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Naperville Bankruptcy Attorneys | Bankruptcy Lawyers, Naperville IL

Naperville Bankruptcy Attorneys | Bankruptcy Lawyers, Naperville IL

​Despite our affordable rates, O'Flaherty Law is not a bankruptcy mill. Our friendly Naperville bankruptcy & debt resolution attorneys provide individualized service to each of our bankruptcy clients, taking the time to explain all of your options and promptly answer any questions you may have along the way. Bankruptcy can be intimidating, but we make the process easy. We do the hard work for you, so you can focus on getting the fresh start that you and your family need. Because we have an experienced team of Naperville attorneys that practice other areas of law, we are uniquely qualified to advise you on other non-bankruptcy options to resolve your personal or business debt.

​Despite our affordable rates, O'Flaherty Law is not a bankruptcy mill. Our friendly Naperville bankruptcy & debt resolution attorneys provide individualized service to each of our bankruptcy clients, taking the time to explain all of your options and promptly answer any questions you may have along the way. Bankruptcy can be intimidating, but we make the process easy. We do the hard work for you, so you can focus on getting the fresh start that you and your family need. Because we have an experienced team of Naperville attorneys that practice other areas of law, we are uniquely qualified to advise you on other non-bankruptcy options to resolve your personal or business debt.

Our Experienced Naperville Bankruptcy Lawyers & Naperville Debt Resolution Attorneys Handle Cases Including But Not Limited To:

Your Community Law Firm

Why O'Flaherty Law for My

Bankruptcy

Matter?

Naperville 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!  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 Naperville bankruptcy 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 Affordable!  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

Naperville Bankruptcy Attorneys

naperville debt resolution attorney

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

Naperville Bankruptcy Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Naperville

105 Jackson Avenue, Ste. 4b
Naperville
,
IL
60540
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

naperville debt resolution lawyer

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 Naperville Bankruptcy Attorneys & Naperville Debt Resolution Lawyers

chapter 13 attorney naperville 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
naperville chapter 13 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?

naperville bankruptcy lawyer

Naperville bankruptcy attorney Kevin O'Flaherty of O'Flaherty Law discusses the Chapter 7 Bankruptcy process.

naperville bankruptcy lawyer

In this article, our Naperville bankruptcy attorneys explain the Chapter 7 bankruptcy process. Many people dealing with crushing debt don't realize that they have many options in addition to filing bankruptcy.  We have a team of Naperville attorneys with experience in most areas of law.  Therefore, unlike many bankruptcy firms, we do not try to fit you into a cookie-cutter solution. Bankruptcy may be the right solution for you, but if it is not, we can explore other options, such as debt renegotiation, business dissolution, and creative asset transfer and personal planning solutions.  ​

Read the full article by our Naperville bankruptcy attorneys explaining the Chapter 7 bankruptcy process.

Our Experienced Naperville Bankrupcty Attorneys Can Help You Keep Your Home And Your Vehicles When Filing For Bankruptcy

In this article, our Naperville bankruptcy attorneys explain how you may be able to keep your house and cars if you file for bankruptcy. Most of our clients are able to file for bankruptcy without losing any of their assets, such as their home and their vehicles.  If your home or vehicle is collateral for a loan, like a mortgage, you will likely have the option to sign a reaffirmation agreement, reaffirming the loan and not discharging it in the bankruptcy.  In this case the debts secured by your home or your vehicle will not be wiped out in the bankruptcy, and you will be allowed to keep these most valuable of assets when you get your fresh start. 

In order to keep your home or vehicle in the bankruptcy, it is important that your equity in the property fall within certain exemption amounts.  Your equity in a piece of property is the current resale value of the property minus the amount of any loan secured by the property.

You are allowed to keep $15,000.00 of equity in your home ($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) that can be applied to any asset. 

So long as your amount of equity in your home or vehicle is within the amount of the applicable exemptions (or close to that amount), you will likely be permitted to keep that asset in the bankruptcy.  Exemptions are not cut and try, so it is important to consult with our experienced Naperville bankruptcy lawyers to ensure that you are taking full advantage of all of your exemptions.  

Learn More from our Naperville bankruptcy lawyers about how to keep your property in bankruptcy.

Naperville 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.

bankruptcy attorney naperville illinois

In this article, our Naperville bankruptcy attorneys explain how you may be able to keep your house and cars if you file for bankruptcy. Most of our clients are able to file for bankruptcy without losing any of their assets, such as their home and their vehicles.  If your home or vehicle is collateral for a loan, like a mortgage, you will likely have the option to sign a reaffirmation agreement, reaffirming the loan and not discharging it in the bankruptcy.  In this case the debts secured by your home or your vehicle will not be wiped out in the bankruptcy, and you will be allowed to keep these most valuable of assets when you get your fresh start. 

In order to keep your home or vehicle in the bankruptcy, it is important that your equity in the property fall within certain exemption amounts.  Your equity in a piece of property is the current resale value of the property minus the amount of any loan secured by the property.

