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.

Are Unlisted Creditors Discharged in My Bankruptcy Case?

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

That depends.  In the First Circuit and the Seventh Circuit, there are cases that talk about missing creditors that aren’t discharged unless the case is reopened to amend schedules to list an omitted creditor, but, at least in the 7th Circuit, that reasoning is rarely followed.

In Stark v. St. Mary’s Hospital, 717 F.2d 322 (7th 1983), the Seventh Circuit concluded that the decision of whether to discharge the debt of an omitted creditor is based on equity. The Stark court said the burden is on the debtor to show that law and equitable principles allow the reopening of the case to include the omitted creditor. Without such a showing by the debtor, the debt will not be discharged and the creditor will have a claim against the debtor, despite the previous order for discharge of debts.

This case has been criticized for suggesting that adding a creditor to a schedule has an effect on the dischargeability of the underlying debt. See In re Anderson, 72 B.R. 783 (Bankr. D. Minn. 1987).

The general rule in most jurisdictions is that a debt is either dischargeable or not based on the nature of the debt, and the nature of the status of the claims proceeding, and that reopening the case is unnecessary.

Even in the 7th Circuit, which is Illinois, Indiana and Wisconsin, if the creditor has actual notice of some kind, such as you called and told them, or if “no harm, no foul” because the case was a “no asset case” and they would have gotten nothing even if they were listed, or if the creditor is really to blame because they sold the debt to someone else and didn’t tell them, the case does not have to be reopened at all. At Geraci Law, the issue rarely comes up.

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.

Geraci Law Attorneys in Texas!

Geraci Law is ready to help YOU in Texas. Attorney Jason Nielsen and Attorney Cecil Scruggs are sworn into Texas. It’s the same AMAZING Geraci Law service in the heart of Texas.

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.

What Bankruptcy Can Do!

No one wakes up in the morning and says, “I want to file for bankruptcy!” It does not work that way. Life happens and more often than not you are in more debt with less income. Sometimes it’s as simple as bad luck – you get into a car accident 2 days after your insurance lapses, you start a new job and are in the hospital before health insurance kicks in. There’s divorce, life circumstance – things happen.

Thankfully, we have bankruptcy as an option to deal with the debt. Filing for bankruptcy can be the fresh start and breath of fresh air you are looking for. So what can it do for you?

  • Gets rid of as many bills as possible
  • Does not affect car payments if you keep the car and continue payments
  • STOPS all calls and letters from bill collectors.
  • STOPS interest on charge cards.
  • CLEARS credit report except for bankruptcy listing.
  • Allows you to INCREASE your credit score.
  • Helps you catch up on house and car payments.
  • Lowers interest on furniture and appliance payments.
  • Allows you to start a savings plan immediately.
  • STOPS garnishments and wage assignments.
  • NEVER pay another old debt again.
  • Clear up past due utility bills–only a deposit needed to restart service.
  • All negative credit reports before bankruptcy are cleared.
  • Accounts you have reaffirmed or paid are credit references in the future.

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.

What You Get When You Choose Geraci Law!

Check us out @ https://www.infotapes.com/. Geraci Law has helped THOUSANDS get control of their finances. We’re not a corporate firm, we’re nice friendly people ready to help. Geraci Law cares about YOU and finding a solution to your financial problem. If we can’t help, we’ll try to come up with an alternative solution.

Here’s what else you get when you choose Geraci Law:

  • Free phone consultation to go over your debts with a bankruptcy counselor. Call to start now with a free consultation.
  • Free office or virtual consultation Weekdays and Saturdays.
  • Fast filing same day available.
  • No money down filing available for Chapter 13 plans.
  • Payment plans you can afford available to fit your case.
  • We handle our own trial and appellate work.
  • No hidden charges: some firms tack on $150 for what we do for free.
  • Established bankruptcy law firm with over 100 attorneys and staff.
  • We do both Chapter 7 and 13, some attorneys only do one Chapter.
  • We are in court all the time everywhere, it’s no trouble to help you out!
  • No phony debt settlement schemes: we work within the court system.
  • Geraci Law is the largest bankruptcy firm almost everywhere we are.
  • Personal attention, happy clients, and a fresh start for you.
  • Experience counts: we do so much bankruptcy we see everything.
  • Geraci Law LLC provides our lawyers and staff with Continuing Legal Education constantly so you get lawyers who are up to date legally!

