Bad Credit = MORE Interest

Credit scores fall into 5 categories to determine interest rates. Consider Geraci Law to help with your credit score!

Bad Credit = MORE Interest

According to an article on CNBC (read here) – more than 1/3 Americans have a credit score that is considered “subprime.”  If you are one of these people, you may end up paying THOUSANDS more in interest than borrowers with better credit scores. Filing a bankruptcy can HELP improve your credit score!

The Consumer Financial Protection Bureau (CFPB) puts Americans into five different categories.

Deep Subprime – any credit score below 580

Subprime – any credit score between 580-619

Near-prime – any credit score between 620-659

Prime – any credit score between 660-719

Super-prime – any credit score above 720

Where do you fall? Your credit score is not only determined by timely payments. Your debt to income ratio plays a role. Do you have more debt than income in a year? Are you behind on payments? Are you considering borrowing money from a 401K or family member to pay off debt? Before you make a huge decision, talk with a Geraci Law attorney (guess what – it’s FREE).

Even if you are paying your minimum payments, you may not realize how much you are paying in interest! According to the CFPB, a Deep Subprime borrower paid 21.50% interest versus a Super-Prime borrower paying 12.50%. That is a HUGE difference.

Filing a bankruptcy could change your life for the better. You may IMPROVE your financial future to qualify for the better rates on mortgages, car loans or even credit cards. Don’t know your credit score? Not sure of what debt is reporting? Geraci Law can help!

Want more information about credit scores and bankruptcy? Below are a couple of links to related topics!

FICO Creates New UltraFICO Scoring System

When Should I File For Bankruptcy?

Credit Concern? Call Geraci 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 30,000 5-star reviews 5starsince November 2016!

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

Extra $600 Unemployment Ends on 7/31 – What Do I Do About My Debt?

The extra $600 in unemployment benefits ends on 7/31 – it may be time to rework the monthly budget.

Extra $600 Unemployment Ends on 7/31 – What Do I Do About My Debt?

The CARES Act provided an additional $600 per week in unemployment benefits. It is a federally funded program that is slated to end on 7/31. It’s only two weeks more of the extra income unless something changes. If you are unemployed, you should immediately review your budget. Take a look you’re your budget dependent on the $600 per week extra income? It is time to come up with an alternative solution…fast.

Make a list of your budget priorities. Expenses like your housing, food, utilities. Then take a closer look at where your money is going. Is your income going straight to student loan minimum payments? You could find savings here by consulting with your provider for a forbearance or deferment plan. Federal loans are automatically deferred until September 30th (read more at https://studentaid.gov/manage-loans/lower-payments/get-temporary-relief/forbearance).

Look at other expenses – a good way to find what you are spending money on is looking at your bank statement. Take a look at the last 30 days. If your budget is reliant on using the credit cards to pay for these priorities because you are ALSO paying the minimums then you are in a budget cycle (see Break the CYCLE of DEBT!).

You could be in a circle where you are making the minimum payments but using the credit again because your cash is gone. If you have LESS income coming in after the $600 additional unemployment benefit ends, then making those minimum payments becomes nearly impossible.  Add the interest rates, late fees attached to credit and you have a debt snowballing.

It may be time to consider a bankruptcy. Break the cycle of credit debt. Call Geraci Law and let’s go over options. If you want to consult by phone, we’re ready. Call 800 CALL PFG and ask to speak with an attorney. Start planning for your financial future so when you are back to work or when you have another source of revenue you are not relying on the credit debt to meet the basic essentials.

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 Kwalify?

Questions about debt? Too nervous to call? No problem – check out KwalifyMe to get the answers!

