Compare secured debt.

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.

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.

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working fo... (more...)

A federal law that outlaws unfair debt collection practices, including lying, harassing, misleading and otherwise abusing debtors, by debt collectors working for collection agencies. The law does not apply to creditors collecting their own debts. This law has greatly improved conditions for debtors, although more than a few debt collectors ignore the law. If a collection agency violates the law, debtors can contact the Federal Trade Commission for help.

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West Point Bankruptcy & Debt Lawyer, New York, page 2

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

Gene L Grobstein

Gisele Camielle Rosado

Glen L. Heller

Gustavo Walter Alzugaray

Jacqueline Mcbride Gaillard

James William Shuttleworth

John R. Kibbe

Joseph Phillip Rones

Karen M Kelly

Lawrence Marshal Klein

TIPS

LEGAL TERMS

PRESUMED ABUSE

WORKOUT

COLLATERAL

SECURED DEBT

WINDING UP

UNSECURED DEBT

INTEREST

DEBIT CARD

FAIR DEBT COLLECTIONS & PRACTICES ACT (FDCPA)

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