Author: Peter Francis Geraci, Bankruptcy Attorney and Financial Expert

Founding member of Geraci Law L.L.C., a multi-state consumer bankruptcy law firm with over 70 attorneys. One of the largest and oldest consumer bankruptcy law practices in the country. Founding member of Geraci, Arreola, and Hernandez, a personal injury law firm with landmark personal injury and medical malpractice rulings. CEO of Professional Financial Guidance L.L.C. and PFG Credit Counseling, Inc., online providers of bankruptcy debtor education and credit counseling.

Some Reflections on the Law of Bankruptcy

Letter from 1775 proves bankruptcy is as AMERICAN AS APPLE PIE!

Check out the article written by Attorney Peter Francis Geraci titled, “Some Reflections on the Law Of Bankruptcy.” Read the article below or this article and more at https://www.infotapes.com/Articles.

A year before the Declaration of Independence, the ability to file a bankruptcy case and get a fresh start was prized in America. This letter published in Connecticut, which enacted a bankruptcy law before the American Revolution, written in 1775, proves that. https://quod.lib.umich.edu/e/evans/N05906.0001.001/1:2?rgn=div1;view=fulltext

Among the pearls of wisdom in the letter, which hold true today, there is a common theme: “such a law would be beneficial to the publick, and analogous to reason and our holy religion” In other words, the bankruptcy laws of the United States, allowed by the U.S. Constitution Article I Section 8 that Congress has enacted, are BENEFICIAL, REASONABLE, AND SIMILAR TO HOLY RELIGION!

The letter starts out:

I shall consider this Act in the

  • FIRST PLACE, As beneficial to the Publick,
  • SECONDLY, Serviceable in general to the Debtor.
  • THIRDLY, In general, no Disservice to the Creditor.
  • FOURTHLY, Agreeable to Reason, and the Genius of our holy Religion.

Other colonies, such as Virginia, were also enacting their own bankruptcy laws. When the U.S. Constitution was enacted in 1787, the power to make a nationwide bankruptcy law was given to Congress. That is why bankruptcy is a Federal statute today, available in every state and U.S. Territory.

The letter points out the evils of not having a fresh start, debtors’ prisons they had in England, advantages to business with a good bankruptcy law, and quotes the Bible, which favors and commands the forgiveness of debt in many places:

of thy Brethren, &c. thou shalt not harden thine Heart, nor shut thy Hand from thy poor Brother;

but thou shalt open thine Hand wide unto him, and shalt surely lend him sufficient for his Need, in that which he wanteth:

If thy Brother be waxen poor, &c. then thou shalt relieve him, &c. that he may live.

If, says JOB, I have seen any perish for Want of Cloathing, or any Poor without Covering; if his Loins have not blessed me, &c. then let mine Arm fall from my Shoulder-blade, and mine Arm be broken from the Bone.

Whoso hath this World’s Good, and seeth his Brother have Need, and shutteth up his Bowels of Compassion from him, how dwelleth the Love of God in him!

My little Children, let us not love in Word, neither in Tongue, but in Deed and in Truth.

When we turn over the Pages of the sacred Volume, wrote from the Mouth of our Divine Master, and there observe the sublime Sentiments of Benevolence, Compassion, Forbearance, Forgiveness of Injuries, and Enemies, &c. enforced by the most powerful Arguments drawn from Life and Death, and the same exhibited in Perfection in his own glorious Person.

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 35,000 5-star reviews 5starsince November 2016!

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

What Financial Help Do You NEED?

Did you know you can DISPUTE credit reporting errors? Everyone is entitled to a FREE credit report once per year from Experian, Equifax and Transunion. If you see a mistake, then you should dispute the error with the individual credit bureau.

You can find bad information online. Geraci Law wants to help YOU answer questions about bankruptcy, debt and financial resources. We frequently update our website with important financial links – you can check it out at https://www.infotapes.com/Links

Disputing Credit Report Errors

Did you know you can DISPUTE credit reporting errors? Everyone is entitled to a FREE credit report once per year from Experian, Equifax and Transunion. If you see a mistake, then you should dispute the error with the individual credit bureau.

Below are the links for disputing credit reporting errors. If you underestimated how much debt you owe, if you are struggling to meet the minimums, we’re here for you. Geraci Law offers FREE consultations with our experienced staff.

Links to Dispute Credit Reporting Errors:

More Help is Available

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 since November 2016!

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

Budgeting Resources to Help You Succeed

Most financial experts rely on BUDGETS to outline what your disposable income is to determine how to reach goals. But where to start? Many people when using the pen/paper method forget to list certain expenses.

Why is Having a Budget so Important?

Most financial experts rely on BUDGETS to outline what your disposable income is to determine how to reach goals. But where to start? Many people when using the pen/paper method forget to list certain expenses.

All Geraci Law Clients Need a Budget.  You Should Too.

Geraci Law wants to be a RESOURCE to you. Even if you do not need a bankruptcy or maybe you already filed – creating a budget will help you SAVE money. You can use our fillable PDF.

Start with your income, if you are an hourly employee – then take the average gross pay. Look at your stub for all deductions.

For your expenses, list how much you are spending. Log into your bank account to see the transactions.

Download our budgeting form here to get started on your monthly budget.

If the debt is too much and you are not able to save money – call us. Our staff is ready to help in any way we can.

We Provide Free Consultations and Appointments.

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 since November 2016!

