Champaign County Bankruptcy Attorneys

Our Champaign County chapter 13 bankruptcy attorney Kevin O'Flaherty sits down to explain the process of chapter 13 bankruptcy. Once our experienced attorneys decide Chapter 13 is the right plan for you and your financial needs, we then have our clients take a credit counseling course with certification of completion before filing. From there attorneys will be able to collect your financial information and scheduling that includes: assets, liabilities, income, and expenses. These will then be submitted to the court who will notify any creditors you owe money to of the bankruptcy. Collections from these creditors will be put on pause while our Elmhurst attorneys help you come up with a payment plan that satisfies your needs and income. A Trustee, or court appointed attorney, will be a part of the process as well collecting the payments for creditors. Be assured that for every part of the process, and for every meeting, our Champaign County attorneys will be there to help you file your Chapter 13 bankruptcy case. 

In this article, our Champaign County chapter 7 bankruptcy lawyers explain the chapter 7 bankruptcy process. Bankruptcy is an excellent tool to allow individuals and businesses to get a clean slate and a fresh start.  However, it is often not the only option.  Depending on the number of creditors, the type of debt, and the amount of debt, working with our Champaign County attorneys to renegotiate your debt may be preferable to bankruptcy.  Creditors are often willing to significantly reduce the amount of your debt and allow it to be paid over time, especially when they are dealing with your attorney and there is a credible threat of bankruptcy.  Our experienced Champaign County attorneys will educate you on your options and help you choose the right course of action for you, your family, or your business.  

In this video, our Champaign County chapter 13 bankruptcy attorneys explain the differences and advantages to each type of bankruptcy a client could file and how it is possible to keep your home and vehicles in a chapter 7 bankruptcy. All of your debts in Chapter 7 are dischargeable. If your home or car has over or above exemption amounts then the trustee can collect that to pay the creditors, but most times clients have under the exemption amount and are able to keep their belongings with the help of our advising at O'Flaherty Law. Our Champaign County attorney goes on to explain how Chapter 7 usually makes the most sense for wiping out your debt. Your future income is used to pay your debt in Chapter 13 instead of liquidation. It usually takes 3-5 years to pay off this debt. Unless there are certain situations, Chapter 7 is more beneficial unless you are ineligible. Ineligibility can be due to things Such as if you have a high income, or have already filed for Chapter 7 in the past ten years, instead Chapter 13 may be right for you. Chapter 13 may be suitable for people who have a lot of equity in their home or car as well to avoid them being taken in a Chapter 7 case.