When you are struggling with debt, trying to find answers can be tough. If you are trying to figure out different options including bankruptcy, consolidation and OTHERS – you should check out www.kwalifyme.com. Filling out the information will answer:

Cost of bankruptcy
Cost of consolidation
Debt to income ratio

You can also get the following:

Median Income score
Creditor analysis
Bankruptcy bar calculator
Lawsuit search
Debt consolidation score
Experian “soft pull” report (doesn’t show up on  your credit)
Experian credit score
KBB vehicle value


If you have questions, you will get answers. It’s very cool and if you want to discuss your situation further, Geraci Law is available. It’s as easy as 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 since November 2016!

2019 IRS Tax Deadline is 7/15!

An excerpt from Attorney Peter Francis Geraci’s “The Complete Book on Bankruptcy.” Learn more about IRS tax debt and bankruptcy!

2019 IRS Tax Deadline is 7/15!

With COVID-19, many people may have forgotten about the other 19. That’s your 2019 tax returns! The IRS tax filing deadline is just about 2 weeks away. Filing your tax returns on time is important. Did you know sometimes you can eliminate tax debt with a bankruptcy?

Below is an excerpt from Attorney Peter Francis Geraci’s Complete Book on Bankruptcy.It’s too soon for 2019 taxes to be eliminated but if you have older tax debt, call us. We do a FREE consultation to see if bankruptcy could be a solution.

Chapter 33 – Can I Get Rid of Taxes?

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 25,000 5-star reviews 5starsince November 2016!

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

Don’t Be Embarrassed, Nervous or Afraid

An excerpt from Attorney Peter Francis Geraci’s “The Complete Book on Bankruptcy.”

Don’t Be Embarrassed, Nervous or Afraid

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.

Read more @ https://www.bankruptcybookbypeterfrancisgeraci.com

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 25,000 5-star reviews 5starsince November 2016!

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

Geraci Law Offices Open 6/8!

Geraci Law offices are opening NEXT week! Schedule a time to meet with our expert attorneys!

Geraci Law is ready to meet you (safely) in person! Our offices are opening the week of 6/8. If you want to review your options or if you have questions – we’re here for you. Bankruptcy is complicated and you need an expert like Geraci Law attorneys on your side.

Video Meeting

  • We’re available to meet the same day or anytime between 8:00 a.m.-6:00 p.m. (central standard time).
  • You only need a smart phone!
  • To schedule a video meeting, you can:

In Person Meeting

  • We are available Monday-Friday – appointments are SCHEDULED to keep you and our staff safe.
  • We have masks, gloves and pens for EVERYONE!
  • You can schedule an person meeting by calling us at 800.401.4010.

 

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 25,000 5-star reviews 5starsince November 2016!

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

Credit Concern? Call Geraci Law!

Banks are cutting access to credit. Are you overwhelmed with bills? Are you worried about debt? Call Geraci Law.

Credit Concern? Call Geraci Law!

Have you noticed your available credit is cut? Did you see an account get closed? Credit card companies are cutting available lines of credit. Over 30 million people applied for unemployment as a result of the pandemic.

With the number of people unemployed, banks consider credit too big of a risk. So if you are late with payments, if you haven’t used the card – odds are the credit line will be cut.

If you are RELYING on credit to get you to the next paycheck, it’s not a great long term plan anyhow. Instead consider bankruptcy.

The cash you are spending on minimum payments that is NOT paying off the balances with interest could be the money you have as a safe hold. Create a budget and stick to it but you can’t create a budget until you deal with the past due balances.

Filing for bankruptcy is a FASTER way to handle your debt. Credit counseling, making minimum payments will cost you THOUSANDS in interest and it could take YEARS to pay off the balances. Your credit score still takes a hit and typically will take LONGER to get on the path to rebuilding.

You do NOT need credit cards. Realigning your budget and using a debit card could save you thousands. If you want a credit card, then pay it off every month. Only use the credit card for what you can pay off so you can AVOID interest. That timely payment every month can help you reestablish a payment history.

So if your credit line is cut, if your cards are maxed out, if you are simply overwhelmed by the debt – call us. It’s a free conversation that can change your life for the better.

