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Our Schaumburg bankruptcy attorneys will help give you a clean slate through debt negotiation, Chapter 7, Chapter 11 or Chapter 13 bankruptcy. Few things are more stressful than having debt pile up around you. Let us be your advocate and allow us to give you peace of mind.
Our Schaumburg bankruptcy attorneys will help give you a clean slate through debt negotiation, Chapter 7, Chapter 11 or Chapter 13 bankruptcy. Few things are more stressful than having debt pile up around you. Let us be your advocate and allow us to give you peace of mind.
In this video, our Schaumburg Bankruptcy attorney describes why O'Flaherty Law is the best choice for your bankruptcy or debt resolution matter.
Please contact our friendly
Schaumburg Bankruptcy 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 - 9 pm Mon - Fri
Saturday 9 am- 9 pm & Sunday 12 pm - 8pm
by appointment
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 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.
In this article we discuss what assets you can typically keep after reclaring bankruptcy.
Schaumburg bankruptcy attorney, Kevin O'Flaherty, explains everything you need to know about the Chapter 7 Bankruptcy process.
Our Schaumburg bankruptcy attorneys in this article discuss the steps required to prepare your bankruptcy petition. Before filing, you are required to complete an online credit counseling course. These are usually relatively short and the expense is nominal. Our Schaumburg Bankruptcy and debt resolution attorneys will work with you to help you provide us with information regarding your assets, liabilities, income and expenses. After a meeting with the creditors, your case will be heard in the appropriate court where your bankruptcy will then be discharged.
Read the full article by our Schaumburg bankruptcy attorneys regarding preparation for bankruptcy.
In most cases, our clients can file for bankruptcy without losing any assets including home and vehicles. If your vehicle or home is held as collateral, you will most likely have the option to sign a reaffirmation agreement. This reaffirms the loan without discharging it in the bankruptcy process. The debt secured by your vehicle or home will not be taken out in the bankruptcy and you will be able to keep your most valuable assets when you are done if this is the case.Keeping your home or vehicle often depends on how much equity you have in each piece asset. For example, the equity in a property is determined by the most current resale value minus the principle balance of any loans secured by the property. If you do file for the bankruptcy, the trustee will seek collection of your assets to fulfill your debts. The Bankruptcy Code states that a portion of equity in particular types of property can be exempt from collection. These exceptions on the property you decide to keep in order to avoid the trustee collecting them on your behalf. For example:
Read an article from our Schaumburg bankruptcy attorneys about keeping your property in bankruptcy.
In this video, Schaumburg 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.
In most cases, our clients can file for bankruptcy without losing any assets including home and vehicles. If your vehicle or home is held as collateral, you will most likely have the option to sign a reaffirmation agreement. This reaffirms the loan without discharging it in the bankruptcy process. The debt secured by your vehicle or home will not be taken out in the bankruptcy and you will be able to keep your most valuable assets when you are done if this is the case.Keeping your home or vehicle often depends on how much equity you have in each piece asset. For example, the equity in a property is determined by the most current resale value minus the principle balance of any loans secured by the property. If you do file for the bankruptcy, the trustee will seek collection of your assets to fulfill your debts. The Bankruptcy Code states that a portion of equity in particular types of property can be exempt from collection. These exceptions on the property you decide to keep in order to avoid the trustee collecting them on your behalf. For example:
Read an article from our Schaumburg bankruptcy attorneys about keeping your property in bankruptcy.
We explain the Chapter 13 bankruptcy process, including: Credit Counseling, filing your bankruptcy petition and schedules, filing your Chapter 13 repayment plan, the confirmation hearing, and discharge of debt.
Once our Schaumburg bankruptcy attorneys file your bankruptcy petition, we accompany you to the “First Meeting of Creditors.” While this seems intimidating, it's misleading considering creditors rarely attend these meetings. This meeting is between you, your attorney and the bankruptcy trustee assigned to your case. The trustee asks you preliminary questions and may do the following:
Once these questions are put on record and established, the trustee asks you questions regarding your schedules and finances. You can read a transcript of the bankruptcy trustee's usual questions here. Once the trustee enters a finding stating that you have no non-exempt assets for collection on your behalf they will recommend your debts be released. Once this happens, the case will close for a brief period. During this time creditors have the right to object to the discharge, which seems intimidating but rarely happens.Read more about the First Meeting of Creditors.
When people consider bankruptcy, they often worry their credit scores will plummet after bankruptcy and if it will be impossible to acquire new debt. Although your credit score will be affected after discharge of bankruptcy, the impact becomes less significant as time progresses. Following the discharge, it is possible to re-establish your credit. There are pre-paid credit cards made available by most banks that allows you to rebuild your credit history. After 10 years, your bankruptcy will be completely removed from your credit record and two years after discharge, many banks allow eligibility for mortgages other secured loans.
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