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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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David M. Levine

Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 47 Years

CONTACT

Delmar, NY 12054

Kevin B. Thiemann

Foreclosure, Real Estate, Government, Bankruptcy & Debt

Status: In Good Standing Licensed: 41 Years

CONTACT

1 Hudson City Ctr, Hudson, NY 12534

John Metzner Leonardson

Real Estate, Government, Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 47 Years

CONTACT

Hudson, NY 12534

David Irving Bacon

Lawsuit & Dispute, Family Law, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 47 Years

CONTACT

125 Trinity Pl, Selkirk, NY 12158

David I Bacon

Lawsuit & Dispute, Family Law, Bankruptcy, Personal Injury

Status: In Good Standing Licensed: 47 Years

CONTACT

125 Trinity Pl, Selkirk, NY 12158

David Ellis Blabey

Bankruptcy & Debt

Status: In Good Standing Licensed: 57 Years

CONTACT

27 Wexford Rd, Delmar, NY 12054

Jay A. Kaplan

General Practice

Status: In Good Standing Licensed: 52 Years

CONTACT

Kingston, NY 12402

Daniel Gartenstein

Collection

Status: In Good Standing Licensed: 33 Years

CONTACT

Kingston, NY 12402

Nancy T. Riseley

Industry Specialties, Business, Bankruptcy & Debt

Status: In Good Standing Licensed: 57 Years

CONTACT

111 Green St, Kingston, NY 12401

Chester George Krom

Real Estate, Bankruptcy & Debt

Status: In Good Standing Licensed: 54 Years

CONTACT

86 Elmendorf St, Kingston, NY 12401

800-923-0641

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LEGAL TERMS

NONEXEMPT PROPERTY

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typicall... (more...)

The property you risk losing to your creditors when you file a Chapter 7 bankruptcy or when a creditor sues you and wins a judgment. Nonexempt property typically includes valuable clothing (furs) and electronic equipment, an expensive car that's been paid off and most of the equity in your house. Compare exempt property.

CYBERSQUATTING

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. T... (more...)

Buying a domain name that reflects the name of a business or famous person with the intent of selling the name back to the business or celebrity for a profit. The Anticybersquatting Consumer Protection Act of 1999 authorizes a cybersquatting victim to file a federal lawsuit to regain a domain name or sue for financial compensation. Under the act, registering, selling or using a domain name with the intent to profit from someone else's good name is considered cybersquatting. Victims of cybersquatting can also use the provisions of the Uniform Domain Name Dispute Resolution Policy adopted by ICANN, an international tribunal administering domain names. This international policy results in arbitration of the dispute, not litigation.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid 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.

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.

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.

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

LIEN

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortg... (more...)

The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).

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Windham Bankruptcy & Debt Lawyer, New York, page 3

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

David M. Levine

Kevin B. Thiemann

John Metzner Leonardson

David Irving Bacon

David I Bacon

David Ellis Blabey

Jay A. Kaplan

Daniel Gartenstein

Nancy T. Riseley

Chester George Krom

TIPS

LEGAL TERMS

NONEXEMPT PROPERTY

CYBERSQUATTING

SETOFF

AUTOMATIC STAY

CURRENT MONTHLY INCOME

ADMINISTRATIVE EXPENSES

WORKOUT

BANKRUPTCY

LIEN

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