Is There a Right Time to File Bankruptcy?

The answer is YES! If you are in debt and need help, NOW is the time to call us! You will review options with an experienced Geraci Law attorney to figure out a solution to your debt problem.

Geraci Law LLC was founded by attorney Peter Francis Geraci. Geraci Law filed more bankruptcy cases by far than any other law firm in the U.S. in 2015, over 13,000. We have counselled well over 100,000 clients. We don’t know exactly how many, but we are now on file 635,000.

We only practice in Illinois, Indiana and Wisconsin, with about 30 offices, and over 100 total attorneys and staff. We specialize in consumer bankruptcy. We know the rules. We are easy to talk to and are always on your side. We are sympathetic. We may accept our fees in installments, and our fees are reasonable. We are interested in your future, and will give you advice based on over 100,000 past and present clients we have represented in matters similar to yours.

Peter Francis Geraci has been practicing law since 1974.

He says, “I have tried many cases before both juries and judges. I have tried every kind of case from murder to paternity, from civil rights to work injuries, from paternity cases to automobile accidents. My last jury verdict was $6.5 million in a birth injury case, and I won the appeal and collected another $1.2 million in interest for my client.

Geraci Law LLC files over 10,000 bankruptcies every year. Some of my clients have done 2 bankruptcies with me already. Some of their grandparents were my clients!

Since my practice is now concentrated in bankruptcy work, the only other cases we handle are injury claims. We refer all other cases to competent lawyers who specialize in other areas. There is an advantage to concentrating in a particular area of law.”

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.

It’s a Free Hour to Change Your Life

Geraci Law offers FREE that’s right FREE consultations with our experienced bankruptcy attorneys.

Geraci Law offers FREE that’s right FREE consultations with our experienced bankruptcy attorneys. For no cost, you can review your debt, see if bankruptcy can be the solution to your debt problem. If we can’t offer you options, we’ll tell you why, and suggest some other solutions if we can.

Very few people talk about financial problems. Check out Chapter 2 of Attorney Peter Francis Geraci’s “Complete Book on Bankruptcy” titled CHAPTER #2 Don’t be Embarrassed, Nervous, or Afraid

Most hear the B word and believe they will NEVER buy a house. That’s simply not true. Bankruptcy affords someone the fresh start to get on track to home ownership. Many see their credit scores INCREASE after filing.

It’s as simple as saying I need some help or I need my options. We’re happy to meet with you to try and figure it out.

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.

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.

Debt Surges and So Does Inflation

Geraci Law reports increase in pressure on retired workers!

Read the press release below from Geraci Law – you can read additional news @ https://www.infotapes.com/Press.

As if we can’t see it ourselves, the Federal Reserve reports that consumer debt levels increased 14% in March 2022. Credit card debt and other revolving debt increased by 21.4%.

Revolving credit, which includes credit cards, surged by 21.4%.

Food is up 10%, and gas is up 25% over a year ago. Pension payments have not increased, the stock market is down 20%, and social security payments are up only 5% or less.

At Geraci Law, we have seen this cycle before. Geraci Law is one of the oldest and largest debt relief agencies in the country, with roots going back to 1977. This data indicates that the cost of living will increasingly outstrip the ability to pay debt, in the coming months.

“It usually takes 2 years for consumers to realize they should eliminate or consolidate debt using either Chapter 7 or 13”, says Geraci Law founding member attorney Peter Francis Geraci.

“Bankruptcy filings are at a historic low, and borrowing is at a historic high, with the good feelings of a stock market bonanza all but gone.” Geraci Law is seeing an increase in Chapter 13 debt repayment plans filed by retired persons, and those approaching retirement. “Retirees and fixed income individuals are the canaries in the coal mine, the first to suffer from inflation and high debt repayments”, said Mr. Geraci.

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.

Just Call!

If you have questions, Geraci Law believes in the phrase – JUST CALL! We want to talk to you and provide the best information possible.

At Geraci Law, you always have direct access to your attorney and paralegal team. No call centers, no leaving a message on a machine. Everyone you interact with is a Geraci Law employee.

