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.

Geraci Law is OPEN in South Bend

Geraci is open in South Bend and ready to help YOU with your debt! We’re located at 1251 N. Eddy Street in Suite 200 inside the Eddy Street Commons Building directly across from Starbuck’s. The entrance is between TIAA and O’Rourke’s Public House.

You can schedule online @ https://www.infotapes.com/Bankruptcy/OfficeLocator or give us a call. We can meet you in person, we can meet virtually – whatever is easiest for YOU!

Check out PFG in South Bend @ https://fb.watch/aKFXn9Poxe/

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.

Debt Collectors can text you, email you, and contact you on social media!

The federal agency Consumer Financial Protection Bureau doesn’t seem to be protect you much when they passed new rules that let debt collectors email you, text you, and message you on social media.

Read article below by Attorney Peter Francis Geraci and more @ https://www.infotapes.com/Articles

The federal agency Consumer Financial Protection Bureau doesn’t seem to be protect you much when they passed new rules that let debt collectors email you, text you, and message you on social media. They do have to identify themselves as debt collectors. On social media, they can send you a fried request. They have to give you the option to opt out of being contacted online. Any messages have to be private, not on you public or contacts page.

The good news is that you will be more aware of collection activities, so you can do something about your financial mess before you get sued or garnished. Of course, most people who have debt collectors contacting them don’t do much of anything if it is just one small debt. But if you have $10,000 or more in consumer debt, outside of student loans, and you are getting emails and texts, you can be sure that it just isn’t going away, and debts have at least a 5 year statute of limitation before the debt is to old to collect

Chapter 7 and 13 bankruptcy stop all collection efforts during the bankruptcy proceedings, and stop all collection permanently on debts you obtain a discharge for. The sooner you contact Geraci Law if you have over $10,000 in debt you can’t pay, the sooner you will be able to decide what to do.

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.

The Hidden Health Costs of Being in Debt

Money worries can make you sick – really sick.

Below is an article written by Attorney Peter Francis Geraci regarding the hidden costs of owing. If you are worried about medical, owing medical bills could make health conditions even worse! Read more articles by Attorney Peter Francis Geraci at https://www.infotapes.com/Press.

An article in the June 2021 Men’s Health magazine brings together a number of scientific studies concluding that money problems can kill you. The article quotes the director of the Jackson Heart study as saying that financial stress is a major cause of heart disease, and money issues can cause chronic 24/7 stress that can raise blood pressure, and cause heart disease.

The U.S. Financial Health Pulse: 2020 Trends report states: “As of August 2020, more than two-thirds of people in America (approximately 167 million people) were Financially Coping or Financially Vulnerable. These individuals are struggling to spend, save, borrow, or plan in ways that allow them to be resilient and seize opportunities over time.” https://finhealthnetwork.org/research/u-s-financial-health-pulse-2020-trends-report/  

Geraci Law founding member Peter Francis Geraci says that the overwhelming comments in over 30,000 five-star reviews from Geraci Law clients in the last 5 years is “stress relief”. Chapter 7 and Chapter 13 bankruptcy filings eliminate the stress caused by failure to be able to meet financial obligations. Both types of consumer bankruptcy allow people to re-set their budgets and balance their income and expenses. Chapter 7 allows elimination of debt, while continuing to pay vehicles and mortgages. Chapter 13 allows consolidation of debt into a monthly or biweekly affordable payment. Both, according to Mr. Geraci, go a long way to relieving stress, which lowers blood pressure and helps overall health.

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

Student Loan Updates

Student Loan collections to resume in 2022 – read Geraci Law press release and PFG Article!

Geraci Law released the following press release regarding student loans. Read this release and more @ https://www.infotapes.com/Press

As of December 31, 2019, 10,347,000* borrowers were in default or 91+ days delinquent out of 44,865,000 borrowers with outstanding debt, according to Sen. Elizabeth Warren’s April 2, 2021 press release. During COVID, federal student loan interest, and collections, were paused. Will there be a “Jubilee” of forgiveness. Not likely. But there may be relief in bankruptcy for loans over 10 years old if a bill introduced in the Senate on August 21, 2021 passes both houses of Congress. https://abi-org.s3.amazonaws.com/Newsroom/FreshStartAct.pdf

The problem with this bill is that it requires schools with a high default rate to pay to the Treasury up to 50% of the amount forgiven.

