DuPage Divorce Attorney

Downers Grove Bankruptcy Attorney | Bankruptcy Lawyers, Downers Grove IL

Downers Grove Bankruptcy Attorney | Bankruptcy Lawyers, Downers Grove IL

Despite our affordable rates, O'Flaherty Law is not a bankruptcy mill. Our friendly Downers Grove bankruptcy attorneys provide individualized service to each of our bankruptcy clients, taking the time to explain all of your options and promptly answer any questions you may have along the way. Because we have experienced attorneys in other areas of law on staff, our Downers Grove bankruptcy attorneys are able to explore all of your options, and give you holistic, comprehensive service. Our service does not end with legal representation. Our deep involvement in the community has provided us with a wide network of professionals and resources who will take a team-based approach to helping you make the most of your fresh start!

Despite our affordable rates, O'Flaherty Law is not a bankruptcy mill. Our friendly Downers Grove bankruptcy attorneys provide individualized service to each of our bankruptcy clients, taking the time to explain all of your options and promptly answer any questions you may have along the way. Because we have experienced attorneys in other areas of law on staff, our Downers Grove bankruptcy attorneys are able to explore all of your options, and give you holistic, comprehensive service. Our service does not end with legal representation. Our deep involvement in the community has provided us with a wide network of professionals and resources who will take a team-based approach to helping you make the most of your fresh start!

Our Experienced Downers Grove Bankruptcy Attorneys Handle Cases Including But Not Limited To:

Your Community Law Firm

Why O'Flaherty Law for My

Bankruptcy

Matter?

In this video, Downers Grove bankruptcy attorney Kevin O'Flaherty explains why O'Flaherty Law is the right choice for your bankruptcy matter.

  • We Give You Counsel, Not Info-Tapes!  Many DuPage County bankruptcy attorneys meet their clients for the first time on the day of the initial meeting of creditors (basically the end of the case).  From the outset of your case, you receive the attention, advice, and support of our excellent attorneys. 
  • We Are Not a Bankruptcy Mill!  Rather than plugging you into cookie-cutter software run by assistants, we explore the alternatives to bankruptcy and go over all of your options before moving forward.  Often negotiation with your creditors will be more advantageous than filing bankruptcy.  Because we practice nearly all areas of law--not just Bankruptcy--we are able to discuss these alternatives and find the right solution for YOUR situation.  
  • We Are Affordable!  The last thing you need when your back is against the wall is an expensive legal bill.  We understand that you don't have money to blow on expensive legal fees.  If you find a more cost-effective solution, we would like to hear about it. 
  • We Have a Wide Network of Resources to Help Get You Back on Your Feet!  Our client care does not end with legal work.  Due to our deep involvement in the community, we have an extensive network of professionals and other resources that can give you non-legal guidance and provide the services necessary to help get you back on your feet.  

Some of Our Accomplishments

Schedule a Free Consultation With Our

Downers Grove Bankruptcy Attorneys

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Please contact our friendly

Downers Grove Bankruptcy Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Downers Grove

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

chapter 7 bankruptcy downers grove illinois

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 Downers Grove Bankruptcy Attorneys

chapter 13 bankruptcy attorney downers grove 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
debt resolution attorney downers grove il

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

Is Bankruptcy Right For Me?

bankruptcy attorney downers grove illinois

​In this Learn About Law podcast & videoblog, Downers Grove bankruptcy attorney Kevin O'Flaherty discusses the Chapter 7 Bankruptcy process in Illinois

bankruptcy attorney downers grove illinois

In life there are many factors that may cause financial distress. Things such as  emergency medical expenses, a slew  home repairs that had to be charged to a credit card or simply bad luck could all play a factor.  Whether you are an individual or a business, our Downers Grove bankruptcy lawyers can provide legal advice guide you through the bankruptcy process, as well as its alternatives, to give you a fresh start.

Oftentimes bankruptcy is the last in a long line of options that an individual or a business may wish to pursue to relieve its debt. At O’Flaherty Law, our experienced bankruptcy attorneys will sit down with you in a free initial consultation to help determine what the right course of action is for you.  We are a debt relief agency, we help people file for bankruptcy relief under the Bankruptcy Code.

We can help you or your business to renegotiate debt with your creditors or put an end to creditor harassment by discharging your debt and providing you with a clean slate. 

