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Oflaherty Law, Illinois Attorneys

Schaumburg Bankruptcy Attorneys | Debt Resolution Lawyers, Schaumburg IL

Schaumburg Bankruptcy Attorneys | Debt Resolution Lawyers, Schaumburg IL

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.

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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 Experienced Schaumburg Bankruptcy & Debt Resolution Attorneys Handle Cases Including But Not Limited To:

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Why O'Flaherty Law for My

Bankruptcy & Debt Resolution

Matter?

In this video, our Schaumburg Bankruptcy attorney describes why O'Flaherty Law is the best choice for your bankruptcy or debt resolution matter.

  • We Give You Counsel From Expert Attorneys, Not Info-Tapes!  Our Schaumburg bankruptcy attorneys will work with you from beginning to end.  We understand that you don't fit in a mold, don't rely on info-tapes and will be your trusted advocates.  Our goal is to develop relationships with our clients that last long after your bankruptcy case has ended.
  • We Are Cost-Effective!  We understand that considering bankruptcy  means you are in a position where you're already surrounded by debt and financially strained.  We are proud to offer affordable rates that allow our clients to have peace of mind while having their financial matters met. ​
  • We Have a Wide Network of Resources to Help!  Once we assist you in getting a fresh new start, you may need help from other professionals.  We are proud to offer a a large network of resources of bankers, loan officers, financial advisors and local professionals to creative a comprehensive solution that suits your needs.

Some of Our Accomplishments

Best Child Support Lawyers in Chicago
DuPage County Probate Attorney
Kevin P. O'Flaherty
Rated by Super Lawyers


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DuPage County Probate Attorney

Schedule a Free Consultation With Our

Schaumburg Bankruptcy Attorneys

Schaumburg 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

Schaumburg Bankruptcy Attorneys

at our nearest location to schedule a free consultation:

O'Flaherty Law of Schaumburg

200 W. Higgins, Ste. 231A
Schaumburg
,
IL
60169
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 - 9 pm Mon - Fri
Saturday 9 am- 9 pm & Sunday 12 pm - 8pm
by appointment

O'Flaherty Law, Illinois attorneys, Iowa attorneys

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:

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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.

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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 Schaumburg Bankruptcy Attorneys

Bankruptcy lawyers in Schaumburg

Or Continue Scrolling Below to Browse some of our Most Helpful Articles

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

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.

Downers Grove Spousal Maintenance Attorneys

In this article we discuss what assets you can typically keep after reclaring bankruptcy.

Read More

Preparing For Bankruptcy

Schaumburg Bankruptcy Attorneys

Schaumburg bankruptcy attorney, Kevin O'Flaherty, explains everything you need to know about the Chapter 7 Bankruptcy process.

Schaumburg Bankruptcy Attorneys

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.  

What Can You Keep After a Bankruptcy in Schaumburg?

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:

  • You are allowed to keep $2,400.00 of equity in your vehicles ($4,800.00 for a married couple filing jointly)
  • You are allowed to keep $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly); 
  • There is a $4,000.00 wildcard exemption that you can apply to any property of your choice ($8,000.00 for a married couple). 

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.

Schaumburg Bankruptcy Layers

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:

  • You are allowed to keep $2,400.00 of equity in your vehicles ($4,800.00 for a married couple filing jointly)
  • You are allowed to keep $15,000.00 of equity in your primary residence ($30,000.00 for a married couple filing jointly); 
  • There is a $4,000.00 wildcard exemption that you can apply to any property of your choice ($8,000.00 for a married couple). 

Read an article from our Schaumburg bankruptcy attorneys about keeping your property in bankruptcy.

Schaumburg Chapter 7 Bankruptcies: What Happens at the First Meeting of Creditors?

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.

Schaumburg Bankruptcy Attorneys
Bankruptcy attorneys Schaumburg

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:

  • Confirm your identity through a photo ID and social security card.
  • Swear you in and put you under oath. 
  • Ask if you've reviewed your schedules before they were filed and ask you to confirm that they are true and correct.  
  • Ask if you have reviewed required notices provided by your attorney regarding bankruptcy and your alternatives. 

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.

How Will Bankruptcy Affect My Credit?

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. 

Further Reading from our

Schaumburg Bankruptcy Attorneys

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