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Cook County Bankruptcy Attorneys | Bankruptcy Lawyers, Cook County IL

Cook County Bankruptcy Attorneys | Bankruptcy Lawyers, Cook County IL

Our Cook County bankruptcy attorneys will help give you a clean slate through debt negotiation, Chapter 7, Chapter 11, or Chapter 13 bankruptcy. Allow us to be your advocate and give you peace of mind in a friendly and affordable manner.

Our Cook County bankruptcy attorneys will help give you a clean slate through debt negotiation, Chapter 7, Chapter 11, or Chapter 13 bankruptcy. Allow us to be your advocate and give you peace of mind in a friendly and affordable manner.

Our Experienced Cook County Bankruptcy Attorneys Handle Cases Including But Not Limited To:

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Your Community Law Firm

Why O'Flaherty Law for My

Bankruptcy

Matter?

In this video, Cook County bankruptcy attorney Kevin O'Flaherty describes why O'Flaherty Law is the best choice for your bankruptcy or debt resolution matter.

  • Get Counsel From Expert Attorneys, Not Info-Tapes!  Our  Cook County bankruptcy attorneys will work with you from beginning to end, and we understand you don't fit in a mold. We won't rely on info-tapes and will be your trusted advocates to fulfill our goal of developing relationships with our clients that last long after your bankruptcy case has ended.
  • We Understand Your Debt! We are proud of our affordable rates because we understand that considering bankruptcy means you are in a position where you're already financially strained, so you can have the peace of mind while your debt is being handled.
  • We Have The Resources!  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 advisers and local professionals to creative a comprehensive solution that suits your needs.

Some of Our Accomplishments

Schedule a Free Consultation With Our

Cook County Bankruptcy Attorneys

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What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

Please contact our friendly

Cook County Bankruptcy Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Tinley Park

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

See below for our other locations. If our office locations are not convenient for you, we are happy to speak with you by phone.  ​​​

Hours: 9 am - 5 pm Mon - Fri

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

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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 Clients 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.

DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
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."
DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
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."
DuPage Family Law AttorneyDowners Grove Estate Planning Attorney
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 Cook County Bankruptcy Attorneys

chapter 7 bankruptcy attorney cook county illinois

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

How to Collect a Debt in Illinois

If you are a small business owner dealing with past due accounts receivable, or if you are having trouble paying your monthly bills and are receiving notices from creditors, you should acquaint yourself with the collection process.  This article will provide a summary of that process.  The narrative will be from the creditor’s perspective, but it will be equally helpful to debtors.

Bear in mind that each of the following steps tends to increase the pressure on the debtor to settle his debt.  Each successive step will only be required if the debtor is non-responsive to the previous steps.  In practice, it is usually unnecessary to take a collections case all the way through Step 7.

STEP 1:  Internal collections procedures:  Before you speak to a collections attorney, you should be sure to refine your own collection procedures.  Every business is different, but the following tips may help you increase your collections on your accounts receivable:

  • In your contracts with your customers, include an attorney-fee provision providing that if either party is required to take action to enforce the contract, the other party will be required to pay attorney fees and other expenses.
  • In your contracts with your customers, include a late fee provision, informing your customers that late fees will be charged on late invoices.
  • On the face of each invoice, you should explain your collection procedures.  Let your customers know in advance that if their invoice is x days past due they will be required to pay late fees, and that if it becomes days past due, the invoice will be sent to collections.
  • Follow up on past due invoices with letters explaining the consequences of continued failure to pay.

If you believe that it will not be possible to collect an account internally, you should hand the account to your attorney to begin a collection suit.

Read More
cook county chapter 7 bankruptcy lawyer

If you are a small business owner dealing with past due accounts receivable, or if you are having trouble paying your monthly bills and are receiving notices from creditors, you should acquaint yourself with the collection process.  This article will provide a summary of that process.  The narrative will be from the creditor’s perspective, but it will be equally helpful to debtors.

Bear in mind that each of the following steps tends to increase the pressure on the debtor to settle his debt.  Each successive step will only be required if the debtor is non-responsive to the previous steps.  In practice, it is usually unnecessary to take a collections case all the way through Step 7.

STEP 1:  Internal collections procedures:  Before you speak to a collections attorney, you should be sure to refine your own collection procedures.  Every business is different, but the following tips may help you increase your collections on your accounts receivable:

  • In your contracts with your customers, include an attorney-fee provision providing that if either party is required to take action to enforce the contract, the other party will be required to pay attorney fees and other expenses.
  • In your contracts with your customers, include a late fee provision, informing your customers that late fees will be charged on late invoices.
  • On the face of each invoice, you should explain your collection procedures.  Let your customers know in advance that if their invoice is x days past due they will be required to pay late fees, and that if it becomes days past due, the invoice will be sent to collections.
  • Follow up on past due invoices with letters explaining the consequences of continued failure to pay.

If you believe that it will not be possible to collect an account internally, you should hand the account to your attorney to begin a collection suit.

Read More

How to Prepare For Bankruptcy

cook county bankruptcy lawyer

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

cook county bankruptcy lawyer

This article by our Cook County bankruptcy attorneys discusses the steps required to prepare your bankruptcy petition. Before filing, you are required to complete an online credit counseling course. These courses are usually relatively short, and the expense is nominal.  Our debt resolution attorneys from Cook County 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 Cook County bankruptcy attorneys regarding preparation for bankruptcy.  

What Happens To When I File For Bankruptcy?

In this article, our Cook County bankuptcy lawyers explain how to keep your house and cars when filing for bankruptcy. 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, which 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)
  • 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)
  • You are allowed to keep $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly)

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

In this Learn About Law podcast & videoblog, Cook County bankruptcy 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.

bankruptcy attorney cook county illinois

In this article, our Cook County bankuptcy lawyers explain how to keep your house and cars when filing for bankruptcy. 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, which 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)
  • 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)
  • You are allowed to keep $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly)

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

The First Meeting of Creditors in Chapter 7 Bankruptcies Explained.

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.

cook county bankruptcy lawyer
bankruptcy lawyer cook county il

Once our Cook County 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 4:

  1. Confirm your identity through a photo ID and social security card.
  2. Ask if you've reviewed your schedules before they were filed and ask you to confirm that they are true and correct. 
  3. Swear you in and put you under oath.
  4. 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 from our Cook County bankruptcy lawyers.

Our Cook County bankruptcy lawyers are happy To meet with you in Tinley Park, Elmhurst, Arlington Heights, Bartlett, Alsip, Bellwood, Bensenville, Blue Island, Bridgeview, Brookfield, Buffalo Grove, Burbank, Burr Ridge, Calumet City, Chicago, Chicago Heights, Chicago Ridge, Cicero, Des Plaines, Dolton, Elgin, Elk Grove, Elmwood Park, Evanston, Glenview, Hanover Park, Harvey, Hinsdale, Hoffman Estates, Homewood, Lansing,Melrose Park, Morton Grove, Mount Prospect, Northbrook, Oak Brook, Oak Lawn, Oak Forest, Oak Park, Orland Park, Palatine, Park Ridge, Skokie, South Holland, Wilmette or any other location convenient to you.

Further Reading from our

Cook County Bankruptcy Attorneys