If Not Now, When?

Make the first step to improve your financial future. Simple as 800 CALL PFG!

Make this year be the year you become debt free. Geraci Law offers FREE consultations – we can meet with you via video at a local office.

If you have more than $5,000 of debt in any or all of these categories, Geraci Law can probably help you:

Lawsuits • Garnishments • Wage Deductions • Foreclosures • Sheriff Sales • Mortgage Behind • Tax Debt • Credit Cards • Medical Debt • Car payment behind • Repossessions • Parking Tickets • Suspended License • Gas or Electric Shutoffs • Bill Collector Calls • Payday Loans • Cash advance problems • Car payment behind • Chicago Parking Tickets

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.

Are Your Financial Goals Out of Reach?

Struggling with debt and tired of owing? Bankruptcy might be the BEST option for you to get on financial track!

Are Your Financial Goals Out of Reach?

Do you have financial goals? Do you want to own a car? Own a house? Be able to save for retirement? If you owe a substantial amount of debt – these goals can be out of reach. No one plans on becoming inundated with debt – but sometimes life happens and you simply get in over your head.

Not being prepared for the UNEXPECTED can cause debt to snowball and savings to dwindle. Sometimes it’s bad luck, sometimes its job loss, currently it’s a pandemic causing havoc on everyone’s wallets. So what do you do if you owe money and have financial goals?

Cut Expenses

Financial planners may say to cut out the unnecessary expenses and live within a budget. That’s great advice – living within a budget AFTER you get out of debt can help you stay on financial track to meet your goals.

Cutting expenses may not help if you are ALREADY overburdened with debt.  If you have $20,000 balance with 18% interest – paying the minimum balance will take over SIXTEEN years to pay off the balance. Think about the past 16 years – were your finances stable? Did you work the same job with the same expenses with no unexpected expenses? Probably not.

Debt consolidation

Debt consolidation or debt settlement is a common choice for people with debt. Companies advertise cutting minimum payments and interest rates with the promise of LOWERING the monthly bill.

The reality is debt consolidation or settlement does NOT work for people with a large amount of debt and low amount of savings. You could pay the consolidator thousands for the “service” and be in debt even longer.  Your credit score is STILL negatively affected. There’s NO protection for you if the bill collector rejects the proposal and decides to sue any way.

Bankruptcy 

With bankruptcy you are using FEDERAL LAW to get control of your finances. Chapter 7 bankruptcy eliminates your unsecured debt and a Chapter 13 is a court supervised repayment (or consolidation) of your debt. You are using federal laws put in place to help YOU.

Think about your financial goals. After filing a Chapter 7 bankruptcy, you have a fresh start. If you create a budget and stick to it, you could have a savings account. So when the unexpected happens, you do not have to rely on credit to make it. If bad luck happens – you do not need to use the credit card to buy groceries. SAVING money is a very powerful thing.

Chapter 13 is ONE monthly payment to cover your bills. Unlike consolidation – a Chapter 13 is structured into a 3-5 year repayment plan. It will NOT go longer than that. If the unexpected happens during your Chapter 13 – that’s why you have Geraci Law on your side. We’re a phone call away to adjust your plan if necessary.

If you want to talk about your financial goals and your debt – Geraci Law is here. We offer free consultations with our experienced attorneys to give you options for your 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 25,000 5-star reviews 5starsince November 2016!

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

5 Chapter 7 Common Questions

5 Chapter 7 Common Questions

Geraci Law wants to be a resource to you during these uncertain times. Here are answers to five common questions about filing a Chapter 7 bankruptcy. Read previous posts about unanswered questions about Chapter 13 bankruptcies (5 Chapter 13 Bankruptcy Myths, What Can a Chapter 13 Do for Me?).

Will I lose my house or my car?

It’s important to meet with an attorney. Geraci Law does not want you to “lose” anything you do not want to lose. There are several factors in determining if you KEEP your house and car:

  • How much equity is in the house?
  • How many people are on title to the house?
  • Are you current with your payments?

These are some of the questions you will review with your attorney. The reason you hire an EXPERIENCED law firm like Geraci Law is to make sure you can keep what you want to keep. If your house is at risk, we’ll talk about alternative options like a Chapter 13. Geraci Law will provide your options to protect what you worked for.

