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Lisle Bankruptcy Attorney | Debt Resolution Lawyers, Lisle IL

Lisle Bankruptcy Attorney | Debt Resolution Lawyers, Lisle IL

If your debt is piling up and you want a fresh start, our Lisle bankruptcy attorneys are here to help. Call us so we can help you to determine whether bankruptcy is the best option for you. ​With affordable rates and above-and-beyond client service, we will assess your financial situation and educate you regarding your options. Whether we assist you with debt negotiation or a Chapter 7, Chapter 13, or Chapter 11 Bankruptcy, we will ensure that your case is handled smoothly, so that you can focus on beginning your new life with a clean slate.

If your debt is piling up and you want a fresh start, our Lisle bankruptcy attorneys are here to help. Call us so we can help you to determine whether bankruptcy is the best option for you. ​With affordable rates and above-and-beyond client service, we will assess your financial situation and educate you regarding your options. Whether we assist you with debt negotiation or a Chapter 7, Chapter 13, or Chapter 11 Bankruptcy, we will ensure that your case is handled smoothly, so that you can focus on beginning your new life with a clean slate.

Our Experienced Lisle 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 Lisle Bankruptcy & Debt Resolution attorney describes why O'Flaherty Law is the best choice for your bankruptcy matter.

  • We Give You Counsel From Experienced Attorneys, Not Info-Tapes!  Many bankruptcy lawyers meet their clients for the first time near the end of the bankruptcy case, at the first meeting of creditors.  Our friendly Lisle bankruptcy attorneys will develop a relationship with you from your initial consultation until long after your bankruptcy has concluded. We don't require you to rely on info-tapes or paralegals for your bankruptcy education, but will be your trusted advisors at every stage of the process. 
  • We Are Affordable!  We realize that when you are considering bankruptcy, you cannot afford to pay expensive attorney fees.  We are proud of our affordable fees that allow us to serve more clients who need help, and we invite the comparison to other attorneys.   ​​
  • We Have a Wide Network of Resources to Help Get You Back on Your Feet!  In the process of beginning your fresh start, you may require the services of other professionals like accountants, financial advisors, loan officers, and bankers.  Because we are "your community law firm," our roots in Lisle run deep.  We will tap into our network of local professionals to craft a comprehensive solution that can get you back on your feet. 

Some of Our Accomplishments

Schedule a Free Consultation With Our

Lisle Bankruptcy & Debt Resolution Attorneys

What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

Please contact our friendly

Lisle Bankruptcy & Debt Resolution Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Downers Grove

5002 Main Street, 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

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 Lisle Bankruptcy & Debt Resolution Attorneys

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

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

Bankruptcy Options

Lisle Bankruptcy Attorney, Lisle Debt Resolution Lawyers, Lisle Bankruptcy Lawyers

Lisle bankruptcy attorney, Kevin O'Flaherty, explains the Chapter 7 bankruptcy process.

Lisle Bankruptcy Attorney, Lisle Debt Resolution Lawyers, Lisle Bankruptcy Lawyers

When considering bankruptcy as an individual (as opposed to a corporation) you have three primary options: Debt Negotiation, Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Our Lisle Bankruptcy attorneys will assess your personal financial situation, educate you on your options, and help you determine which option is the best for you. 

Debt Negotiation

Hiring our Lisle bankruptcy attorneys to renegotiate your debt may be your best option if you have less than $15,000.00 in debt, or assets that you are afraid in losing in the bankruptcy (see our article about keeping property in bankruptcy).  A good attorney can often convince your creditors to significantly reduce the amount of your debt and/or allow you to execute a payment plan whereby you pay back your debt over time.  Typically, the longer the duration of the payment plan, the smaller the amount by which creditors will be willing to reduce your debt. 

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is a great option if you have more than $15,000.00 in debt, you do not have assets in excess of the amounts that are exempt from collection in bankruptcy, and you are not making an excessively high income.  In a Chapter 7 Bankruptcy, your dischargable debt (basically everything but student loans and tax debt) will be wiped out, and you can usually keep your house and cars.  

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is appropriate for individuals who are not qualified for a Chapter 7 Bankruptcy due to their income level or who have assets in excess of the exemption amounts that they would be in jeopardy of losing in a Chapter 7 bankruptcy.  Unlike a Chapter 7 bankruptcy, your debts are not wiped out in a Chapter 13 bankruptcy.  Rather a plan is approved by your creditors and the court to pay off the majority of the debt over the course of 3 to 5 years.  Chapter 13 bankruptcy is a tool to buy you time to pay your creditors. 

