Chicago Bankruptcy Attorneys | Debt Resolution Lawyers, Cook County IL

Chicago Bankruptcy Attorneys | Debt Resolution Lawyers, Cook County ILChicago Bankruptcy Attorneys, Chicago Debt Resolution Lawyers, Chicago Bankruptcy Lawyers, Chicago Debt Resolution Attorneys

Our Chicago bankruptcy attorneys will help give you a clean slate through debt negotiation, Chapter 7, Chapter 11 or Chapter 13 bankruptcy. Few things are more stressful than having debt pile up around you. Let us be your advocate and allow us to give you peace of mind.

Our Chicago bankruptcy attorneys will help give you a clean slate through debt negotiation, Chapter 7, Chapter 11 or Chapter 13 bankruptcy. Few things are more stressful than having debt pile up around you. Let us be your advocate and allow us to give you peace of mind.

Our Experienced Chicago Bankruptcy & Debt Resolution Attorneys Handle Cases Including But Not Limited To:

Your Community Law Firm

Why O'Flaherty Law for My

Bankruptcy

Matter?

In this video, our Chicago Bankruptcy & Debt Resolution attorney describes why O'Flaherty Law is the best choice for your bankruptcy or debt resolution matter.

  • We Give You Counsel From Expert Attorneys, Not Info-Tapes!  Our Chicago bankruptcy attorneys will work with you from beginning to end.  We understand that you don't fit in a mold, don't rely on info-tapes and will be your trusted advocates.  Our goal is to develop relationships with our clients that last long after your bankruptcy case has ended.
  • We Are Cost-Effective!  We understand that considering bankruptcy  means you are in a position where you're already surrounded by debt and financially strained.  We are proud to offer affordable rates that allow our clients to have peace of mind while having their financial matters met. ​
  • We Have a Wide Network of Resources to Help!  Once we assist you in getting a fresh new start, you may need help from other professionals.  We are proud to offer a a large network of resources of bankers, loan officers, financial advisors and local professionals to creative a comprehensive solution that suits your needs.

Some of Our Accomplishments

Schedule a Consultation With Our

Chicago Bankruptcy & Debt Resolution Attorneys

Chicago Bankruptcy Attorneys, Chicago Debt Resolution Lawyers, Chicago Bankruptcy Lawyers, Chicago Debt Resolution Attorneys

To schedule a free consultation at our offices in

Downers Grove,

Naperville,

Elmhurst,

Lake in the Hills,

Tinley Park, and

St. Charles

:

If our office locations are not convenient for you, we are happy to meet with you anywhere in Chicagoland that you find convenient.  

We are also happy to speak with you by phone.  ​​​

Chicago

110 E. Schiller Street, Ste. 220 Elmhurst, IL 60126

(331)253-4060

chicago@oflaherty-law.com

If our office locations are not convenient for you, we are happy to meet with you anywhere in Chicago that you find convenient. We are also happy to speak with you by phone.

Our  Office Locations: 

Downers Grove Attorneys, Downers Grove Attorney, Downers Grove Lawyer, Downers Grove Lawyers

Downers Grove

5002 Main St, Ste. 201 Downers Grove, IL 60515

Naperville Attorney, Naperville Attorneys, Naperville Lawyers, Naperville Lawyer

Naperville

105 Jackson Avenue, Ste. 4b Naperville , IL 60540

Elmhurst Lawyer, Elmhurst Lawyers, Elmhurst Attorneys, Elmhurst Attorney

Elmhurst

​110 E. Schiller Street, Ste. 220B ​Elmhurst, IL 60126

Lake in the Hills Attorneys, Lake in the Hills Attorney, Lake in the Hills Lawyer, Lake in the Hills Lawyers

Lake in the Hills

8411 Pyott Road, Ste. 107, ​Lake in the Hills, IL 60156

Tinley Park Attorney, Tinley Park Attorneys, Tinley Park Lawyer, Tinley Park Lawyers

Tinley Park

​16557 Oak Park Avenue, Ste. B, Tinley Park, IL 60477

St. Charles Attorneys, St. Charles Lawyers, St. Charles Attorney, St. Lawyer

St. Charles

210 S Fifth St, Ste. 107B, St. Charles, IL 60174

Meet Our Owner

Kevin O'Flaherty oversees all legal matters and is actively involved in making sure every client's case, big or small, is handled with excellence and attention to detail. He is available to contact through phone and email and his rates are available upon request.

