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Elmhurst Bankruptcy Attorneys | Bankruptcy Lawyers, Elmhurst IL

Elmhurst Bankruptcy Attorneys | Bankruptcy Lawyers, Elmhurst IL

Often, Bankruptcy is one of many options available to individuals with large amounts of debt. Because we have a team of attorneys with collective experience in many different areas of law, our Elmhurst Bankruptcy attorneys have the ability to work with you to come up with a comprehensive strategy to get you a fresh start, with bankruptcy being just one of several options. If bankruptcy turns out to be the best option for you, we offer affordable flat fees that will help you get your new life started with minimal expense. Despite our low rates, we are not a bankruptcy mill. Our attorneys will work with you personally to educate you and advise you on the bankruptcy process and work to ensure that the process goes smoothly and quickly. We are accessible to our clients in a way that most bankruptcy firms aren't. ​

Often, Bankruptcy is one of many options available to individuals with large amounts of debt. Because we have a team of attorneys with collective experience in many different areas of law, our Elmhurst Bankruptcy attorneys have the ability to work with you to come up with a comprehensive strategy to get you a fresh start, with bankruptcy being just one of several options. If bankruptcy turns out to be the best option for you, we offer affordable flat fees that will help you get your new life started with minimal expense. Despite our low rates, we are not a bankruptcy mill. Our attorneys will work with you personally to educate you and advise you on the bankruptcy process and work to ensure that the process goes smoothly and quickly. We are accessible to our clients in a way that most bankruptcy firms aren't. ​

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

Your Community Law Firm

Why O'Flaherty Law for My

Bankruptcy

Matter?

In this video, Elmhurst bankruptcy attorney Kevin O'Flaherty describes why O'Flaherty Law is the best choice for your bankruptcy matter.

  • We Give You Counsel, Not Info-Tapes!  Many Elmhurst 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

Elmhurst Bankruptcy Attorneys

elmhurst debt resolution lawyer

Please contact our friendly

Elmhurst Bankruptcy Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Elmhurst

110 E. Schiller Street, Ste. 220B
Elmhurst
,
IL
60126
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

elmhurst debt resolution attorney

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 Elmhurst Bankruptcy Attorneys

file for bankruptcy elmhurst 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
chapter 13 bankruptcy lawyer elmhurst 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

Which is Right for Me: Bankruptcy or Debt Negotiation?

elmhurst bankruptcy lawyer

Elmhurst bankruptcy lawyer Kevin O'Flaherty discusses the Chapter 7 Bankruptcy process including filing the bankruptcy petition, taking credit counseling courses, preparing bankruptcy schedules, appearance at the first meeting of creditors, and creditors' objections to discharge.

elmhurst bankruptcy lawyer

In this article, our Elmhurst bankruptcy lawyers explain the Chapter 7 bankruptcy process. Bankruptcy is an excellent tool to allow individuals and businesses to get a clean slate and a fresh start.  However, it is often not the only option.  Depending on the number of creditors, the type of debt, and the amount of debt, working with our Elmhurst attorneys to renegote your debt may be preferable to bankruptcy.  Creditors are often willing to significantly reduce the amount of your debt and allow it to be paid over time, especially when they are dealing with your attorney and there is a credible threat of bankruptcy.  Our experienced Elmhurst attorneys will educate you on your options and help you choose the right course of action for you, your family, or your business.  

Read the full article by our Elmhurst bankruptcy lawyers explaining the Chapter 7 bankruptcy process.

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

In this article, our Elmhurst bankruptcy lawyers explain how you can keep your home and vehicles in a Chapter 7 bankruptcy. Most people are able to keep their homes and their vehicles when filing for bankruptcy.  Whether you will be able to do so depends on how much equity you have in each piece of property.  Your equity in the property is the current resale value of the property minus the principal balance of any loans secured by the property, like your mortgages and car loans.  Typically, if you file for bankruptcy and have significant assets, the bankruptcy trustee (the neutral attorney responsible for overseeing your bankruptcy case) will seek to collect your assets and use them to satisfy your debts.  However, the Bankruptcy Code provides that a certain amount of equity in particular types of property is exempt from collection by the trustee.  You can apply these exemptions to property that you want to keep in order to prevent the trustee from collecting the asset for the benefit of your creditors.  Some examples of exemptions are as follows:

  • You are allowed to keep $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly); 
  • 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). 

So 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. If you choose to keep your property, you will sign a document called a reaffirmation agreement, reaffirming your loan collateralized by the property.  This means that you agree to still be obligated on the loan after the bankruptcy.  Lenders are typically happy to sign these agreements, since the alternative is having their loan wiped out. Our Elmhurst bankruptcy attorneys will work with you to come up with a strategy to keep the property that you want to keep in your bankruptcy and advise you at your free initial consultation if keeping this property may be problematic.  

Read the full article by our Elmhurst bankruptcy lawyers about keeping your property in bankruptcy.

Elmhurst bankruptcy attorney 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.

bankruptcy attorney elmhurst illinois

In this article, our Elmhurst bankruptcy lawyers explain how you can keep your home and vehicles in a Chapter 7 bankruptcy. Most people are able to keep their homes and their vehicles when filing for bankruptcy.  Whether you will be able to do so depends on how much equity you have in each piece of property.  Your equity in the property is the current resale value of the property minus the principal balance of any loans secured by the property, like your mortgages and car loans.  Typically, if you file for bankruptcy and have significant assets, the bankruptcy trustee (the neutral attorney responsible for overseeing your bankruptcy case) will seek to collect your assets and use them to satisfy your debts.  However, the Bankruptcy Code provides that a certain amount of equity in particular types of property is exempt from collection by the trustee.  You can apply these exemptions to property that you want to keep in order to prevent the trustee from collecting the asset for the benefit of your creditors.  Some examples of exemptions are as follows:

  • You are allowed to keep $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly); 
  • 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). 

So 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. If you choose to keep your property, you will sign a document called a reaffirmation agreement, reaffirming your loan collateralized by the property.  This means that you agree to still be obligated on the loan after the bankruptcy.  Lenders are typically happy to sign these agreements, since the alternative is having their loan wiped out. Our Elmhurst bankruptcy attorneys will work with you to come up with a strategy to keep the property that you want to keep in your bankruptcy and advise you at your free initial consultation if keeping this property may be problematic.  

Read the full article by our Elmhurst bankruptcy lawyers about keeping your property in bankruptcy.

How Will Bankruptcy Affect My Credit?

Elmhurst bankruptcy lawyer Kevin O'Flaherty explains the Chapter 13 bankruptcy process.

elmhurst bankruptcy lawyer
bankruptcy lawyer elmhurst illinois

Many worry that their credit scores will plummet post-bankruptcy and that it will be impossible to acquire new debt. Although it is true that your credit score will be affected after discharge of the bankruptcy, it becomes less significant as the years progress, and after 10 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 that do not require to be pre-paid after a certain period of time. Also, two years after discharge of the bankruptcy, many banks allow eligibility for mortgage loans and other secured loans. 

Read more from our Elmhurst bankruptcy attorneys explaining the bankruptcy process.

Further Reading from our

Elmhurst Bankruptcy Attorneys