Will Bankruptcy Ruin My Credit?

Some may worry that  their credit scores will decrease post-bankruptcy making it impossible to acquire new debt. Although it is true that your credit score will be altered after the discharge of the bankruptcy it becomes less significant throughout the years, after ten years the bankruptcy will be completely removed from your credit record. In the meantime, it is possible to build credit.  Many banks offer pre-paid credit cards. Two years after discharge of the bankruptcy, many banks allow eligibility for mortgage loans and other secured loans. 

Downers Grove Bankruptcy lawyer Kevin O'Flaherty talks about some of the advantages of both chapter 7 and chapter 13 bankruptcy and how they can apply to your specific needs.

downers grove bankruptcy lawyer

Some may worry that  their credit scores will decrease post-bankruptcy making it impossible to acquire new debt. Although it is true that your credit score will be altered after the discharge of the bankruptcy it becomes less significant throughout the years, after ten years the bankruptcy will be completely removed from your credit record. In the meantime, it is possible to build credit.  Many banks offer pre-paid credit cards. Two years after discharge of the bankruptcy, many banks allow eligibility for mortgage loans and other secured loans. 

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

Downers Grove bankruptcy attorney Kevin O'Flaherty explains the Chapter 13 bankruptcy process.

bankruptcy attorney downers grove illinois
bankruptcy lawyer downers grove illinois

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

Should you decide bankruptcy is the best option for you, it is likely that you will be able to keep your home and vehicles while wiping out your debt.  Certain property is exempt from collection by the bankruptcy trustee such as:

  • $15,000.00 of equity in your residence ($30,000.00 total for a married couple);
  • $2,400.00 of equity in your vehicles ($4,800.00 total for a married couple);
  • $4,000.00 exemption that can be applied to any type of property, including cash;
  • There are several other exemptions that we will help you take advantage of.  

The bottom line is that if you have less equity in your home or vehicles than these exemption amounts, you will be able to keep them in the bankruptcy should you so choose.  If you have slightly more equity than your exemption amounts, you will still likely be permitted to keep the property, because the trustee will typically not collect property if the trustees fees and other costs associated with collecting and liquidating the property would consume most of the proceeds of the sale and not leave a significant amount for creditors.  

Learn more from our Downers Grove bankruptcy lawyers about keeping your property in bankruptcy.

Personal Bankruptcy: Chapter 7 and 13

Downers Grove Bankruptcy and Debt Resolution Attorney

If you are an individual filing for bankruptcy, you (or you and your spouse) have two options. You can choose to liquidate your assets to eliminate all of your debt through Chapter 7 of the Bankruptcy Code, or you can retain some of your debt and pay it off in a consolidated repayment plan under Chapter 13 of the Bankruptcy Code.Under Chapter 7 Bankruptcy, you will turn over all property that is considered non-exempt to the bankruptcy trustee who then liquidates the property to pay off creditors. Within roughly three to five months after filing for bankruptcy, you will receive a discharge of all dischargeable debts. Non-dischargeable debts, debts that will not be eliminated by bankruptcy, include taxes, student loans, child support and alimony, and a few other kinds of debts.Under Chapter 13 Bankruptcy, the trustee will assist in creating a plan by which you can pay off your debts over a period of three to five years. This is usually a great option for individuals who have non-exempt property that they want to keep, but also have a consistent income in order to continue to pay the debt.

Business Bankruptcy: Chapter 11

If your business is struggling, we can work with you to restructure your company’s debt through settlement with creditors, to properly dissolve and reorganize so as to avoid personal liability, or to liquidate or restructure your debt through bankruptcy. Businesses can file for Chapter 7 Bankruptcy or under Chapter 11.A business can also file bankruptcy under Chapter 7 to liquidate all of its assets. The process is virtually the same as it is for an individual filing under Chapter 7.Under Chapter 11 Bankruptcy, businesses are allowed to continue operating giving their owners a chance to pull out of the debt. This also gives the businesses’ creditors a chance to recover potentially more than they would receive than if the business was liquidated in a Chapter 7 Bankruptcy.Should you be considering any of these options for yourself or your business, the bankruptcy attorneys of O’Flaherty Law can help you navigate the complex collection and bankruptcy process to give yourself the fresh start you have been looking for. 

Further Reading from our

Downers Grove Bankruptcy Attorneys