PFG the Chef!

Attorney Peter Francis Geraci is not only an attorney but a chef. He routinely prepares meals for the office!

Attorney Peter Francis Geraci is not only an attorney but a chef. He routinely prepares meals for the office. Here are some photos of a seafood meal in honor of Florida! Did you know the top counties of oyster production are Franklin, Levy and Wakulla in Florida?

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Geraci Law Ready to Help Folks in New Albany, IN!

Geraci Law is ready help folks in New Albany Indiana and Southern Indiana! See pictures from PFG’s trip to New Albany.

Attorney Peter Francis Geraci and Attorney Robert (Rob) Brynjelsen took a road trip to New Albany, Indiana. Geraci Law is now handling Chapter 7 and Chapter 13 bankruptcy cases in New Albany, Indiana.

Fun facts about New Albany, Indiana!

  1. New Albany High School was the FIRST high school in Indiana.
  2. Edwin Hubble taught at New Albany High School from 1913-1914. For those who do not know – Hubble is the astronomer namesake of the Hubble Space Telescope.
  3. William Culbertson was once considered the wealthiest man in Indiana and built Culbertson Mansion. You can visit Culbertson’s now!
  4. Midwest Grain Products (formerly Seagram’s) is one of the world’s largest distilleries. Based out of Lawrenceburg Indiana (so just a few miles east of New Albany).

PFG and Rob enjoyed their trip to New Albany, some pictures:

Great sign to the entrance of Downtown New Albany with a history lesson!
Rob and PFG visit our New Albany office landlord – Geraci Law ready to help in New Albany!

Bankruptcy Filing Will Not Save a Going Business

Geraci Law lawyers have been practicing bankruptcy for a combined total of 500 years, some as many as 25 or more than 40 years. Our advice is: “if you are running a business that is failing, do not file bankruptcy. Close the business, file your tax returns, and come and see us in two years”.

Read new article from Attorney Peter Francis Geraci titled, “Bankruptcy Filing will not Save a Going Business.” Read more articles at https://www.infotapes.com/articles/news/75/bankruptcy-filing-will-not-save-a-going-business/

Full article is below.

Small business bankruptcy or self-employed bankruptcy is usually a bad idea

By Peter Francis Geraci

Why Self- employed and small businesses DO NOT QUALIFY for bankruptcy relief.

Bankruptcy, whether it’s Chapter 7, 11 (whether a regular chapter 11 or the new subchapter 5), 13, does not solve the common problem of lack of money. Most self-employed people were small businesses have your regular income, and often can’t even meet payroll or regular living expenses. Businesses are doomed to fail. Bankruptcy will not solve that problem.

Geraci Law lawyers have been practicing bankruptcy for a combined total of 500 years, some as many as 25 or more than 40 years. Our advice is: “if you are running a business that is failing, do not file bankruptcy. Close the business, file your tax returns, and come and see us in two years”.

There are many good reasons:

 if you have a corporation, or an LLC, and you’re not operating as a self-employed person, Corporation filing Chapter 7 results in the corporation getting by a bankruptcy trustee

corporations can’t file under Chapter 13. Corporations that file under Chapter 11 usually get converted to chapter 7 on that liquidated, the fees are very high, and it’s only for corporations that have positive cash flow, or can get new financing to continue operating. Its like trying to save the Titanic.

if you are a small business that is not incorporated or an LLC, it is usually a bad idea to file either chapter 7 or 13 total businesses been closed for at least two years

A small business that files Chapter 7 gets the business liquidated by a bankruptcy trustee. You can do that yourself, way cheaper. It is a much better idea to simply close it if you don’t want to operate it, pay all the taxes doing file all the necessary returns, wait two years and see if anybody is bothering you.

In order to reorganize your debt with Chapter 13, you have to have enough regular income in order to pay your regular business expenses, and then pay taxes on the profit, and then take home after taxes enough money to pay your regular living expenses, with at least $300 left over to devote to paying creditors. Very few self-employed businesses produce enough income to cover regular business expenses, let alone living expenses 

Chapter 7 or Chapter 13 filing for individuals who are regularly employed is often a wonderful solution to the problem of too much data and not enough money. When a business is involved, the paperwork doubles or triples. You must answer questions under oath, about business financial affairs, and you’re not going to discharge payroll taxes if you haven’t paid them, or other employee obligations. In addition, a copy of your bankruptcy will go to the IRS, and you will be required to file your state local and federal tax returns before getting any bankruptcy relief.

