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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.
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Smiling womanAttorney Kevin O'Flaherty

"Kevin was extremely professional, responsive and knowledgeable when I came to him for help. I would definitely recommend O'Flaherty Law!"

How can our Lisle Bankruptcy Attorneys help you?

Top 3 Qualities to look for in Your Attorney

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We believe your attorney should not speak in legalese

Finding an attorney who is a “real person” can be difficult. Many attorneys surround themselves almost exclusively with other attorneys and are accustomed to speaking in ivory tower legalese.  You should be able to connect with your attorney on a personal level, and he or she should speak to you in plain language that you can understand.  You will be working very closely with this person on issues that are very important to you. It is important that he or she be down-to-earth and someone that you connect with.

We believe your attorney should be accessible

The most common complaint that clients have of their attorneys is that the attorney is unreachable, does not communicate with them regularly, or does not promptly return your calls.  Your attorney should reach out to you about your case regularly and respond within 24 hours to calls and e-mails.  An open line of communication between you and your attorney is essential to building trust.

Learn how we service your area through our Remote Location Approach.

We believe your attorney should be realistic with you about costs and outcomes

Your attorney’s goal should not be to win at all costs.  Rather, it should be to achieve a favorable outcome for you as efficiently as possible.  It is important that your attorney set realistic expectations at the outset as to the costs you should expect, the concerns that the attorney has about the outcome of your case, and the length of time that you should expect your case to take.

Regardless of the nature of your case, we have an experienced attorney who will focus on your individual needs. Our team of attorneys works closely together, bringing each of their different fields of experience to bear in order to optimize our client care.

Client Testimonials

Christi M.

Kevin's firm handled setting up my will and trust recently. They took something that seemed intimidating and made it easy to understand. I've also referred a couple clients to Kevin - he's trustworthy, approachable and very fairly priced.

Marvin

"I've used Kevin and his firm's services since 2011. He gave undivided attention to my cases, advised me on different options and..."

Rachel B.

"Kevin was extremely professional, responsive and knowledgeable when I came to him for help. I would definitely recommend O'Flaherty Law!"

About Lisle Bankruptcy Attorneys:

  • 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. 
Expertise Best Child Support Lawyers in Chicago 201710 Best 2016 Client Satisfaction American Institute of Family Law AttorneysAvvo Clients' Choice 2016 DivorceRising Stars Kevin P. O'Flaherty SuperLawyers.com10 Best Law Firms 2018 Client Satisfaction American Institute of Family Legal Counsel Attorneys Estate Planning Law40 under forty

What to Expect From a Legal Consultation

The purpose of a 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.

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Location

Office Address

5002 Main St., Ste. 201

Downers Grove, IL 60515

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Hours of Operation

Monday
9:00am - 6:00pm
Tuesday
9:00am - 6:00pm
Wednesday
9:00am - 6:00pm
Thursday
9:00am - 6:00pm
Friday
9:00am - 6:00pm
Saturday
Closed
Sunday
Closed

Attorneys

Meet the Owner

I am personally committed to ensuring that each one of our clients receives the highest level of client service from our team.  Our mission is to provide excellent legal work in a cost-effective manner while maintaining open lines of communication between our clients and their attorneys.  Many of our clients are going through difficult times in their lives when they reach out to us.  They should feel comfortable leaning on the experience and knowledge of our attorneys as their counselors and advocates.  We are here to help!

- Attorney Kevin O'Flaherty, Owner

Check Out Articles and Videos from our Lisle Bankruptcy Attorneys

Bankruptcy Options

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. 

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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. 

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The First Meeting Of Creditors

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.

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