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.

When Should I File For Bankruptcy?

The real question is, when you get in a situation where you can’t pay your bills, when should you eliminate or consolidate.

Read Chapter 5 of Attorney Peter Francis Geraci’s “Complete Book on Bankruptcy” below or at https://www.bankruptcybookbypeterfrancisgeraci.com/

The main causes are:

1. Financing lifestyle Buying things on credit can get out of hand

2. Failure to get raises Bills go up, but salary doesn’t. That is pretty common.

3. Illness When you’re ill, you can pay your bills

4. Bad luck Accidents, floods, fires, theft

5. Job loss Getting rehired often means taking a pay cut, now days

6. Gambling Yes, it’s a major cause of filing bankruptcy

7. Family Many solid working people are paying for family members debts

The real question is, when you get in a situation where you can’t pay your bills, when should you eliminate or consolidate. The answer is:

A. Before you spend your pension. The first thing many people do to pay bills is take a 401K loan or draw down their pension. Do NOT do that, because creditors cannot touch your 401K or pension. Bankruptcy laws protect your pension and 401K. No one can touch it. File before you think of using retirement funds to pay creditors.

B. When you lose a good job. There is an income test for Chapter 7. So if you lose a 100K a year job, why pay the credit cards unless you are going back to work right away. If you’re not back to work in 4 months, you might qualify for Chapter 7. But if you wait until you go back to work, you might not qualify, because now you make more than the median income, and your only remedy is Chapter 13 debt repayment, based on your income.

C. If illness and unpaid medical bills are your problem, wait until you are better, or have insurance before using up your right to file Chapter 7. If you are working and have ongoing medical that is unpaid, often Chapter 13 is a good idea, because it keeps your Chapter 7 option open.

D. If you simply aren’t making enough money, you should take my debtor education course, get out of debt, and learn how to budget. It just may be impossible to pay your debt on the salary you are making.

E. Don’t consider bankruptcy unless you can eliminate at least $10,000 in debt. It is just dumb to file any bankruptcy because you have a lawsuit for $4000. Settle it yourself. Save your bankruptcy for a real disaster.

***If three or more of the following apply to you, you should see a bankruptcy lawyer now.

***If more than 5 of the following apply to you, you should have already seen us 3 months ago!!!

_____My debt is over $10,000 not including a car or house.

_____My payments are over 25% of my take home pay.

_____I am frequently late on my payments.

_____I pay 20% interest on my debt.

_____I buy necessary items like food or clothing on credit.

_____I frequently get cash advances.

_____I am thinking about getting a loan to pay other loans.

_____ I have a lawsuit and over $10,000 in other debt I can eliminate.

_____Collection agencies are calling me.

_____I am “robbing Peter to pay Paul.”

_____My balances are not going down even though I make payments.

_____I have been turned down for more credit.

_____Payments are more than 1 month behind on more than one bill.

_____My driver’s license is suspended because of an accident.

_____I am working but paying other debts so I can’t afford car insurance.

_____My mortgage or rent is always late, or is behind.

_____We are getting divorced and have too many bills to pay.

_____I have medical bills over $20,000 that are not insured.

_____There is a garnishment or wage assignment on my check.

_____I owe income taxes I can’t pay now.

_____My car is worth much less than I owe.

_____I have no savings.

If none of these apply to you, congratulations!! You are living the American Dream.PREVIOUSNEXT

Debt Settlement and Debt Consolidation vs. Bankruptcy

Is bankruptcy a better option for managing debt?

