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DuPage Bankruptcy Attorney | Bankruptcy Lawyer, Dupage County IL

DuPage Bankruptcy Attorney | Bankruptcy Lawyer, Dupage County IL

If your debt is piling up and you would like a fresh start, call our friendly DuPage bankruptcy attorneys to offer the experience and skill you need to allow your bankruptcy or debt resolution go as smoothly as possible while protecting your rights. Our affordable rates make our firm a cost-effective solution to your debt problems.

If your debt is piling up and you would like a fresh start, call our friendly DuPage bankruptcy attorneys to offer the experience and skill you need to allow your bankruptcy or debt resolution go as smoothly as possible while protecting your rights. Our affordable rates make our firm a cost-effective solution to your debt problems.

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

Your Community Law Firm

Why O'Flaherty Law for My

Bankruptcy

Matter?

Dupage County bankruptcy attorney Kevin O'Flaherty describes why O'Flaherty Law is the best choice for your bankruptcy or debt resolution matter.

  • We Give You Counsel From Experienced Attorneys, Not Info-Tapes!   Many bankruptcy & dispute resolution attorneys won't even meet their clients until the meeting with the trustee near the end of the bankruptcy case.  When working with O'Flaherty Law, you will have a trusted relationship with our DuPage bankruptcy attorneys from your free consultation until long after the conclusion of your bankruptcy case.  We care about our clients, and hope to be your advisor for any legal issues. such as estate planning and home purchases, that may arise after your bankruptcy is complete. 
  • We Are Affordable!  Our DuPage County bankruptcy lawyers understand that the last thing that you can afford when considering your options for bankruptcy and debt negotiation are expensive attorney fees.  We are proud of our affordable rates and invite the comparison to other DuPage bankruptcy attorneys.  If you can find a more affordable debt solution, we would like to hear about it.  
  • ​We Have a Wide Network of Resources to Help Get You Back on Your Feet!  When getting your fresh start through bankruptcy, you don't just need an attorney--you need a network of resources to help you get back on your feet.  Because of our deep roots in the DuPage community, we can put you in touch with other DuPage professionals and resources such as lenders, bankers, vehicle solutions, and credit repair solutions to get your new life started the right way.  

Some of Our Accomplishments

Schedule a Free Consultation With Our

DuPage Bankruptcy Attorneys

dupage county debt resolution lawyer

Please contact our friendly

DuPage 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 13 bankruptcy attorney downers grove il

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 Dupage County Bankruptcy Attorneys

downers grove chapter 13 attorney

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
dupage county 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

What Are My Options For Dealing With Debt?

DuPage Bankruptcy Lawyer

DuPage County bankruptcy attorney Kevin O'Flaherty explains the Chapter 7 Bankruptcy process.

DuPage Bankruptcy Lawyer

Individuals dealing with significant debt generally have three options:

  1. Retaining an attorney to negotiate a reduction of the debt and a payment plan;
  2. Filing Chapter 7 Bankruptcy to wipe out your debt; or 
  3. Filing a Chapter 13 Bankruptcy to establish a 3-5 year payment plan for your debt. 
Debt Negotiation

‍Debt negotiation may be your best option if you have less than $15,000.00 in debt, if most of your debt is not dischargeable in bankruptcy, or if you have property, like your home or vehicles that our DuPage bankruptcy attorneys do not think you will be likely to keep in the bankruptcy.  (Read an article by our DuPage bankruptcy lawyers about the types of property you can keep in a bankruptcy).  Our DuPage bankruptcy attorneys can often get your creditors to agree to a significant reduction of your debt and/or a manageable payment plan.  Debt negotiation is a good option for anyone who has too much debt to comfortably pay off through normal budgeting, but not enough debt to have bankruptcy make sense. 