In August, the President extended to Jan. 22, 2022, the moratorium that 9 of every 10 student loan borrowers have taken advantage of. Will the forgiveness bill pass before then? Probably not, if ever. Will the moratorium get extended again. Good chance, since the Democrats want to get elected in November 2022. Will student loans disappear? Not likely. Why not? Because America’s higher education gets fat by raising tuition and have students borrow our tax money to pay for a 4 year vacation from work. So the colleges and universities are opposed to any form of student loan forgiveness that would cost them a nickel, or reduce enrollment in super-expensive post-high school education.

What to do in the meantime? Get ready to pay your student loan, since it can’t be forgiven in bankruptcy. No fresh start for you, B.A. in Philosophy!

But wait there’s more!

Attorney Peter Francis Geraci wrote an article titled, “Student Loan Forgiveness for the Permanently Disabled.” You can read this article and more @ https://www.infotapes.com/Articles.

If you are receiving Social Security Disability, the Social Security Administration has determined that you are permanently and totally disabled and cannot engage in meaningful employment. In fact, if you do engage in meaningful employment paying over $500 a month, you are then deemed to be able to work. While you are disabled, you should apply for an “administrative discharge” of any student loan obligation. A family member can help you with this. You do not need an attorney.

You should not think of filing a bankruptcy to discharge student loans, therefore, if you are receiving Social Security Disability. Just inform the student loan servicer that you are totally, permanently disabled, and ask them to forgive the loan.

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

IRS Collection Help!

You should consider filing Chapter 7 or Chapter 13 if you are getting calls from private collection agencies. You may be able to stop collection action, pay the IRS ahead of other creditors, or even obtain a discharge if you filed a truthful return on taxes due more than 3 years after the April 15-18 due date for that year, and just can’t pay them.

Hot off the presses!

The IRS hired new collection agencies to chase money owed. Before you start paying the IRS, contact Geraci Law to review your Chapter 7 and Chapter 13 options. Read more Geraci Law press releases at https://www.infotapes.com/Press.

The Internal Revenue Service announced on Sept. 22, 2021, that it has awarded contracts to collect IRS Debts to three new private collection agencies:

  • CBE Group, Inc., Waterloo, IA
  • Coast Professional, Inc., Albion, NY
  • ConServe, Fairport, NY

According to IRS Publication 4518, the Fixing America’s Surface Transportation Act signed by the President on December 4, 2015, requires the IRS to contract with private collection agencies to help collect certain federal tax debt. How do you know it is really someone authorized by the IRS? Not so easy. The IRS will send you a letter first, telling you who the agencies is. You will not get a phone call before you get an IRS letter.

You should consider filing Chapter 7 or Chapter 13 if you are getting calls from private collection agencies. You may be able to stop collection action, pay the IRS ahead of other creditors, or even obtain a discharge if you filed a truthful return on taxes due more than 3 years after the April 15-18 due date for that year, and just can’t pay them.

Geraci Law has much experience in either tax repayment, or tax discharge, so give us a call at 1-800-CALL-PFG.

Don’t answer any calls threatening you with arrest or garnishment. Private collection agencies cannot take any type of enforcement action against you to collect this debt (such as filing a notice of Federal Tax Lien or issuing a levy). Any collector claiming otherwise is a phony.

Should you give your bank account info to a collector? No. Send your payment directly to the IRS if you want to pay. The private collection agency can provide information on ways to pay or visit www. irs. gov/Payments for electronic payment options. Also see Publication 594, The IRS Collection Process, Ways to pay your taxes. Payment options include IRS Direct Pay to pay an individual tax bill directly from a checking or savings account at no cost. Also available are the following options: preauthorized Direct Debit, the Electronic Federal Tax Payment System (EFTPS), an electronic system to pay federal taxes via the Internet or by phone for free and paying by debit or credit card using an electronic payment service provider for a fee. 

Private collection agencies under contract with the IRS are required to conform to the rules, regulations, and provisions of the Fair Debt Collection Practices Act. Specific provisions of this

Act prohibit private collection agencies from threatening or intimidating taxpayers. If you do not wish to work with an IRS assigned private collection agency to settle your overdue tax account, you must submit this request in writing to the private collection agency. However, the IRS does have the legal authority to take these types of enforcement actions to collect an overdue account.

Don’t start sending payments unless you can pay the whole debt. The IRS is tricky, they will apply your payments to the newest tax debt, not the oldest. Any payment you make, or any payment plan, also stops the statute of limitations of 3 years for bankruptcy discharge on filed tax debt.

So, if you can’t pay your tax debt, expect collection agencies to bother you, don’t send payments to anyone other than the IRS, don’t start sending payments if you can’t pay the whole debt in a reasonable time, and think about calling Geraci Law. For more info, read the Complete Book on Bankruptcy https://bankruptcybookbypeterfrancisgeraci.com/Book33.html

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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