Still need more information? Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Geraci Law supports Bowen High School College-Bound Seniors

Bowen High School has over 50 seniors off to college in a few months who can use your help. Go to http://www.gofundme.com/858jkg to contribute! Even $20 helps. Geraci Law contributed $2000 to the Bowen High School Senior fund set up by former Asst. Principal Nia Abdullah. And thanks to the Chicago Sun Times’ reporter Sue Ontiveros for the publicity!

How to get a car you can afford after bankruptcy

If you have a vehicle payment that is too high, it may be that you “rolled over” the balance on a vehicle you traded in, paying that off with part of the new loan. That means you are “upside down” and owe more than the vehicle is worth. That means your payment may be more than you can afford. Geraci Law helps our clients by developing relationships with honest car dealers who can sell you a vehicle you can afford at a payment you can afford. Here is what Gino Amoroso of Motor World in Glen Ellyn, Illinois has to say about working with Geraci Law clients:

Hello Scott,  Just want to say thank you & keep you informed on how things are going. Currently this month we have sold eight customers referred by Geraci Law Firm: all were completely satisfied. The buying experience here at Motor World is the fast approval process and polite professional sales reps that create the ultimate buying experience. As an example today we did a complete brake job (pads & rotors) on a car we sold two months ago that was never promised to the customer: its the extra mile we go to keep our customers happy. As a result of our work ethics we are on target to hit a hundred sales this month, We enjoy a great working relationship with you and your organization Scott! That’s it.
Gino Amoroso http://www.mwcars.com 

Good things Geraci Law attorneys do for our clients

At Geraci Law, at the end of every month each one of our 80 or so attorneys reports on something exceptional they did for a client. This helps to reinforce part of our Peter Francis Geraci mission statement: “We are here to help others”. We post these on our website, http://www.infotapes.com every month so that potential clients can be assured they are receiving the highest level of professional services from each and every Geraci Law attorney.
One of our lawyer was reluctant to contribute; she said “I do good things for our clients every day, it’s nothing special”. I said, “then just give me the MOST special good thing you did in a month.” So now she is our top contributor!

Peter Francis Geraci attends Dave Ramsey Bankruptcy Leadership Summit in Nashville

I went down to Nashville recently for an intensive course in effective leadership using Dave Ramsey’s EntreLeadership principles. Dave Ramsey has devoted his career to Debtor Education the way I have to practicing bankruptcy law. Dave has quite a company, and his methods of operation are almost identical to Geraci Law. In fact, except for the obvious Christian background of Dave’s company, the guiding principles of Geraci Law are almost identical to Dave’s: honesty, integrity, and helping others come first. We even like the same Bible passages! And remember, Bankruptcy is a biblical law, Old Testament: Deutoronomy 15: 15 “At the end of every seven years you shall grant a release of debts. 2 And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the Lord’s release”.
Dave believes, as do I, that everything else follows if you do the right thing and help others. Dave Ramsey has a large meeting room where his 400 or so employees gather each week to share reports on the business operations.  Geraci Law only has about 130 staff, but the Geraci Law teams also meet weekly, in person or electronically, and each team leader shares their reports.  In that way, the organization is able to communicate and improve service to their clients.  It was quite a thrill to meet Dave Ramsey in person, and we had a great time and learned a lot, although I think my Debtor Education Course at http://www.pfged.com is better than Dave’s!!

(his is pretty good, though, and his new book is great!)  140522 Dave Ramsey Bankruptcy Leadership Summit photo

Happy Bankruptcy Clients

We at Geraci Law strive to have “happy clients”. Why? Our clients are almost always under stress, and our mission is to take as much of that away for them as possible. Here is what one recent client took the time to say in a thank you card to me:
“I want to extend a warm thank you to you and all the lawyers at your firm. You have a wonderful group of lawyers and you have helped me get out of debt and start my life once again. I especially want to thank your lawyer at your Berwyn office because they personally helped with my case. I want to thank Frank Hernandez. He helped me understand the whole case, and always answered by questions. He is so generous he even shared his dinner with me once. I had never tried Italian Beef before then. I also want to thank Belfor. He always greeted me and welcomed me into the office. I have recommended your office to my friends, who also need help with their bills. Thank you Mr. Geraci for everything your firm has helped me with. The little things you do mean so very much. Thank you.

I am the 4th generation of lawyer in my family, going back to my great-great grandfather, Francis Albert Hoffmann, who was lieutenant governor of Illinois during the Civil War, a founder of the Republican Party and staunch abolitionist, my great-grandfather Francis A. Hoffmann, who was corporation counsel of Chicago in the 1880’s, and my grandfather Francis A. Hoffmann, who went to North Division High School in 1905 (now Lincoln Park High School), Knox College and Univ. of Michigan Law School.  My mother unfortunately was unable to go to law school, but my sister is an attorney, and so am I.  I am quite proud of my family, and my profession.  So it pains me when ignorant people make lawyer jokes, or take a line from Shakespeare like “Let’s kill all the lawyers” out of context and spout it with an ignorant laugh.   

This line is from (2 Henry VI, 4.2.59), Dick the Butcher to Jack Cade “The first thing we do, let’s kill all the lawyers”  If we read the play, we see that Dick the Butcher and Jack Cade are low characters plotting the overthrow of the government for their own ends, and his “ragged multitude…rude and merciless… of want to “first kill all the lawyers” and educated persons so that they may destroy the kingdom.  Not exactly the kind of people that you would want to imitate, much less repeat their disgusting plot to murder anyone with education. So, read the play, respect the law, and stay out of jail.  (what happened to Dick the Butcher and Jack Cade anyway?)

 

 

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