It’s one of the many reasons we are the most reviewed bankruptcy law firm in the country. Over 40 years in business, over 200,000 clients served, and more than 30,000 5-star or positive bankruptcy attorney reviews.

So…

1. Thinking debt settlement or consolidation?

Just Call! 1-800-CALL-PFG

2. Want your “fresh start” Chapter 7 or 13 options?             

Just Call! 1-800-CALL-PFG

3. Want a free credit bureau “soft pull” to see your debts? 

Just Call! 1-800-CALL-PFG

4. Find out how much debt you have?

Just Call! 1-800-CALL-PFG

5. File from home using our Geraci Law app & Client Corner

Just Call! 1-800-CALL-PFG

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.

Medical Debt To Be Removed from Credit Reports

See article from CNET ” Medical Debt to Be Removed from Credit Reports This Summer – What to Know” @ https://www.cnet.com/personal-finance/medical-debt-to-be-removed-from-credit-reports-this-summer-what-to-know/

This does not mean you do not owe the debt but rather the 3 major credit reporting agencies Experian, Equifax and Transunion will not report debt until ONE YEAR of going into collections and the plan is NOT report any balance under $500.

If you have unpaid debt, if you need help – the medical bills may not show up but creditors can still attempt to collect, call Geraci Law. We’re happy to help.

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.

Don’t be Embarrassed, Nervous or Afraid!

Below is from Chapter 2 of Attorney Peter Francis Geraci’s, “Complete Book on Bankruptcy.” Read below or the rest of the book @ https://www.bankruptcybookbypeterfrancisgeraci.com/

CHAPTER #2 Don’t be Embarrassed, Nervous, or Afraid

Everyone tells me they are embarrassed, nervous, and afraid to get out of debt. So read our 30,000 reviews and find out what Geraci Law has done to make their life better. Start with the reviews.

Now, let’s take embarrassed first. No one talks about money. They talk about everything else, but in America, money is a guilty secret. So the first thing you have to realize is that almost 1 million people a year file bankruptcy. That’s right. It’s real common. Are you 40 years old? In the last 40 years, about 40 million people have filed bankruptcy. So don’t be embarrassed. Donald Trump has put more than one of his projects in bankruptcy.

Second is nervous. Log on to infotapes.com and read real life stories about people just like you and how their Chapter 7 or 13 worked out for them. Get educated. Then you won’t be nervous. Take my free online 20 minute credit counseling course. Or take my 2 hour course for $25. Too much debt is bad. It can actually affect your health. Bad debt is like a bad marriage, or a bad cold. It can make you feel miserable. If you get out of debt, your credit score goes up, and you can start saving for a house or car you want.

Third is afraid. Don’t be. At Geraci Law, we will not file a bankruptcy for you unless we think it will make your life better. So, once you realize you’re in good hands, that a million people just like you file every year, and you know your credit score and savings will go up, you will be ready to get some good advice.

Why would anyone be happy about having to file a bankruptcy? The answer is, if there were no bankruptcy laws, you would have no way out of financial trouble.

The bankruptcy laws, and how they can help you, are not known to the general public. When a person finds out that they can get out of debt, and start fresh, without giving up any possessions, they are generally very happy. No one files a bankruptcy case unless they have to. If you have the money to pay your bills, pay them!

Why would you be happier if you kept your house, kept your vehicle, kept your pension, kept your household furnishings, and had no debt, and could save money each month for retirement? Why wouldn’t you?

Realize that if you have $20,000.00 in credit card debt at 18%, and just make the minimum payments at 2.5% of the balance, never using the card again, it will take you 37 years to pay it off. Go to our website, http://www.infotapes.com, and follow the links to msn.money.com, and bankrate.com. You will find useful financial calculators on those sites. Plug in your debt, and see that if you can pay only minimums, you have a life sentence of debt. If you have a lawsuit, getting garnished can eat 15 to 25% of your take home pay, or snatch your entire bank account.

