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 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 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!
In this video, our Downers Grove bankruptcy attorney explains why O'Flaherty Law is the right choice for your bankruptcy matter.
Please contact our friendly
Downers Grove Bankruptcy Attorneys
at our nearest location to schedule a free consultation:
Phone:
E-mail:
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 - Friday
After 5 pm by Appointment
11 am - 3pm Saturday & 11 am - 2 pm Sunday by Appointment
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.
In this article, we explain how to avoid filing for bankruptcy in bad faith in Illinois and answer the questions: What constitutes filing for bankruptcy in bad faith?, What are some common bad faith filing mistakes to watch out for?, and What factors do the courts consider when evaluating bankruptcy filings for bad faith?
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.
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.
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