More Jobs, Less Income

Many economists claim unemployment rates are decreasing but wage growth (increases in salaries) is slow. Many jobs are only part-time and many full-time employees are underemployed. When an employee cannot keep up with increased costs of living, there simply is no money available to pay other debt.

A minimum wage in Illinois is $8.25 per hour. An employee working full-time makes $330 per week, before taxes. Average rent (in the United States) for a one-bedroom is approximately $750 per month. If this person has debt, this person has few options.

A bankruptcy will help with the debt. You can eliminate credit cards, payday loans, and other unsecured debt with a Chapter 7. It should be easier job hunting without collection calls or the worry that comes with owing.

Peter Francis Geraci and Geraci Law attorneys offer affordable payment options for Chapter 7 attorney fees.  Without salary or pay increases, almost everyone is living paycheck to paycheck. Geraci Law Attorneys in Illinois, Indiana and Wisconsin can help you get out of debt.

How to Rebuild Credit

A common question is, “how do I rebuild my credit?”  The first step to rebuilding is taking care of your past due debt. Every late payment, co-signed mishap and judgment affects your credit. If you leave untreated, you could face a wage garnishment, judgment lien and a large hole to dig out of.

 

Debt settlement and payment plans do not work for everyone. In order to settle, you usually need savings to do so. Creditors will work with you if you can pay them in full, quickly. You could be better in a bankruptcy with Peter Francis Geraci and Geraci Law.

 

A Chapter 7 bankruptcy eliminates your debt and a Chapter 13 consolidates. In a Chapter 13, you can pay back what you can afford to pay. Upon discharge (of either Chapter 7 or Chapter 13) you have a fresh start!

 

What you do with this fresh start can help determine how quickly you rebuild. You should save money, make payments on time (on car notes, mortgages, etc.) and reestablish a payment history. You no longer need to rely on credit and can live within your means.

 

You can take the first step to becoming debt free by calling us. If you are looking for additional information about credit, please watch the free counseling video by clicking the link below.

Counseling Video

A Fresh Start Bankruptcy Before Getting Married

A young man wanting to marry his girlfriend came into the Geraci Law Northside office and met with Attorney Laura Caputo. His girlfriend would not marry him until his debt was under control. He was overwhelmed by medical bills, past-due utilities and behind on his car payment.

Originally, he wanted a Chapter 13 repayment plan to stop the repossession of his vehicle. He financed an older model in need of repairs. He fell behind on payments after the birth of his child and could not get current.

Attorney Caputo reviewed the man’s budget and Chapter 13 options. He would pay almost double the car’s value. He decided Chapter 7 debt elimination could give him a fresh start and make his girlfriend happy.

An experienced bankruptcy attorney like Illinois Geraci Law Attorney Caputo provides long-term solutions to problems. A Chapter 13 bankruptcy would stop the repossession but he would be paying thousands on an underwater vehicle. Instead, he is now debt free and able to plan his wedding.

Avoid the Cheap Bankruptcy Lawyer

Before meeting with Illinois Geraci Law Attorney Daniel Springer, a Rockford man met with a local attorney. The other attorney offered a “cheap” fee as advertisement of the office. When the client walked into the office, he found a shoeless attorney wearing jeans.

Worried about the fee and the lack of shoes, he left the office. He came to the Geraci Law Rockford location. He was impressed by Attorney Springer’s bankruptcy knowledge and detailed explanation of Chapter 7 and Chapter 13 options. Also Geraci Law attorneys wore shoes!

He hired Geraci Law and within one week, the case was filed!