Can I buy a house or car after filing a Chapter 7?

Filing a Chapter 7 bankruptcy does not determine your financial future. Instead, it eliminates your CURRENT debt. Geraci Law clients have gone on to purchase homes, cars, boats, etc. The FIRST step before buying a house, car or any other asset, is to deal with your PRESENT debt. Solve that problem first and then save money for a down payment. Geraci Law will do anything we can to help you get on track to achieve your financial goals.

How much does bankruptcy cost?

The short answer is it’s a LOT LESS than your current debt most times. Geraci Law can file cases for no money down. We will work with you on payment plans that fit your budget. We will work with you to figure out a plan to get you out of debt. For fee quotes, call us. Let’s talk to figure out a plan.

Can I file a Chapter 7 bankruptcy if I am working?

YES! Many Chapter 7 filers are employed. Geraci Law can help you if you are working full-time, part-time, unemployed, disabled or retired.  Talking with an experienced Geraci Law attorney can help determine your Chapter 7 and Chapter 13 options based on your income, expenses a debt.

I filed before – how long do I have to wait before I can file another Chapter 7?

It is an eight year wait from the date you filed your previous Chapter 7. You eligibility is determined by the date when your Chapter 7 was FILED not discharged. If it has NOT been eight years, you can review your options for a Chapter 13 bankruptcy.

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 Links to Use

Links and resources for consumers during uncertain times. Geraci Law can help!

Geraci Law wants to be a resource during these uncertain times. Below are a couple of links to help. You can find MORE information at https://www.infotapes.com/Links#Covid1.

If you need someone to talk to, Geraci Law is here. Our financial experts are ready to review your situation.

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Illinois Unemployment Information  

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Indiana Unemployment Information

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Wisconsin Unemployment Information  

IllinoisRealtors-logo

Information for Realtors and other 1099 Employees

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Information for Servers and Bartenders  

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.

 

Debt Worry? Call Geraci Law.

If you are worried – call Geraci Law. Our experts will help you create a plan that HELPS your budget and debt.

Debt Worry? Call Geraci Law.

Because of the market crash in 2008, interest rates on consumer debt like personal loans and credit cards were historically low. The result was consumers having MORE debt with less interest. When everyone was working full-time, the household budget was fine. The income was there to make the minimum payments plus some more on the debt. Geraci Law was there for consumers in 2008 and we’re still here to help.

Now with COVID-19 and employment uncertainty, a missed payment could snowball into a big debt problem. Even if work resumes tomorrow – what if the market isn’t there? What if there’s no job to return to? What if the virus stimulus package only covers ONE MONTH of payments but does not solve the debt problem. Geraci Law may have your solution.

Geraci Law is here to help consumers realign budgets. We help people just like you worried about minimum payments and just making it. Eliminating YOUR debt helps YOUR future instead of the banks.

You can take what you are spending in minimum payments and start a savings account. You can take the money you are putting towards debt settlement or debt management programs and put it toward a down payment on a home or retirement. Bankruptcy with Geraci Law helps you get back on financial track.

Stop wasting your hard-earned dollars on uncontrollable debt.

Think about your future.

Think about your job’s future.

If you are worried, call us. Geraci Law can help you figure out a plan that works for you.

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

Chicago’s Fresh Start Program

City of Chicago’s Fresh Start Program for parking tickets and driver license suspensions. Let Geraci Law help you apply and get a fresh start from your other credit debt!

Chicago’s Fresh Start Program

Geraci Law uses the phrase FRESH START for people who file for bankruptcy.  Geraci Law offers you the ability to start again with both a Chapter 7 and Chapter 13. You are debt-free with the opportunity to reestablish your credit.

The City of Chicago borrowed the phrase Fresh Start for a new parking ticket program. In the city of Chicago, unpaid parking ticket balances can double and snowball to HUGE balances. A driver’s license can be suspended or a car can be booted if unpaid tickets are ignored. Previously, the ONLY bankruptcy option was filing a Chapter 13 repayment plan for the debt.

Chapter 13 bankruptcy plans consolidate the balance of parking tickets into an affordable repayment. With the Fresh Start program, parking ticket balances can be written off. So instead of a three to five year repayment, you can file a Chapter 7 to eliminate OTHER debt like credit cards and medical. When your case is discharged, you apply for the Fresh Start Program.