You are allowed to keep $15,000.00 of equity in your home ($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) that can be applied to any asset. 

So long as your amount of equity in your home or vehicle is within the amount of the applicable exemptions (or close to that amount), you will likely be permitted to keep that asset in the bankruptcy.  Exemptions are not cut and try, so it is important to consult with our experienced Naperville bankruptcy lawyers to ensure that you are taking full advantage of all of your exemptions.  

Learn More from our Naperville bankruptcy lawyers about how to keep your property in bankruptcy.

How Will Bankruptcy Affect my Credit Score?

Naperville bankruptcy attorney Kevin O'Flaherty explains the Chapter 13 bankruptcy process.

naperville bankruptcy lawyer
bankruptcy lawyer naperville il

Our Naperville bankruptcy attorneys are often asked by our clients whether bankruptcy will ruin their credit?  While bankruptcy will certainly affect your credit score, it is not the end of the world.  

Your credit will immediately begin to repair itself after the bankruptcy case is completed.  This is often a better scenario for your credit score than continuing to remain in debt, and not allowing your credit score to recover.  After 10 years, the bankruptcy will no longer appear on your credit report.  After two years, you will be able to receive mortgages and other loans.  You will also immediately be eligible for prepaid credit cards that will allow you to raise your credit score. 

Personal Bankruptcy: Chapters 7 And 13

There are two types of bankruptcy that you as an individual can apply for: Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Chapter 7 Bankruptcy

Chapter 7 Bankruptcy is preferable for individuals who are eligible for it.  In a Chapter 7 Bankruptcy, your debts, other than student loans and some types of tax debt, are completely wiped out.  The process is simple.  Our Naperville bankruptcy attorneys will prepare and file bankruptcy petition and schedules which list your assets, liabilities, income and expenses.  As soon as this petition is filed, your creditors are required to cease collection efforts.  Within 45 days of filing your bankruptcy petition, you and your attorney will meet with the bankruptcy trustee (the lawyer appointed to ensure that the interests of your creditors are protected).  This meeting is called the First Meeting of Creditors.  However, creditors rarely show up to these meetings.  The meeting takes about 5 minutes, and simply consists of the trustee asking you a few basic questions about the information on your schedules.  After the meeting, creditors will have 45 days to object to your discharge, which they rarely do in the absence of fraud.  If no objections have been filed within that 45 day period, your debts will be discharged and the case will be closed. Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is appropriate for individuals who either make too much income to qualify for Chapter 7 Bankruptcy, or who have significant assets that they are worried about losing in a Chapter 7 Bankruptcy.  In a Chapter 7 Bankruptcy if you have more than $15,000.00 of equity in your home ($30,000.00 for a married couple), $2,400.00 of equity in your vehicles ($4,800.00 for a married couple), those assets may be subject to collection by the trustee for the payment of your creditors.  You should note that there are many exemptions that our Naperville bankruptcy attorneys can apply in order to allow you to keep assets over and above those amounts.  However, if after meeting with our bankruptcy attorneys, it appears likely that your assets would be at risk in a Chapter 7 Bankruptcy, Chapter 13 Bankruptcy may be an option for you. In a Chapter 13 Bankruptcy, your debts are not completely wiped out.  Rather, your attorney will work with the court, the trustee, and your creditors to prepare a court-approved payment plan whereby collection efforts will cease and your debts will be repaid in full or in part over the course of 3-5 years.  ​In a Chapter 13 Bankruptcy, your assets are not in jeopardy of collection for your creditors.  You may also be eligible for a Chapter 13 Bankruptcy if you do not meet the eligibility requirements for a Chapter 7 Bankruptcy.  Our experienced Naperville bankruptcy lawyers will assist you in determining which strategy is the right fit for you, and be your guide at every step along the way.

Business Bankruptcy: Chapter 7 & Chapter 11

Our team of Naperville attorneys practice not only bankruptcy law, but also focus heavily on business representation.  This makes us a rare resource for business owners in distress.  We can advise you on non-bankruptcy options for you and your business, such as corporate restructuring. 

Sometimes, however, bankruptcy is in fact the best option.  In a Chapter 7 Business Bankruptcy, the process is virtually the same as a Chapter 7 Personal Bankruptcy.  Your business' debts will be completely wiped out, and you will be able to continue your business without corporate restructuring and with a clean slate. A Chapter 11 Business Bankruptcy is similar to a Chapter 13 Personal Bankruptcy.  Rather than wiping out your business debt, your debt is restructured by agreement of your creditors, so that collection efforts cease and the debt can be paid over a longer period of time.  This is appropriate for businesses with significant assets that may be liquidated for creditors in a Chapter 7 Bankruptcy or a simple business dissolution and restructuring.  ​Our business and bankruptcy attorneys have the experience needed to help you formulate a strategy to save your business, while exploring every avenue in this complex area of law. ​

Further Reading from our

Naperville Bankruptcy Attorneys