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Lake in the Hills Bankruptcy Attorneys | Debt Resolution Lawyers, Lake in the Hills IL

Lake in the Hills Bankruptcy Attorneys | Debt Resolution Lawyers, Lake in the Hills IL

O'Flaherty Law provides affordable rate for bankruptcy, but in no way are we a bankruptcy mill. Our Lake in the Hills bankruptcy & debt resolution attorneys take personalized care of your bankruptcy case and take time to go through the different opportunities you have. We also can answer any questions you have throughout this intimidating process. It is important you focus on your new start while we deal with the hard work of the bankruptcy. ​

O'Flaherty Law provides affordable rate for bankruptcy, but in no way are we a bankruptcy mill. Our Lake in the Hills bankruptcy & debt resolution attorneys take personalized care of your bankruptcy case and take time to go through the different opportunities you have. We also can answer any questions you have throughout this intimidating process. It is important you focus on your new start while we deal with the hard work of the bankruptcy. ​

Our Experienced Lake in the Hills Bankruptcy & Debt Resolution Attorneys Handle Cases Including But Not Limited To:

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Your Community Law Firm

Why O'Flaherty Law for My

Bankruptcy

Matter?

In this video, our Lake in the Hills Bankruptcy & Debt Resolution attorney describes why O'Flaherty Law is the best choice for your bankruptcy matter.

  • We Give You Counsel, Not Info-Tapes!  We are your community law firm, not a bankruptcy mill.  Many bankruptcy attorneys will not meet their clients for the first time until near the end of the case, at the first meeting of creditors.  Our friendly Lake in the Hills bankruptcy & debt resolution lawyers are happy to be your guide and answer any questions you may have from your free initial consultation until you have started your new life with a clean state. 
  • We Are Economical! We understand that if you are speaking to us about bankruptcy, the last thing you need are expensive legal fees.  We are proud of our affordable rates, which allow us to help more people in our community, and build lasting relationships that will persist long after your bankruptcy case is successfully closed. 
  • We Have a Wide Network of Resources to Help Get You Back on Your Feet!  Due to our deep involvement in the local community, we can help you get back on your feet in many more ways than simply performing legal work.  Our network of professionals can help you start your new life through credit counseling, financial advise, banking, leases, and vehicle purchases.  We are your resource hub and your advocate!

Some of Our Accomplishments

Schedule a Free Consultation With Our

Lake in the Hills Bankruptcy Attorneys

debt resolution attorney lake in the hills illinois

Please contact our friendly

Lake in the Hills Bankruptcy Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Lake in the Hills

8411 Pyott Road, Ste. 107
Lake in the Hills
,
IL
60156
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

debt resolution lawyer lake in the hills 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 Lake in the Hills Bankruptcy & Debt Resolution Attorneys

chapter 13 bankruptcy attorney lake in the hills 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
lake in the hills chapter 7 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

Is Bankruptcy Right for Me?

lake in the hills bankruptcy lawyer

In this Learn About Law podcast & videoblog, Lake in the Hills Bankruptcy & Debt Resolution attorney Kevin O'Flaherty of O'Flaherty Law discusses the Chapter 7 Bankruptcy process

lake in the hills bankruptcy lawyer

Some people dealing with overwhelming debt may not realize that they have options along with filing for bankruptcy. Our Lake in the Hills attorneys are a team composed with attorneys with experience in most areas of law. Because of this unlike other bankruptcy firms, we will not try to fit you into a standard solution, we craft a solution just for you.

If Bankruptcy is not the right solution for you, we will consider other option, including debt renegotiation, business dissolution or creative asset transfers and personal planning solutions. 

Our Experienced Lake in the Hills Bankruptcy Attorneys Can Help You Keep Your Home And Your Vehicles When Filing For Bankruptcy

For the most part, our clients are able to file for bankruptcy without having to lose any of their assets. This may include your home and vehicles.  In the event that your vehicle or home is collateral for a loan, similar to a mortgage, you will most likely have the option to sign a reaffirmation agreement. This will reaffirm the loan without discharging it in the bankruptcy process. The debit secured by your vehicle or home will not be taken out in the bankruptcy. In addition, you will be able to keep your most valuable assets when you are done if this is the case.

To keep your home or vehicle, it is imperative that your equity in the property fall into certain exemption amounts. The equity of a property is determined by the current resale value subtracted by the amount of any secured by the property. $15,000.00 ($30,000.00 for a married couple filing jointly; $2,400.00 of equity in vehicles ($4,800.00 for a married couple); and $4,000.00 ($8,000.00 for a married couple) can be kept in the equity of your home that may be applied to any particular asset.

It is likely you will be permitted to keep any asset in bankruptcy as long as the amount of equity in your home or vehicle are within the amount of the applicable exemptions. It is important to note that not all exemption are cut and dry so it is imperative that you consult with out skilled Lake in the Hills bankruptcy lawyers to provide you with all the exemptions available to you.

  Learn More about how to keep your property in bankruptcy from our Lake in the Hills bankruptcy attorneys.

In this Learn About Law podcast & videoblog, 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.

bankruptcy attorney lake in the hills illinois

For the most part, our clients are able to file for bankruptcy without having to lose any of their assets. This may include your home and vehicles.  In the event that your vehicle or home is collateral for a loan, similar to a mortgage, you will most likely have the option to sign a reaffirmation agreement. This will reaffirm the loan without discharging it in the bankruptcy process. The debit secured by your vehicle or home will not be taken out in the bankruptcy. In addition, you will be able to keep your most valuable assets when you are done if this is the case.

To keep your home or vehicle, it is imperative that your equity in the property fall into certain exemption amounts. The equity of a property is determined by the current resale value subtracted by the amount of any secured by the property. $15,000.00 ($30,000.00 for a married couple filing jointly; $2,400.00 of equity in vehicles ($4,800.00 for a married couple); and $4,000.00 ($8,000.00 for a married couple) can be kept in the equity of your home that may be applied to any particular asset.

It is likely you will be permitted to keep any asset in bankruptcy as long as the amount of equity in your home or vehicle are within the amount of the applicable exemptions. It is important to note that not all exemption are cut and dry so it is imperative that you consult with out skilled Lake in the Hills bankruptcy lawyers to provide you with all the exemptions available to you.

  Learn More about how to keep your property in bankruptcy from our Lake in the Hills bankruptcy attorneys.

How Will Bankruptcy Affect My Credit Score?

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.

lake in the hills bankruptcy lawyer
bankruptcy lawyer lake in the hills il

We are often asked whether bankruptcy will destroy credit, unfortunately it will certainly affect your credit score. However, it is not the end of the world, your credit will begin to repair itself immediately after the bankruptcy process is completed. Most of the time this is better for your credit than continuing with debt and not allowing your credit score to heal.  Additionally, you will be qualified for prepaid credit cards, those will allow you to rebuild your credit score. In time the situation will get better, in two years you will be able to receive mortgages and various other loans. Ten years after filling, the bankruptcy will no longer be on your credit score.  

Further Reading from our

Lake in the Hills Bankruptcy Attorneys