Geraci Law will handle ALL of this for you. When accepted into the program, the City of Chicago will respond with a proposed plan.

–       ANY tickets over 3 years old will be written off by the City of Chicago. So you will NOT owe them.

–       ANY tickets incurred within the last 3 years, will be put into a payment plan without the need of a large down payment.

If you have parking tickets, Geraci Law CAN help! Calling our experienced staff can determine if a Chapter 7 or Chapter 13 is a viable option to STOP a driver’s license suspension.

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.

What Do You Do Before You Sue?

Notice & Cure Provisions in Home Mortgages – instructions on what to do before you file a suit against your lender.

Notice and Cure Provisions in Home Mortgages – What do you do before you sue?

By Attorney Peter Francis Geraci, J.D.

It depends. Individuals may consider bringing claims against their mortgage lenders under federal statutes such as the Truth in Lending Act, or the Fair Debt Collection Practices Act, and state statutes such as the Illinois Consumer Fraud and Deceptive Business Practices Act.

But, before you sue, what do you do? Read the mortgage! Many have provisions that have to be followed, or your lawsuit will be dismissed. Examples are “notice and cure”, and “mandatory arbitration”.

In Wortman v. Rushmore Loan Mgmt. Servs. LLC, No 19C2860,(N.D.Ill. Oct 16, 2019) plaintiff’s case against their mortgage service for sending them collection notices after bankruptcy discharge was dismissed. Why? Their personal obligation on the mortgage was discharged in Chapter 13, but only the personal obligation to pay the debt, not their obligation to comply with the terms of the mortgage.

In other words, a mortgage does not disappear because of a bankruptcy discharge. A mortgage servicer can send letters about filing a foreclosure suit to take the property back, and file a foreclosure suit.  All that a bankruptcy discharge does is eliminate the obligation of the discharged debtor to pay anything on the debt. It does not eliminate the other rights of a secured creditor, such as foreclosing on real estate, or repossessing a vehicle.

Not only do “liens”, or interests in property, survive discharge, but so do clauses in such lien documents and notes. That means that, if after discharge, a person wants to file a lawsuit against a creditor who still has a lien, they have to comply with those clauses.

What is a “notice and cure” provision? It says “a party who is in default is entitled to notice of the default, and a period of time to cure the default, before the other party may accelerate the contract and demand full payment, or foreclose or repossess”.

What is an “arbitration clause”? It says “if the borrower wants to make any claims against the lender it must do outside of court, in a proceeding involving appointed “arbitrators”.

Some cases hold that these clauses prohibit a lawsuit, unless the borrower first complies with them. Some cases hold that these clauses are not effective in a consumer protection lawsuit. In the Wortman case, the judge dismissed plaintiff’s case under FDCPA because the mortgage survived, and so did the “notice and cure” provision that required the borrower to give notice to the mortgage company before borrower filed suit.

So, what do you do before you sue? Read the document that established the relationship between you and who you want to sue. It may require you to arbitrate instead of go to court, or to give notice of your intent to sue. Those clauses may or may not prevent a suit, depending on what your claim is. But one thing is for sure: liens pass through bankruptcy, and so do the documents creating them, and so does the fine print in them. Bankruptcy only discharges the borrower’s obligation to make payments. If they don’t, the creditor can take action to get their property back.

This can work against mortgage lenders and car owners, but it can work in their favor also. After a discharge in either Chapter 7 or 13, a debtor can file a Chapter 13 to cure a mortgage default, even if the personal liability to pay has been discharged. The U.S. Supreme Court, Johnson v. Home State Bank, 501 U.S. 78 (1991) rule that, after discharge in bankruptcy, a debtor can file a Chapter 13 to cure a mortgage default, even if their personal liability on the mortgage was discharged.

This ability to file a Chapter 13 to cure mortgage default also works for people who are not on title to the property, but only have an inheritance interest. If mom dies without a will, an heir can file a Chapter 13 case to cure mortgage arrears, force the mortgage company to accept payments, and prevent foreclosure.

Thankruptcy

Geraci Law clients love Geraci Law and credit scores so much so that after filing they do not say bankruptcy, they say THANKRUPTCY. 