We have seen many bad things happen to individuals who go to lawyers who are only too eager to take a couple files and can file a Chapter 7 or 11 for a business that is either still operating, or hasn’t been closed for more than two years. We’ve seen it turn into a real mess, and in some cases into federal indictments. We could go into a lot of examples, but if you are planning to file a business bankruptcy, we suggest that you don’t. Either tough it out, and hope that things get better, or close it and pay your taxes and file your returns. If you can’t pay the taxes, file returns anywhere, because you may be able to discharge income taxes if you file truthful returns come and see us in two or three years! Be very careful to pay your employee taxes and withholding because if you were supposed to turn over withheld funds to the government and you don’t, there is no statute of limitations about discharge.

There are a lot of small businesses that fail. Chances are good that 70% of small businesses will fail within three years. If that happens to your business, you should not file a bankruptcy immediately, if at all. You should

  1. wait until the businesses closes
  2. file all tax returns even if you can’t pay the taxes due
  3. keep your books and records because that is another requirement,
  4. return all property that is security for a loan, to those lender
  5. don’t do anything weird like transfer or hide assets, bankruptcy judges hate that

and then and only then come and see us about cleaning up the mess and getting a fresh start after the businesses closed. Be very careful if you don’t heed this advice and some attorney wants to file a bankruptcy when a business is still open, and you haven’t filed all tax returns. You could be paying a lot of money for nothing and even get into big trouble.

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Debtor’s Prison


Below is an article written by Attorney Peter Francis Geraci, read this and more @ Bankruptcy and Debt Articles | Geraci Law (infotapes.com)

The reason there is a bankruptcy law in the United States is that most of the founding fathers came from England, where there was no bankruptcy law. In fact, many of the members of the Constitutional Convention had personal experience being thrown into debtors’ prison in England. Some avoided debtors’ prison by fleeing to America. Some of the colonies were friendly to people in debt, and some were not. But everyone in 1787 agreed that Congress should make uniform bankruptcy laws. So that is in Article I Section 8 of the U.S. Constitution, our country’s governing law.

Check out https://en.wikipedia.org/wiki/Marshalsea for a description of the most horrible of the debtor’s prisons in London, if you don’t count the one that they dug out under the river Thames. Charles Dickens novel Little Dorritt is about a family who grew up in the debtor’s prison Marshalsea, where the father spent 20 years imprisoned for a debt no one could figure out how to pay. https://en.wikipedia.org/wiki/Little_Dorrit There was even some of that in America until 1833, according to https://www.winonapost.com/Article/ArticleID/49823/Swamp-Water-Jurisprudence-Debtors-prisons-havent-gone-away

But now, the creditors can only use the courts to determine if you are liable to pay them, and if you are, use the courts to give you notice before they take your property or bank account. And you don’t have to serve time in debtor’s prison, you can file a plan for debt relief under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. If you live in a state where Geraci Law practices, you can get help from us, just visit www.infotapes.com

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Happy 4th from Geraci Law!

Have a FUN and SAFE 4th of July weekend!

We are open on Monday 9-5 with normal 7am-7pm hours on Tuesday – call us at 312.332.1800. More resources to check out this weekend:

Read PFG Book @
www.bankruptcybookbypeterfrancisgeraci.com

Useful financial links including saving money, education, free programs @ https://www.infotapes.com/Links

WATCH the famous Infotapes @
https://www.infotapes.com/Bankruptcy/Infotapes

Need BK? See if you (qualify) @
https://www.kwalify.com/

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Geraci Law NOW taking cases in the Sunshine State!

Geraci Law is ready to help you file a Chapter 7 or Chapter 13 bankruptcy in the great state of Florida!

Geraci Law is ready to help you file a Chapter 7 or Chapter 13 bankruptcy in the great state of Florida. We’re bringing our same great service to help people in Florida.

According to Experian, the average consumer debt increased in Florida from $79,341 to $81,504! Do you feel like the debt will never end? It’s time to break the cycle! Read https://peterfrancisgeracilaw.com/2020/02/18/cycle-of-debt/

If you are making the minimums and not paying down the principle, maybe it’s time to look at an alternative approach. Attorneys are available by phone to talk about options.

Geraci Law offers a free consultation to figure a plan of action! It’s a simple phone call to 312.332.1800.

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

How stupid is “debt settlement” from most non-attorney companies? Really stupid.

Phony debt settlement schemes make you poorer than you were before.

Read article below or more written by Attorney Peter Francis Geraci at https://www.infotapes.com/Articles.


