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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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John Duff Cleland

Litigation, Personal Injury, Commercial Bankruptcy

Status: Licensed: 27 Years

CONTACT

10840 Hidden Meadow Trl, Corning, NY 14830

Frederick J. Arcuri

Divorce & Family Law, DUI-DWI, Insurance, Bankruptcy & Debt

Status: Licensed: 21 Years

CONTACT

1 W Market St, Corning, NY 14830

Christine Valkenburgh

Real Estate, Government, Business, Bankruptcy & Debt

Status: Licensed: 34 Years

CONTACT

7 E Steuben St, Bath, NY 14810

Joseph Gerald Pelych

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

Status: Licensed: 42 Years

CONTACT

211 Main St, Hornell, NY 14843

Curtis Charles Warner

Class Action, Industry Specialties, Securities Fraud , Bankruptcy & Debt

Status: Licensed: 32 Years

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5 E Market St, Corning, NY 14830

Amy Lillian Vichinsky

Criminal, Bankruptcy & Debt, Business, Other

Status: Licensed: 22 Years

CONTACT

Corning, NY 14830

Charles Andersen

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

Status:

CONTACT

28 Rodaha Drive, Corning, NY 14830

Susan Moore Daubner

Child Custody, Bankruptcy

Status: Licensed: 30 Years

CONTACT

2854 Westinghouse Rd, Horseheads, NY 14845

Mark Alan Weiermiller

Wills & Probate, Bankruptcy

Status: Licensed: 38 Years

CONTACT

2854 Westinghouse Rd, Horseheads, NY 14845

Scott Joseph Pautz

Income Tax, Real Estate, Divorce & Family Law, Bankruptcy, Wrongful Death

Status: Licensed: 37 Years

CONTACT

2854 Westinghouse Rd, Horseheads, NY 14845

800-923-0641

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LEGAL TERMS

NO-FAULT INSURANCE

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain ... (more...)

Car insurance laws that require the insurance companies of each person in an accident to pay for medical bills and lost wages of their insured, up to a certain amount, regardless of who was at fault. The effect of no-fault insurance laws is to eliminate lawsuits in small accidents. The advantage is the prompt payment of medical bills and expenses. The downsides are that the amounts paid by no-fault policies are often not enough to fully cover a person's losses and that no-fault does not compensate for pain and suffering.

LIQUIDATING PARTNER

The member of an insolvent or dissolving partnership responsible for paying the debts and settling the accounts of the partnership.

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.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

MEETING OF CREDITORS

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a f... (more...)

A meeting held with the bankruptcy trustee about a month after you file for bankruptcy. You must attend. The trustee reviews your bankruptcy papers and asks a few questions. In a Chapter 7, the meeting of creditors lasts a few minutes and rarely do any creditors show up. In a Chapter 13 bankruptcy, one or two creditors may attend, especially if they disagree with some provision of your repayment plan.

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

MEANS TEST

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income ... (more...)

A formula that uses predefined income and expense categories to determine whether a debtor whose current monthly income is higher than the median family income for his or her state should be allowed to file for Chapter 7 bankruptcy.

FAIR LABOR STANDARDS ACT (FLSA)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements ... (more...)

A federal law that guarantees a worker's right to be paid fairly. The FLSA defines the 40-hour workweek, sets out the federal minimum wage, states requirements for overtime and places restrictions on child labor.

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.

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Woodhull Bankruptcy & Debt Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John Duff Cleland

Frederick J. Arcuri

Christine Valkenburgh

Joseph Gerald Pelych

Curtis Charles Warner

Amy Lillian Vichinsky

Charles Andersen

Susan Moore Daubner

Mark Alan Weiermiller

Scott Joseph Pautz

TIPS

LEGAL TERMS

NO-FAULT INSURANCE

LIQUIDATING PARTNER

REDEMPTION

LIMITED LIABILITY

MEETING OF CREDITORS

UNDUE HARDSHIP

MEANS TEST

FAIR LABOR STANDARDS ACT (FLSA)

FRAUDULENT TRANSFER

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