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Our DeKalb County bankruptcy & debt resolution attorneys can help give you a clean slate through debt negotiation, Chapter 7, Chapter 11 or Chapter 13 bankruptcy. We know debt is stressful, so allow us to be your advocate and give you peace of mind about any debt you may have.
Our DeKalb County bankruptcy & debt resolution attorneys can help give you a clean slate through debt negotiation, Chapter 7, Chapter 11 or Chapter 13 bankruptcy. We know debt is stressful, so allow us to be your advocate and give you peace of mind about any debt you may have.
In this video, our DeKalb County Bankruptcy & Debt Resolution attorney describes why O'Flaherty Law is the best choice for your bankruptcy or debt resolution matter.
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.
5002 Main St, Ste. 201 Downers Grove, IL 60515
105 Jackson Avenue, Ste. 4b Naperville , IL 60540
110 E. Schiller Street, Ste. 220B Elmhurst, IL 60126
8411 Pyott Road, Ste. 107, Lake in the Hills, IL 60156
16557 Oak Park Avenue, Ste. B, Tinley Park, IL 60477
210 S Fifth St, Ste. 107B, St. Charles, IL 60174
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.
"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 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.
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.
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.
DeKalb County bankruptcy attorney, Kevin O'Flaherty, explains everything you need to know about the Chapter 7 Bankruptcy process.
This article by our DeKalb 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 DeKalb 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
In most cases, our clients can file for bankruptcy without losing any assets like your 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:
In this Learn About Law podcast & videoblog, DeKalb 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.
In most cases, our clients can file for bankruptcy without losing any assets like your 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:
We explain the Chapter 13 #bankruptcy process, including: #CreditCounseling, filing your bankruptcy petition and schedules, filing your Chapter 13 repayment plan, the confirmation hearing, and discharge of #debt.
Once our DeKalb 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, and instead 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:
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.