Thankruptcy

Geraci Law clients love Geraci Law and credit scores so much so that after filing they do not say bankruptcy, they say THANKRUPTCY.

We have over 25 offices in Indiana, Wisconsin and Illinois close to home AND work. Geraci Law staff make the process HASSLE-FREE. The goal is to change a person’s life for the better.

Geraci Law clients get:

  • Client Corner access. A web portal with direct access to case information AND their attorney and Geraci Law team.
  • Same day or next day appointments. Geraci Law is always available to handle your case.
  • Communication – Geraci Law does NOT have voicemail. You can call us, text us or message us and you’ll get a FAST response.

Check out the new Thankruptcy video below:

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.

Being Sued? Call Geraci Law Today!

What is a lawsuit?   It’s a bill collector asking a court for a JUDGMENT!  Why do creditors hire lawyers to get a JUDGMENT?  lawsuitBecause then they can use the Court to COLLECT!!  First they hire the sheriff to serve you with the complaint.  If you don’t have a defense, they can then get their JUDGMENT!

How do creditors COLLECT?  First, they may record the judgment with the County you live in or have property in.  Then it becomes a “lien” or “right to collect when sold”.  That means they can sell your real estate, or personal property!!!  Serious!

Next, they can ask your bank or employer to turn over your money or paycheck!  Whooops!

How can you stop a lawsuit or judgment?  Pay them!  If you can’t pay them, get a free phone mini-consultation with Geraci Law.  Chapter 7 can eliminate debt. Chapter 13 can consolidate it into an affordable payment plan. Geraci Law will review your BEST option to stop the creditor action. We know you might be nervous or embarrassed. Don’t be. Geraci Law is here to help. We do not judge – we STOP judgments from creditors.

Hwoman happyere’s an example showing how Geraci Law can help…“I came in to this office worried and scared because of the amount of debt I was in and the possibility of law suits consuming my life. When I arrived I was greeted and immediately felt welcomed. I was a bit unprepared and nervous but Geraci Law made it a simple and smooth process! They were very understanding and did not judge or condemn me for what was going on. Geraci Law simply offered words of encouragement and explained my options to help! I’m so glad I came!!

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 20,000 5-star reviews 5starsince November 2016!

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

Stop Foreclosure – Can Geraci Law Help You?

Do you want to keep your home? Can you afford the home but not the arrears in a lump sum? Geraci Law helps thousands of people save their homes.

Do you want to keep your home? Can you afford the home but not the arrears in a lump sum? Geraci Law helps thousands of people save their homes.

House

Can Geraci Law save my house?

We’ve helped thousands with a Chapter 13 interest free repayment plan that spreads your mortgage arrears over a 3-5 year plan. At the end of the bankruptcy, you’ll discharge any unpaid debt like credit cards, medical and be current with your mortgage.

“What about “loan modification”?   Don’t fall for scams.  Don’t pay any money for help.  Deal direct with your lender.  When you do, expect

o   they won’t reduce the amount you owe and rarely the interest

o   your term will go from 15 to 30 years, you will never own the place

o   it is usually a scam so you don’t pay while applying, and then they foreclosure

What do I do?  If you are behind in your mortgage, call Geraci Law to

o   eliminate or consolidate OTHER debt so you can pay your mortgage

o   stop foreclosure and pay past due amounts over 3 years or more

Loan modification scams:   just search on “Legal Helpers Debt Resolution” or “Morgan Drexen”.  Don’t be scammed! Call Geraci Law. Never send money to an internet scheme.

How does Chapter 13 help with mortgage foreclosure or past due mortgage payments?

  1. It forces your mortgage company to accept your payments going forward
  2. If forces your mortgage company to accept payments on arrears
  3. It consolidates your vehicles and debts so your mortgage gets paid first

How does Chapter 7 help with mortgage foreclosure?  It could eliminate your other debt to free up your budget to pay the mortgage.

Is it too late to save my house? Ask Geraci Law!  Geraci Law can file a case in as little as ONE day BUT you shouldn’t wait until the last minute. Sooner is better than later!

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 20,000 5-star reviews 5starsince November 2016!  Read more at www.bankruptcybookbypeterfrancisgeraci.com.