Why should you have a life sentence of debt? Be happy! Don’t worry! If you can only pay minimums, collectors are calling, you have to charge necessities, you may be better off filing Chapter 7 and getting a discharge of that debt, or Chapter 13, which is a no-interest debt repayment. You could take that $500 a month and repay your debts in full with no interest over less than 36 months.

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.

Do I Qualify for Bankruptcy?

Check out https://www.kwalifyme.com/ to get answers to questions like:

  • Cost Of Bankruptcy
  •  Cost Of Consolidation
  •  Debt To Income Ratio
  •  Experian “soft pull” report (doesn’t show on credit!)
  •  Experian Credit Score
  •  KBB Vehicle Value
Get your free online:
  •  Median Income Score
  •  Creditor Analysis
  •  Bankruptcy Bar Calculator
  •  Lawsuit Finder
  •  Debt Consolidation Score

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.

Nice People Doing Nice Things for Nice People

One of the common sayings at Geraci Law is “nice people doing nice things for nice people.” Geraci Law staff takes this very seriously. No one wants to file for bankruptcy but sometimes life circumstance causes more debt and an inability to pay.

One of the common sayings at Geraci Law is “nice people doing nice things for nice people.” Geraci Law staff takes this very seriously. No one wants to file for bankruptcy but sometimes life circumstance causes more debt and an inability to pay. See what Geraci Law clients say.

I worked with attorney Ricardo Gomez on my case. I never felt so heard, understood, and reassured before in regards to getting my financial life back on track. I was drowning in calls from debt collectors and constantly being pressured by them. When I first spoke with Rick, he took enough time to listen to my situation, let me know exactly what it is I should expect, and what I needed to do on my end to make sure things ran smoothly when filing. I am so grateful for his mother for raising an amazing son who goes above and beyond for his career. He is very down to earth and provided his own personal experiences to relate to me. Thank you Rick for helping me breathe again & see a light at the end of the tunnel! Keep up the fantastic work!

Geraci Law Chicago Client for Attorney Ricardo Gomez

I was shame and embarrassed to even call and start this process over again, I have worked with this office before but it’s been a while since I’ve been here, so I didn’t know what to expect when I called or who I would be working with as my lawyer. Well let just say that this young man was the most amazing individual that I have had the pleasure of working with in a long time. He made the experience of me coming back to this office such a pleasure, he is very very knowledgeable and very great at would he do he also shared with me a lot of history on bankruptcy so I would like to thank Mr Geraci himself for working with Joseph and showing him the true meaning of not only bankruptcy but also compassion for others and working to help people like myself have so type of relief and less stress. Covid hit my home hard I missed a lot of work and was pushed into a corner. When I left there today the only thing I was saying was thank god for these people and Joseph. I will get a good nights sleep! Thank you Joseph and god bless

Geraci Law Racine, Wisconsin client for Attorney Joseph Blaha

So when I finally decided to stop hiding behind my credit. I decided to do something about it .. I searched the Internet for a bankruptcy lawyer .. I made a few calls to the firms around the area.. but luck .. so I seen your website and decided to make the call and I’m so happy that I did .. you all have made it very easy and painless .. I now have a step in the right direction and I’m feeling good about it .. so thank you, you all for the hard work .. it’s much appreciated.. thank you

Geraci Law Schaumburg, Illinois client for Attorney Mark Levine

I have had a few issues along the way but Bridgett was always there and was willing to help me work through them and she worked with me she never judged me

I always felt like she actually cared my bankruptcy is ending as I’ve made the last payment and she’s been there to help me through all of that because that was the issue itself with wrong information as to how much I actually old but that’s all been straightened out the right people I got a hold of them it’s all taken care of and my bankruptcy is finish it which is great she does she’s very professional I would work with her anytime I recommend her to anyone she’s great she knows what she’s doing is she she answers you and she takes care of your problems so she will get a solution to it one way or the other she is a great asset to dresses thank you so much

Geraci Law Indianapolis, Indiana client for Attorney Bridget Spears

I HIGHLY recommend this firm. My case was not clear cut and had aspects that confused me. Right from the beginning Joseph explained everything to me and took a great deal of time to answer and explain any of my concerns with understandable options, kindness and caring. I felt I could definitely trust this firm to advise me on whether or not to pursue bankruptcy vs other options. I NEVER felt they were out for my money (fees). Abraham took over and made sure I TOTALLY understood every step I needed to take including how to prepare for the court date and encouraged me to MAKE SURE I did the needed creditor courses in time. He also explained ALL my options—bankruptcy or NOT—and what the potential pitfalls/ benefits were for each option.