Chapter 7 Bankruptcy

Our DuPage bankruptcy attorneys usually recommend Chapter 7 Bankruptcy for clients who have more than $15,000.00 in debt, who are not ineligible for Chapter 7 bankruptcy due to high income; and who do not have a concern about losing their home or vehicles in the bankruptcy (Read an article by our DuPage bankruptcy lawyers about property that is exempt from collection in bankruptcy).  In a Chapter 7 Bankruptcy, all of your dischargeable debt will be completely wiped out.  Student loans and tax debt are generally not dischargeable.  

Chapter 13 Bankruptcy

Our DuPage bankruptcy attorneys tend to recommend Chapter 13 bankruptcy for individuals who would be a good candidate for Chapter 7 bankruptcy, but are not eligible for Chapter 7 bankruptcy due to income levels or have significant assets that they would be likely to lose in a Chapter 7 bankruptcy.  In a Chapter 13 Bankruptcy, the court will approve a plan whereby your debt will be repaid over the course of 3 to 5 years.  Unlike a Chapter 7 bankruptcy, your debt will not be discharged, but will ultimately be repaid.  Unlike a Chapter 13 bankruptcy, the debtor's property is not collected to satisfy the debt.  Chapter 13 bankruptcy is a good solution to buy individuals with higher incomes or asset levels time to pay off their debts. 

The Bankruptcy Process

The first step in initiating a Chapter 7 bankruptcy is for our friendly DuPage bankruptcy lawyers to file your bankruptcy petition and schedules with the Bankruptcy Court for the Northern District of Illinois.  Your bankruptcy schedules provide the court with a detailed description of your assets, liabilities, income and assets.  

‍When your schedules have been filed, the bankruptcy court will automatically schedule a meeting known as the "First Meeting of the Creditors."  The First Meeting of Creditors is a meeting between you, your attorney, and the bankruptcy trustee.  Despite the title of the meeting, creditors almost never attend.   

‍The bankruptcy trustee is an attorney appointed by the court to review your bankruptcy filings to protect the interests of your creditors and prevent fraud.  At the First Meeting of the Creditors, the trustee will briefly review your bankruptcy schedules and ask you some basic questions.  At the end of the meeting the trustee will determine whether you have any non-exempt assets that can be collected to pay your debts and whether your debts should be discharged. 

These meetings are typically very low pressure and last between 5 to 10 minutes.  We typically advise our clients that the trustee is not trying to trick them or trap them, that they should feel comfortable answering the trustee's questions openly and honestly, and that the vast majority of these meetings end with the trustee finding no assets to collect and recommending that the debt be discharged. 

If all goes as planned, the case will remain open for a few weeks, during which creditors can object to discharge.  After the meeting, you will be required to take a brief online course regarding financial management and file a certificate of completion with the court.  Once the period for creditors to object to discharge has passed, your case will be closed and your debts will be discharged.  Creditors almost never object to discharge.  

The bottom line is that the First Meeting of Creditors should not be stressful.  Our friendly DuPage bankruptcy attorneys will prepare you for the meeting and ensure that any issues that may arise at the meeting are identified and dealt with beforehand.  

Read an article by our DuPage bankruptcy attorneys about the First Meeting of Creditors.

In this Learn About Law podcast & videoblog, DuPage 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.

dupage county bankruptcy attorney

The first step in initiating a Chapter 7 bankruptcy is for our friendly DuPage bankruptcy lawyers to file your bankruptcy petition and schedules with the Bankruptcy Court for the Northern District of Illinois.  Your bankruptcy schedules provide the court with a detailed description of your assets, liabilities, income and assets.  

‍When your schedules have been filed, the bankruptcy court will automatically schedule a meeting known as the "First Meeting of the Creditors."  The First Meeting of Creditors is a meeting between you, your attorney, and the bankruptcy trustee.  Despite the title of the meeting, creditors almost never attend.   

‍The bankruptcy trustee is an attorney appointed by the court to review your bankruptcy filings to protect the interests of your creditors and prevent fraud.  At the First Meeting of the Creditors, the trustee will briefly review your bankruptcy schedules and ask you some basic questions.  At the end of the meeting the trustee will determine whether you have any non-exempt assets that can be collected to pay your debts and whether your debts should be discharged. 

