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.

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.

Can Bankruptcy Stop Collection Agencies From Calling?

Check out this article (and more!) at https://www.infotapes.com/Articles. The answer is YES.

Yes. You can stop creditors from calling you without filing a bankruptcy.  Just say “Oh, I’m glad you called, where can I send payment in full?”  

If you can’t send payment in full, start sending partial payments, and they’ll stop calling. 

If paying the creditor who is calling, you isn’t in your budget, you can also say “Don’t call me, I can’t pay you, you can sue me but don’t call me.”  They may or may not file a lawsuit against you.

If Geraci Law files your Chapter 7, or Chapter 13 repayment plan, we provide you with your bankruptcy case #.  You then give it to anyone who calls you, and you won’t hear from them again.  Make sure you ask who is calling and who they represent, so you make sure they are listed on your bankruptcy petition. 

If you are planning on filing a bankruptcy with Geraci Law, Keep a pen and paper to take down information on who is calling you, if they are a collection agency or the actual creditor, and the account #, because you want to make sure you list them on your bankruptcy petition.  Unlisted creditors don’t get discharged, so listing all creditors you have is important. 

Or worse, someone has filed a lawsuit against you or your check is being garnished.  You should immediately call us to start your case.  A chapter 7 can eliminate your debt or a chapter 13 will consolidate your debt into a payment you can afford.  Both Chapter 7 and Chapter 13 stop collection and lawsuits.  

Is your mortgage or rent always late?  Other payments are behind a month or more?  All because you lost your income?  You probably qualify for bankruptcy protection and need a fresh start to get rid of debt and start over.  

What about savings?  Do you have any?  Are your balances not going down even though you make payments.  Are you being turned down for credit?  Many people file bankruptcy to help build savings.  Watch our video on credit scores.  You will learn that studies show bankruptcy will actually increase your credit score and that people who file bankruptcy are likely to have better future financial success.  Why?  Because they got rid of their debt and started over.  

Are you concerned you have assets and cannot file a bankruptcy?  Most people with assets can still file a bankruptcy to eliminate their debts.  Think you make too much money to get rid of your debt?  Chapter 13 gives you interest free repayments on your debt.  Better yet, if your creditor doesn’t file a claim in your case you will receive a discharge without repaying them.  

Let’s do a hypothetical: Bill and Sally have been married for 20 years. Bill recently lost his job in middle management, and is now working at half his former salary, driving a limousine. Sally had an operation, and since there was no insurance, owes $8,000 in unpaid medical bills. To supplement Bill’s income, they have been using credit cards to pay for groceries and other expenses because Sally needed 8 weeks to recover from her operation.  The balances on the credit cards are now $5000, because they used the cards to supplement their lost income.  Sally returned to work, but because of the medical bills and increased credit card balances, They can’t afford the credit card payments anymore.  They want to know, do I qualify for bankruptcy.  

Answer: Of course.  Bill and Sally were hit with some bad luck.  Bill lost his position in middle management and Sally’s operation forced her out of work for a month.  A bankruptcy, either chapter 7 or 13, would benefit Bill and Sally because it will get rid of all their unsecured debt and they will be able to start saving now that Sally is back to work.  

Does any of this sound familiar?  If it does, call right now to get your options.  

But let’s do one more.  Same situation with Bill and Sally, but this time Bill and Sally are 6 months behind on the house. Bill and Sally received foreclosure paperwork and now they need to save the house.  

Answer: Chapter 13 will stop the foreclosure and let Bill and Sally repay the past due amounts over time.  Better yet, the unsecured debts will be paid interest fee.  When the plan is complete Bill and Sally will likely have improved credit for making timely payment in their chapter 13, a MUCH BETTER budget, and no debt.

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.

Consumer Debt is $15.6 TRILLION!

Check out the article posted at CNBC titled, “Consumer debt totals $15.6 trillion in 2021, a record-breaking increase,” @ Consumer Debt.

Check out the article posted at CNBC titled, “Consumer debt totals $15.6 trillion in 2021, a record-breaking increase,” @ Consumer Debt.

It’s mortgage debt, car debt and credit card debt. Take a look at your finances, are you struggling to pay OFF minimums? Break the cycle of paying the minimum payments only to use the credit again because your cash is gone.

Inflation is hitting everyone’s budget, interest rates on said minimum payments will most likely INCREASE later this year. Filing a bankruptcy can help YOU gain control back of your finances.

The best thing about Geraci Law – we will give you our best opinion. If bankruptcy makes sense, we’ll work WITH you to accomplish your goals. If bankruptcy is not your best option, we’ll help you come up with other options if we can. It’s as simple as a phone call.

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.

Tax Debt & Bankruptcy

There are so many different kinds of taxes and the law is so complicated, that the best answer is: sometimes. Bankruptcy is about the only law more powerful than the IRS.

It’s that time of year – the start of tax filing season. Attorney Peter Francis Geraci answers your questions about tax debt and bankruptcy. Read Chapter 33 below or in PFG’s “Complete Book on Bankruptcy” @ https://www.bankruptcybookbypeterfrancisgeraci.com/book33.html

CHAPTER #33 Can I Get Rid of Taxes with Bankruptcy?

Sometimes, if they are income taxes, you filed a truthful return on time, you just owed the tax and could not pay it, and more than 3 years have passed since the return was due (usually April 15 following the tax year), and the taxes have been assessed and more than 240 days have passed…

There are so many different kinds of taxes and the law is so complicated, that the best answer is: sometimes. Bankruptcy is about the only law more powerful than the IRS. Usually, only income taxes can be discharged. Sales or withholding tax cannot.

In order for income taxes to be dischargeable, you must have

1. filed your return on time, and

2. the date you filed your return must be more than 3 years ago. (April 15 is due date but can be April 16 or 18 because of weekends some years)

If your return was filed late, you need only wait two years after it was filed to have your income taxes eligible for discharge. If you didn’t file a return, your income taxes are not eligible for discharge.

If your income taxes do not fall under the above time periods, or if you did not file a return, you may be eligible to force a repayment plan on the IRS, if you have sufficient regular income, by proposing a Chapter 13 Debt Repayment Plan. In a Chapter 13, you can pay past due income taxes over as long as 5 years, with no further interest or penalty, in most cases, and the IRS cannot take collection action during the Chapter 13 Plan. Of course, you must pay any future income taxes on time, and you must file any tax returns not previously filed, as a condition of having your Chapter 13 approved.

There are many other kinds of taxes, and special rules apply to all of them. I make no guarantee that any tax is dischargeable, because of the complexity of the rules, and the policy of not making most taxes dischargeable. We list them on the petition, however, notify the IRS and proper governmental entities, and then if the tax is not discharged, it is possible to work out a repayment plan based on your bankruptcy budget which we prepare.

Problem: Donald and Regina filed their 1982 and 1983 returns on time, but didn’t have the money to pay the $4500 tax due on Donald’s part time job, and Regina’s unemployment money. They also owe $9,000 in unsecured credit. Now they are both working full time, but there is an IRS levy taking 80% on Donald’s check.

The Peter Francis Geraci Chapter 7 or 13 Solution: It appears that they can start fresh with no debt by filing a Chapter 7. Or, they can pay their debt over as long as 60 months, and their payment will be about $250 per month, including all costs.

Note: Unpaid income taxes can build up interest and penalties rapidly, so Chapter 13 cases are great for many tax debts.

Trust fund taxes, such as employee withholding amounts that were never paid to the government, are not dischargeable, although they can be paid back in full in a Chapter 13.

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

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