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 25,000 5-star reviews 5starsince November 2016!

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

Unemployed with Debt – What to Do?

If you are unemployed with debt – you should consult an attorney with Geraci Law.

Unemployed with Debt – What to Do?

We are all struggling to figure out existence in this new world. Trying to balance budgets, E-Learning and making sure we have enough hand sanitizer. With the LOSS of income, everything becomes MORE strained.  Not to mention worrying about making the next minimum credit card payment.

Over 33 million Americans are out of work since the start of the pandemic. That number most likely will not decrease but rather increase. When you have debt and you are unemployed – what do you do?

The answer may or may not be bankruptcy. If you have debt – the BEST decision you can make is to call Geraci Law to consult about your financial situation. Our experienced attorneys and staff can help you figure out what to do about the bills. Geraci Law not only has FREE phone consultations, we also have FREE video meetings with our attorneys.

Consider your options. Consider your expenses. Job loss is scary. Filing for bankruptcy with Geraci Law is NOT scary. If we have a solution to your problem, we’ll let you know. If we cannot help you we’ll let you know that too. Talking is important – give us a call at 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 25,000 5-star reviews 5starsince November 2016!

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

FAQs about Debt & COVID 19

Geraci Law answers questions about debt during COVID 19.

FAQs about Debt & COVID 19

Geraci Law wants to help you answer questions about debt and collections because of the uncertainty surrounding COVID-19.  Reviewing your financial situation with an experienced bankruptcy firm (like Geraci Law) is almost a GREAT idea if you are struggling financially.

Are the bankruptcy courts open?

Yes but there are are no in-person meetings. BUT, we are able to file Chapter 7 and Chapter 13 bankruptcy petitions to get the automatic stay protection. The courts are still processing filed petitions. There is no delay in case filing. Oftentimes Geraci Law can file a case the same or next day.

Can bill collectors sue me when courts reopen?

ABSOLUTELY. Governor J.B. Pritzer suspended summons service so creditors cannot serve a garnishment or citation to discover assets. Most collection agencies and finance companies are put on hold during COVID-19. Once the order ends – collectors can start to sue, garnish, and collect. Filing a bankruptcy NOW stops the future collection.

Are Geraci Law offices open?

Yes and no. Yes Geraci Law is open and ready to help. No, the physical locations are not open to protect our staff and clients. We can meet with you via phone or video. It’s the same great service – just virtually. You can schedule online at https://www.infotapes.com/Bankruptcy/OfficeLocator. All you need is a smart phone!

Where can I find more information about finances during COVID-19?

Geraci Law wants to be a resource to everyone. A great place to look is at https://www.infotapes.com/Links this includes information about debt, education, job fairs and other important resources.

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 25,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com

Estimate Your Stimulus Check!

Use calculator to estimate your stimulus check – consider filing bankruptcy with Geraci Law. We’re open and ready to help. 

Estimate Your Stimulus Check!

Use calculator to estimate your stimulus check – consider filing bankruptcy with Geraci Law. We’re open and ready to help.

Stimulus checks are expected in the next few weeks. You can go online to estimate how much you and your family will receive at https://www.hrblock.com/coronavirus-tax-impact/calculator/.

Think about your debt. Will the money you receive pay off only ONE bill? Will the money only help for ONE month of minimum payments? If the answer is yes, it might be time to consider alternatives.

Bankruptcy could help. Filing for a Chapter 7 will eliminate all unsecured credit, a Chapter 13 will consolidate your debt into ONE monthly payment. So instead of paying thousands a year in interest, you actually PAY the balances. A Chapter 7 could give your family the fresh start it needs. Think about investing in YOUR future.

Geraci Law is here. We’re ready to answer questions and meet you. Geraci Law is able to file cases in as little as ONE day to stop wage garnishments, foreclosures, collection calls and car repossession. We’re here and ready 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 25,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com