These meetings are typically very low pressure and last between 5 to 10 minutes.  We typically advise our clients that the trustee is not trying to trick them or trap them, that they should feel comfortable answering the trustee's questions openly and honestly, and that the vast majority of these meetings end with the trustee finding no assets to collect and recommending that the debt be discharged. 

If all goes as planned, the case will remain open for a few weeks, during which creditors can object to discharge.  After the meeting, you will be required to take a brief online course regarding financial management and file a certificate of completion with the court.  Once the period for creditors to object to discharge has passed, your case will be closed and your debts will be discharged.  Creditors almost never object to discharge.  

The bottom line is that the First Meeting of Creditors should not be stressful.  Our friendly DuPage bankruptcy attorneys will prepare you for the meeting and ensure that any issues that may arise at the meeting are identified and dealt with beforehand.  

Read an article by our DuPage bankruptcy attorneys about the First Meeting of Creditors.

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

DuPage County bankruptcy lawyer Kevin O'Flaherty explains how Chapter 13 Bankruptcy can allow you to keep your most important assets.

DuPage Bankruptcy Lawyer
bankruptcy attorney dupage county illinois

When you file for Chapter 7 bankruptcy in DuPage County, Illinois, you can typically have your debt discharged while keeping your home and vehicles.  In Chapter 7 bankruptcy, you will file schedules listing all of your assets and liabilities.  The bankruptcy trustee, an attorney assigned to your case to protect creditors' interests, will review your schedules to determine whether you have any assets that the trustee can collect in order to pay some or all of your debts.  

However, certain assets are exempt from collection by the bankruptcy trustee, meaning that if you have less value in an asset type than the exemption amounts, the trustee will not be able to collect that asset to pay your creditors.

The exemption amounts in DuPage County are a follows:   

  • ​$15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly); 
  • $2,400.00 of equity in vehicles ($4,800.00 for a married couple fling jointly); and
  • a $4,000.00 wildcard exemption that can be applied to any type of asset.  

Many of these exemptions depend on how much equity you have in the property in question.  "Equity" is the market value of the asset minus any loans secured by the asset (such as a mortgage or car loan).  If your equity in an asset is less than the exemption amount, you will be able to keep the asset in the bankruptcy.   

However, if the asset is secured by a loan (such as a mortgage), you will have to sign and file a "reaffirmation agreement" with the bankruptcy court.  A reaffirmation agreement is an agreement between a bankruptcy debtor and the holder of a loan that the loan will not be discharged in the bankruptcy, and that the debtor will continue to make payments on the loan after the bankruptcy.  Courts may not approve reaffirmation agreement if the value of the loan is greater than the value of the asset (i.e. the asset is "underwater").  This is because it would not be in your financial best interest to keep the asset in these situations. 

If you have slightly more equity in an asset than the exemption amounts, the trustee still may not choose to collect the asset in your bankruptcy.  When determining whether to collect an asset, the trustee must consider the transaction costs involved with selling the asset and distributing the proceeds to creditors.  One of these transaction costs is the trustee's own fees for time spent on the transaction.  For this reason, even if a trustee may technically have a right to collect the asset in the bankruptcy, will not likely choose to do so if there is minimal equity over and above the exemption amount.  

Although our DuPage bankruptcy attorneys cannot make any guarantees in these situations, we will certainly give you our opinions, based on the depth of our experience, as to which assets you are likely to be able to retain in a Chapter 7 bankruptcy. 

If it appears likely that an asset you value, such as your home, will be in jeopardy in a Chapter 7 bankruptcy, our DuPage bankruptcy lawyers will explore other options with you, such as Chapter 13 bankruptcy and debt negotiations outside of bankruptcy. 

Read more from our DuPage bankruptcy attorneys about bankruptcy exemptions.

Further Reading from our

DuPage Bankruptcy Attorneys