An article in the May 23, 2021 New York times points out how stupid most debt settlement operations are for those struggling with credit cards. On page 39 the story of a single mother and her son is told. The story claims that this single mother is spending 100 a month on credit cards that are not included in another $300 she pays to a private company, to “bundle $27,000 in debt from nine creditors”

The story says that she was paying $246 every other Wednesday, but dropped it to $100 when she lost her 2nd job waitressing. Then creditors “got pushy” and one is taking it to court, and she “just got handed papers from another creditor the other day and started crying”

This sad. Poor lady is getting terrible advice. First, she will never pay back $27,000 in debt at either $500 a month, or $200 a month, unless she gets lucky and pays out that $100 for the next 10 years or more, and never misses.

Each creditor is dividing $200 a month, minus the fees to this “Debt Relief” company, so they might be getting $20 each. Second, look what happened. 2 of the 9 creditors actually filed lawsuits. Some “Debt Relief” Third, she could have filed a Chapter 7 bankruptcy for $200, and she would have been done with it all long again, and included the other debt she is paying $100 a month on.

It is plainly beyond her means to pay even $300 a month to creditors, given her precarious financial position. Not once does the New York Times mention bankruptcy relief, which is the obvious solution to her debt problems. The budget in the article doesn’t make any sense, either.

This is pretty typical of publications like the New York Times, who have some kind of weird agenda, telling stories that don’t help anyone understand how to deal with debt. Attorney Peter Francis Geraci of Geraci Law LLC sees examples of this all the time: well-meaning people getting fleeced by “debt relief” when they should be filing Chapter 7 or Chapter 13 bankruptcy.

Geraci Law Attends CLE in French Lick, Indiana

Geraci Law attorneys attended Continuing Legal Education (CLE) in French Lick, Indiana.

Geraci Law attorneys attended Continuing Legal Education (CLE) in French Lick, Indiana. Before CLE, Geraci Law attorneys and law clerks attended a dinner to talk about Indiana Bankruptcy. Attorneys attended “Advanced Individual Bankruptcy Chapters 7 & 13.”

From Top – Right to Left: Attorney Peter Francis Geraci, Attorney Rodney Geer, Attorney Erik Dickinson, Attorney Robert (Bobby) Fine

From Bottom – Right to Left: Law Clerk Allyson Patterson, Attorney Lacey Faul, Law Clerk Alexander Starkey, Attorney Chad Garrapy

Attorney Peter Francis Geraci at the Crossroads of America!

Attorney Peter Francis Geraci at Launch in Terre Haute Indiana!

Attorney Geraci found Geraci Law!

Attorney Peter Francis Geraci putting the I in Indy!

Geraci Law visiting Indiana Statue University!

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Geraci, Arreola & Hernandez

Whether you have had an injury at work, serious trauma or birth injury due to negligence, Geraci, Arreola & Hernandez is here to help.

Geraci, Arreola & Hernandez is the injury practice of Geraci Law.

Attorneys Peter Francis Geraci, Mario Arreola and Frank Hernandez founded Geraci, Arreola and Hernandez, LLC (GAH). With more than 80 years of combined experience in law, Geraci, Arreola and Hernandez are the lawyers you can trust.

In the last 5 years alone, clients of GAH have received more than 20 MILLION dollars, due to loss. Some cases are smaller than others are, but all clients are provided zealous representation. Whether you have had an injury at work, serious trauma or birth injury due to negligence, GAH is here to help.

Check out more information @ http://www.delaley.com/.

Call -888-335-2539 and ask for an injury specialist. We will put you in contact with an attorney immediately. We are only a phone call away!

Protect Assets before Filing for Bankruptcy

Before a Geraci law attorney files a case, we analyze the client’s assets, and whether those assets are “exempt” from creditors or not. Read more to see protection that could help you! Need to review your options? Call 800 CALL PFG for a free consult or set online @ https://www.infotapes.com/Bankruptcy/OfficeLocator

Below is an article written by Attorney Peter Francis Geraci titled, “Protect Assets before Filing for Bankruptcy.” This focuses on rent prepayment as allowable in some states to protect otherwise exposed case from creditors. Read more articles by Attorney Geraci at https://www.infotapes.com/Articles

Before a Geraci law attorney files a bankruptcy for a client, we always analyze the client’s assets, and whether those assets are “exempt” from creditors or not. Each state has laws called exemption laws. The U.S. Bankruptcy Code also has exemption provisions. These exemptions state what property is “exempt” from attachment and liquidation by your creditors.

Exemption planning is perfectly permissible! One way to claim an exemption is to convert “non-exempt” property into “exempt” property. This should NOT be done to hide money from creditors, or without the advice of an attorney, but some “exemption planning” has been approved by both state courts and bankruptcy courts. “Homestead” exemptions are usually thought of as protecting real estate, but in some states, when filing an Illinois bankruptcy or an Indiana bankruptcy, personal property such as a trailer used for a residence, or prepaid rent, are permissible exemptions under those states “Homestead Exemptions”.

