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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.
In this video, our Lisle Bankruptcy & Debt Resolution attorney describes why O'Flaherty Law is the best choice for your bankruptcy matter.
Please contact our friendly
Lisle Bankruptcy & Debt Resolution Attorneys
at our nearest location to schedule a free consultation:
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
5002 Main St, Ste. 201 Downers Grove, IL 60515
105 Jackson Avenue, Ste. 4b Naperville, IL 60540
110 E. Schiller Street, Ste. 220B Elmhurst, IL 60126
8411 Pyott Road, Ste. 107, Lake in the Hills, IL 60156
16557 Oak Park Avenue, Ste. B, Tinley Park, IL 60477
210 S Fifth St, Ste. 107B, St. Charles, IL 60174
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.
"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 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.
In this episode of Learn About Law, Kevin O'Flaherty explains how you can keep your house and car, even if you file for Bankruptcy. He reviews the four factors that influence what property you can keep after bankruptcy filling.
If you file for bankruptcy, you still have an opportunity to keep your house and vehicles. Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.
If you file for bankruptcy, you still have an opportunity to keep your house and vehicles. Whether this will be possible depends on four factors: (1) how much equity you have in the property that you are attempting to keep; and (2) whether your equity in the property exceeds the bankruptcy exemption for that type of property; (3) if you have a loan secured by the property, whether the bank will agree to reaffirm the loan despite the bankruptcy; and (4) whether you will be able to afford to continue to make your loan payments after the bankruptcy.
Lisle bankruptcy attorney, Kevin O'Flaherty, explains the Chapter 7 bankruptcy process.
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.
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 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 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.
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
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
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.
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.
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:
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).
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.