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

Most people who file for Chapter 7 bankruptcy are able to discharge their debts while keeping their house and their cars.  Whether you are able to do so depends on how much equity you have in the property in question. When you file for bankruptcy an attorney, called a bankruptcy trustee, is appointed to review your case and assess whether you have assets that can be collected for the benefit of your creditors. However, certain amounts of particular types of assets are exempt from collection by the trustee.  The following are the most important exemptions

  • $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly); 
  • $2,400.00 of equity in your vehicles ($4,800.00 for a married couple filing jointly)
  • A $4,000.00 exemption can be applied to any property of your choice ($8,000.00 for a married couple). 

If your equity in your house or vehicle is below these exemption amounts, you will be able to keep the assets after filing for bankruptcy.  Even if you have slightly more equity than these exemption amounts, you will still likely be able to keep the asset.  When deciding whether to collect an asset, the trustee must account for the costs associated with the transaction (like realtor fees and closing costs) as well as the trustee's own fees for his or her efforts in collecting the assets.  If, when these costs are taken from the non-exempt value of the asset, there would not be much value left over to pay creditors, the trustee is unlikely to pursue the asset. 

In this Learn About Law podcast & videoblog, Lisle Bankruptcy & Debt Resolution 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.

Most people who file for Chapter 7 bankruptcy are able to discharge their debts while keeping their house and their cars.  Whether you are able to do so depends on how much equity you have in the property in question. When you file for bankruptcy an attorney, called a bankruptcy trustee, is appointed to review your case and assess whether you have assets that can be collected for the benefit of your creditors. However, certain amounts of particular types of assets are exempt from collection by the trustee.  The following are the most important exemptions

  • $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly); 
  • $2,400.00 of equity in your vehicles ($4,800.00 for a married couple filing jointly)
  • A $4,000.00 exemption can be applied to any property of your choice ($8,000.00 for a married couple). 

If your equity in your house or vehicle is below these exemption amounts, you will be able to keep the assets after filing for bankruptcy.  Even if you have slightly more equity than these exemption amounts, you will still likely be able to keep the asset.  When deciding whether to collect an asset, the trustee must account for the costs associated with the transaction (like realtor fees and closing costs) as well as the trustee's own fees for his or her efforts in collecting the assets.  If, when these costs are taken from the non-exempt value of the asset, there would not be much value left over to pay creditors, the trustee is unlikely to pursue the asset. 

The First Meeting Of Creditors

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.

Lisle Bankruptcy Attorney, Lisle Debt Resolution Lawyers, Lisle Bankruptcy Lawyers

Shortly after our Lisle bankruptcy lawyers file you bankruptcy petition, we will appear with you at a meeting called the "First Meeting of Creditors."  This name is misleading, as creditors almost never attend these meetings.  

‍The First Meeting of Creditors is a brief meeting between the bankruptcy trustee (a lawyer appointed by the court to oversee your bankruptcy case), your attorney and yourself.  The trustee will review your schedules and ask you a series of questions regarding your assets, liability, income and expenses.  The meetings typically take about 10 minutes and are very low pressure.  

The trustee will begin by asking a series of preliminary questions:

  • The trustee will confirm your identity with a photo ID and your social security card.  
  • The trustee will swear you in and put you under oath. 
  • The trustee will ask if you reviewed your schedules before they were filed and ask you to confirm that the schedules are true and correct.  
  • Finally, the trustee will ask if you have reviewed certain required notices provided to you by your attorney regarding the bankruptcy process and the alternatives to bankruptcy. 

‍Once the record has been established, the trustee will ask a series of questions about your finances and your schedules.  You can read a transcript of the bankruptcy trustee's usual questions here. 

Usually, the meeting goes very smoothly.  If all goes well, the trustee will enter a finding that you have no non-exempt assets available for collection on behalf of your creditors and recommending that your debts be discharged. 

After this finding, your case will be closed after a brief period during which creditors can object to the discharge (which they almost never do).  

Read more about the First Meeting of Creditors.

How Will Bankruptcy Affect My Credit?

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, which will help you re-establish your credit. Also, two years after discharge of the bankruptcy, many banks allow eligibility for mortgage loans and other secured loans. 

Further Reading from our

Lisle Bankruptcy & Debt Resolution Attorneys