WOW…I never felt rushed. I always felt I was the most important person and felt safe with their knowledge and dedication to making sure I understood everything. They did not rush me to hire them. They allowed me to ask questions and to think before hiring them.
After I hired them the firm’s staff helped me with any concerns and updates. Lisa was an amazing comfort whenever I needed help with something that confused me. The staff always responds very quickly. Once this firm was hired I felt they were attentive and totally on top of everything.

My case was resolved quickly with a positive outcome. I am so grateful for their help and send thanks to them all. This was a difficult decision to make but their expertise and care made this feel like a team effort. Thank you Abe, Joe, Lisa and Geraci Law staff!

Geraci Law Milwaukee, Wisconsin client for Geraci Law Wisconsin Staff

Credit Unions & Bankruptcy

Read the article from Attorney Peter Francis Geraci about Credit Unions and the difference in bankruptcy. This is why hiring an experienced attorney – matters. If you would like a free consultation, Geraci Law is here for you.

Credit Unions are Different than Banks in Bankruptcy

If you owe money to a credit union, they usually have a clause in their borrowing contract that any collateral you have given them, such as the car title, or a second mortgage on your house, is collateral for any other loans such as personal loans. It is what’s known as a cross-collateralization clause.

What is Cross-Collateralization?

Let’s say that you made a credit union loan for $3,000 and it was a personal loan and you had no collateral. Then you financed a car using a credit union loan, and you have $25,000 on that loan.

Look at your credit union papers when you made that vehicle loan. You don’t owe $25,000 on that loan; you owe $28,000, because there is a clause in small print that says any loan you have with them, is collateralized by the vehicle.

The Debt Can Stay If You Cross-Collateralize

Let’s say that you have a second mortgage with your credit union, and you take out a car loan, but then the car is wrecked and the insurance would only pay $15,000 but you owe $20,000. So the insurance pays the credit union $15,000 but you still owe $5,000. Since the car is destroyed, it is no longer collateral for the car loan, but since there is a cross-collateralization clause, you will pay $5,000 if it is secured by the second mortgage on your house. Even if you pay off the second mortgage, you have to pay off that $5,000 on the car loan, plus interest until you pay it off.

Do Credit Unions Debt Shame You?

Credit unions claim that they keep their interest rates are low because they have less losses than other lenders. One way they have less losses is by scaring you, and posting the names of anyone who causes them a loss, by not paying back 100% of what they owe, either on the credit union website or on a bulletin board at the credit union, or both. That is called “credit shaming.” It is pretty nasty, but it’s a fact of life with credit unions.

What if Your Credit Union Vehicle is Over-Financed?

So, under Chapter 7, if you have a vehicle and you want to keep it, and it’s financed by a credit union, they will want the vehicle back unless you sign up on the vehicle loan and any other loans you have with them. Under Chapter 13, they are a secured creditor on cross-collateralized loans.

Complications from Credit Union Debts

So, the most common case involving credit unions is that if you want to keep the vehicle financed by them, or you have a second mortgage financed with them, no other loans, it’s pretty routine: In Chapter 7 you reaffirm, in Chapter 13 simply pay them according to the contract terms.

The complication comes in where you have multiple loans with them and that’s something we can discuss with you, but please, go get a copy of each credit union loan so we can read the paperwork and see if there is a cross-collateralization clause. You can also stop by the credit union, and ask them for a copy of the papers and ask them if the loans are crossed with each other. Then you’ll know and can make an intelligent decision. Geraci law can help you make that decision.

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.

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