Is bankruptcy a better option for managing debt?

Debt settlement and debt consolidation rarely work in favor of consumers. There is no guarantee that they will work. So how does it work? Basically, debt settlement and consolidation companies have you pay them to settle your debts for you.

They have no special bargaining powers or authority to make your creditors settle. If a creditor does not want to settle, they can simply refuse, keep charging you late fees and interest, while you keep paying the settlement company to basically do nothing.

Bankruptcy gives you protection under the law. After your case is filed, the Federal Bankruptcy Court issues an Automatic Stay, which grants automatic and immediate protection from your creditors. From there on out, your debts are handled under court supervision and creditors cannot continue to charge late fees or interest.

Liz Weston from NerdWallet wrote a great article detailing why debt settlement and debt consolidation are BAD alternatives to bankruptcy, how they hurt you more in the long term.

The article is a few years old but still applies, check it out @ https://www.southbendtribune.com/story/business/2017/08/30/debt-settlement-a-bad-alternative-to-bankruptcy/46331397/

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 Does Bankruptcy Filing Work?

Check out the Infotapes from Attorney Peter Francis Geraci. Watch below or @ https://www.infotapes.com/Bankruptcy/Infotapes

Organize Your Debt

1. How MUCH debt do you have? Is it around $10,000 or more in debt you can eliminate, like medical bills, lawsuits, credit cards, personal loans, repossessions? Make a list of all your debt and what it is for. You can find a form at Infotapes.com. Remember, some debts don’t appear on credit reports, so gather your bills, and even old debts can chase you for 5 or 10 years or more

2. What KIND of debt do you have? So if you have $10,000 or more in debt, is it the kind you can get rid of, or the kind you want to pay, like vehicles or credit unions, or is it just government student loans?

So, you can make a short list, using our form, you can get a free credit report to see what your creditors are reporting to credit bureaus.

Consult with a Law Firm

3. Get a free phone mini-consultation. You will need competent advice on whether Chapter 7 or 13 is right for the type and amount of debt, and also for your income level. Don’t make the mistake of thinking you can pick your Chapter, because you don’t know as much as Geraci Law’s highly experience attorneys.

4. Start uploading your documents. If we decide that we can help you, we’ll give you access to the Geraci Law ClientCorner, run an Experian soft-pull, get a Kelly Blue Book value on your vehicles, estimate your house value if you have one, and more. You can then upload necessary documents to our Geraci Law ClientCorner client portal, such as pay stubs, bank statements, contracts, bills and tax returns.

Meet with a Bankruptcy Lawyer for Free

5. Get a virtual or in-office interview and get your options, costs, and retain us, little or no money down. Figure a payment plan, and you’ve got yourself a lawyer! We’ll refer you to take a 20 minute online finance course, which costs $25. Take the course before you file. You can take my credit counseling course online for free to see what it’s like.

Review and Sign your Bankruptcy Paperwork

6. We’ll then prepare a bankruptcy petition of about 50 pages for you to review, and assemble the necessary documents you have uploaded, and after you sign it, we’ll file it with the Court.

File your Bankruptcy in Court

7. After we file in court, we’ll post all your documents on your secure Geraci Law ClientCorner portal, where you will get all your messages, instructions, documents, and even videos about your meeting of creditors and taking your second Debtor Education Course. The bankruptcy court requires you to take the second course to get a discharge. I teach it, and the Administrative office of the U.S. Trustee in bankruptcy certifies it. The court is one of the only courses actually taught by an experienced bankruptcy attorney.

Attend your Meeting of the Creditors

8. We will go with you, either by Zoom or in-person, to a brief interview with a Court appointed bankruptcy Trustee to go over your petition and approve it. If you filed Chapter 13, your plan will be confirmed and you will make the necessary monthly payment. If you filed Chapter 7, we will handle any paperwork with vehicles or mortgages you want to keep, and you will get a discharge around 4 months from date of filing.

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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