Here's What Our Client's Have to Say:

John Paul Clancy
Says...

"Kevin and his firm, O'Flaherty Law, are friendly, efficient, knowledgeable and professional. Kevin is a master at bringing people together and sharing ideas."

Kevin Sender
Says...

"Kevin O'Flaherty and his team at O'Flaherty Law are among the friendliest and easiest to work with attorneys I've dealt with. I would suggest them to any friends or business associates."

Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!

An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.

John Paul Clancy
Says...
"Kevin and his firm, O'Flaherty Law, are friendly, efficient, knowledgeable and professional. Kevin is a master at bringing people together and sharing ideas."
Kevin Sender
Says...
"Kevin O'Flaherty and his team at O'Flaherty Law are among the friendliest and easiest to work with attorneys I've dealt with. I would suggest them to any friends or business associates."
Mike Stehlik
Says...
"Kevin and his team are my "Go To" resource for clients that need estate planning"
Kevin Koc
Says...
Kevin O'Flaherty was instrumental during the purchase process of my new house. I highly recommend him and the entire firm!
Stephen Petersen
Says...
An excellent client experience, I recommend O'Flaherty Law to all of my clients that have a need for consultation in family law.
Troy Golden
Says...
Kevin is an excellent attorney. He helped me incorporate by business and provides legal counsel as need. I highly recommend him.

Click here for Videos, Podcasts, and Articles by our Chicago Bankruptcy & Debt Resolution Attorneys

Or Continue Scrolling Below to Browse some of our Most Helpful Articles

If I File For Bankruptcy Can I Keep My House and Cars?

If you file for bankruptcy, you still have an opportunity to keep your house and vehicles.  Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.

Read More

If you file for bankruptcy, you still have an opportunity to keep your house and vehicles.  Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.

Read More

Preparing For Bankruptcy

Chicago Bankruptcy Attorneys, Chicago Debt Resolution Lawyers, Chicago Bankruptcy Lawyers, Chicago Debt Resolution Attorneys

Chicago bankruptcy attorney, Kevin O'Flaherty, explains everything you need to know about the Chapter 7 Bankruptcy process.

Our Chicago bankruptcy attorneys in this article discuss the steps required to prepare your bankruptcy petition.  Before filing, youare required to complete an online credit counseling course. These are usually relatively short and the expense is nominal.  Our Chicago Bankruptcyand debt resolution attorneys will work with you to help you provide us with information regarding your assets, liabilities, income and expenses. After a meeting with the creditors, your case will be heard in the appropriate court where your bankruptcy will then be discharged.

Read the full article by our Chicago bankruptcy attorneys regarding preparation for bankruptcy.  

If I File For Bankruptcy Can I Keep My House And Cars?

In most cases, our clients can file for bankruptcy without losing any assets including home and vehicles.  If your vehicle or home is held as collateral, you will most likely have the option to sign a reaffirmation agreement.  This reaffirms the loan without discharging it in the bankruptcy process.  The debt secured by your vehicle or home will not be taken out in the bankruptcy and you will be able to keep your most valuable assets when you are done if this is the case.Keeping your home or vehicle often depends on how much equity you have in each piece asset.  For example, the equity in a property is determined by the most current resale value minus the principle balance of any loans secured by the property.  If you do file for the bankruptcy, the trustee will seek collection of your assets to fulfill your debts.  The Bankruptcy Code states that a portion of equity in particular types of property can be exempt from collection.  These exceptions on the property you decide to keep in order to avoid the trustee collecting them on your behalf.  For example:

  • You are allowed to keep $2,400.00 of equity in your vehicles ($4,800.00 for a married couple filing jointly)
  • You are allowed to keep $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly); 
  • There is a $4,000.00 wildcard exemption that you can apply to any property of your choice ($8,000.00 for a married couple). 