In some states, such as Florida, exemption planning is forbidden when it comes to personal property. :

Florida Statute 222.30  Fraudulent asset conversions.— (1) As used in this section, “conversion” means every mode, direct or indirect, absolute or conditional, of changing or disposing of an asset, such that the products or proceeds of the asset become immune or exempt by law from claims of creditors of the debtor and the products or proceeds of the asset remain property of the debtor. The definitions of chapter 726 apply to this section unless the application of a definition would be unreasonable.

(2) Any conversion by a debtor of an asset that results in the proceeds of the asset becoming exempt by law from the claims of a creditor of the debtor is a fraudulent asset conversion as to the creditor, whether the creditor’s claim to the asset arose before or after the conversion of the asset, if the debtor made the conversion with the intent to hinder, delay, or defraud the creditor.

There has to be the requisite intent. “[A] debtor can convert non-exempt assets to exempt unless he is motivated to make such a conversion by an actual intent to hinder, delay, or defraud his creditors.” In re Jennings, 522 F.3d 1333 (11th Cir. 2008)

But if you are lucky enough to own real estate, or a trailer, that is your primary residence in Florida, (your “homestead”) you CAN transfer cash or sell that $40,000 classic car that would be taken in a bankruptcy, and pay down your mortgage on your homestead property. FLA does not have a blanket prohibition against exemption planning.

1.      222.30 does not apply to the homestead in FL. See Havoco of Am. Ltd. v. Hill, 790 So.2d 1018 (Fla. 2001) and In re Chauncey, 454 F.3d 1292 (11th Cir. 2006)

 2.      There has to be the requisite intent. “[A] debtor can convert non-exempt assets to exempt unless he is motivated to make such a conversion by an actual intent to hinder, delay, or defraud his creditors.” In re Jennings, 522 F.3d 1333 (11th Cir. 2008)

So, in Illinois and Indiana Geraci Law lawyers think about renters: Is there a homestead exemption for prepaid rent or security deposit?

Illinois     Yes – 735 ILCS 5/12 901

Indiana      Yes – IC 34-55-10-2(c)(1)

Wisconsin   No for homestead, but  Yes under wildcard

FL     No for homestead Florida Constitution Article 10 § 4 and Florida Statutes Annotated § 222.01 through § 222.05 but yes under wildcard

US    Yes, arguably because same language as Illinois and Indiana

Illinois: 735 ILCS 5/12 901: Every individual is entitled to an estate of homestead to the extent in value of $15,000 of his or her interest in a farm or lot of land and buildings thereon, a condominium, or personal property, owned or rightly possessed by lease or otherwise and occupied by him or her as a residence, or in a cooperative that owns property that the individual uses as a residence.

Indiana: IC 34-55-10-2(c)(1): Real estate or personal property constituting the personal or family residence of the debtor or a dependent of the debtor, or estates or rights in that real estate or personal property, of not more than fifteen thousand dollars ($15,000). The exemption under this subdivision is individually available to joint debtors concerning property held by them as tenants by the entireties.

Florida: 222.05  Setting apart leasehold. Mobile home on leased land is exempt.

Federal: 11 U.S.C. (d) The following property may be exempted under subsection (b)(2) of this section:

(1) The debtor’s aggregate interest, not to exceed $15,000 [$20,200 effective 4-1-07. Adjusted every 3 years by section 104.] in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.

 Wisconsin 990.01 (14)  Homestead exemption. “Exempt homestead” means the dwelling, including a building, condominium, mobile home, manufactured home, house trailer or cooperative or an unincorporated cooperative association, and so much of the land surrounding it as is reasonably necessary for its use as a home, but not less than 0.25 acre, if available, and not exceeding 40 acres, within the limitation as to value under s. 815.20, except as to liens attaching or rights of devisees or heirs of persons dying before the effective date of any increase of that limitation as to value.

ANALYSIS:

Illinois: By plain language, a debtor’s interest in a lease can be claimed as homestead as long as they are living there.

Indiana: Under IN law, a leasehold can be considered an interest in real property or an interest in personal property, but the exemption applies regardless. See In re Coffey, 339 B.R. 689 (Bankr. N.D. Ind 2006)

Federal: debtor’s interest in real or personal property used as a residence under homestead: also can be exempt under federal wildcard

Florida: Homestead is principal residence, must be real estate of something live in on land, like a trail that is owned, whether on land owned or leased. But exemption planning adding to homestead is allowed and can be exempted.

Wisconsin: Prepaid rent can’t be exempted under Homestead definition limited to “the dwelling” no language like Illinois and Wisconsin.

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.