Read an article from our Chicago bankruptcy attorneys about keeping your property in bankruptcy.

In this Learn About Law podcast & videoblog, Chicago attorney Kevin O'Flaherty of O'Flaherty Law talks about some of the advantages of both chapter 7 and chapter 13 bankruptcy and how they can apply to your specific needs.

In most cases, our clients can file for bankruptcy without losing any assets including home and vehicles.  If your vehicle or home is held as collateral, you will most likely have the option to sign a reaffirmation agreement.  This reaffirms the loan without discharging it in the bankruptcy process.  The debt secured by your vehicle or home will not be taken out in the bankruptcy and you will be able to keep your most valuable assets when you are done if this is the case.Keeping your home or vehicle often depends on how much equity you have in each piece asset.  For example, the equity in a property is determined by the most current resale value minus the principle balance of any loans secured by the property.  If you do file for the bankruptcy, the trustee will seek collection of your assets to fulfill your debts.  The Bankruptcy Code states that a portion of equity in particular types of property can be exempt from collection.  These exceptions on the property you decide to keep in order to avoid the trustee collecting them on your behalf.  For example:

  • You are allowed to keep $2,400.00 of equity in your vehicles ($4,800.00 for a married couple filing jointly)
  • You are allowed to keep $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly); 
  • There is a $4,000.00 wildcard exemption that you can apply to any property of your choice ($8,000.00 for a married couple). 

Read an article from our Chicago bankruptcy attorneys about keeping your property in bankruptcy.

Chapter 7 Bankruptcy: What Happens at the First Meeting of Creditors?

We explain the Chapter 13 bankruptcy process, including: Credit Counseling, filing your bankruptcy petition and schedules, filing your Chapter 13 repayment plan, the confirmation hearing, and discharge of debt.

Chicago Bankruptcy Attorneys, Chicago Debt Resolution Lawyers, Chicago Bankruptcy Lawyers, Chicago Debt Resolution Attorneys

Once our Chicago bankruptcy attorneys file your bankruptcy petition, we accompany you to the “First Meeting of Creditors.”  While this seems intimidating, it's misleading considering creditors rarely attend these meetings.  This meeting is between you, your attorney and the bankruptcy trustee assigned to your case. The trustee asks you preliminary questions and may do the following:

  • Confirm your identity through a photo ID and social security card.
  • Swear you in and put you under oath. 
  • Ask if you've reviewed your schedules before they were filed and ask you to confirm that they are true and correct.  
  • Ask if you have reviewed required notices provided by your attorney regarding bankruptcy and your alternatives. 

Once these questions are put on record and established, the trustee asks you questions regarding your schedules and finances. You can read a transcript of the bankruptcy trustee's usual questions here. ​Once the trustee enters a finding stating that you have no non-exempt assets for collection on your behalf they will recommend  your debts be released.  Once this happens, the case will close for a brief period.  During this time creditors have the right to object to the discharge, which seems intimidating but rarely happens.Read more about the First Meeting of Creditors.

How Will Bankruptcy Affect My Credit?

When people consider bankruptcy, they often worry their credit scores will plummet  after bankruptcy and if it will be impossible to acquire new debt.   Although your credit score will be affected after discharge of bankruptcy, the impact becomes less significant as time progresses.  Following the discharge, it is possible to re-establish your credit.  There are pre-paid credit cards made available by most banks that allows you to rebuild your credit history.  After 10 years, your bankruptcy will be completely removed from your credit record and two years after discharge, many banks allow eligibility for mortgages other secured loans. 

Further Reading from our

Chicago Bankruptcy & Debt Resolution Attorneys