Consumer debt is growing every year. Of course most people want to make progress paying OFF debt but for many it means taking out a personal loan.
Some believe personal loans or debt consolidation loans are a solution to get ONE payment at sometimes a lower interest rate. If you have several different bills, you can take a personal loan to have a single payment.
But is it a Band-Aid for a wound? Taking on debt to pay debt even at a lower interest rate does not eliminate the interest or the balance. Chapter 13 bankruptcies with Geraci Law are ZERO interest and structured into a 3-5 year repayment plan. A Chapter 7 eliminates debt meaning you have ZERO debt.
According to a study from online lender Lending Tree, the outstanding personal loan balances are close to $125 million! More and more people believe a personal loan is a debt management solution. Consider other options rather than the catch 22 of paying debt with debt!
The client came to Geraci Law for a Chapter 13 Debt Repayment Plan. His debt problems were caused by loss of income caused by the death of his 47 year old wife, after surgery for a uterine cyst. The husband asked attorney Peter Francis Geraci to look into it.
Mr. Geraci has wide experience in medical negligence. He obtained the records and sent them to highly skilled experts, who reported that the doctors and nurses caused the death of the wife by medical errors. Mr. Geraci filed a lawsuit for the widower and the 3 surviving children, and after the statements of the family, and the medical personnel, the defendants realized that there was no defense, and settled the case without trial.
As a result of the settlement, the husband’s Chapter 13 was closed early, the wife’s credit cards as well as her medical bills were paid, and the 3 children have a college fund.
Your employer is worried about your financial situation! Many companies are offering financial wellness programs for employees. Why would a boss worry about debt?
When you lie awake all night trying to figure out who is getting paid this month, you are losing important sleep. You wake up for work not fully refreshed and ready for the day.
Court appearances and second jobs can lead to shortened days and missed deadlines.
If your financial situation has gotten to the point of court ordered wage deductions, your payroll department processes the garnishment creating more work and lost wages for you.
Lack of sleep and worry over debt means you are probably more stress than someone not in financial distress. Stress affects client communication, work product and general work environment. In addition to the lack of sleep, constantly worrying about your debt can cause a lot of unnecessary and distracting stress. This can be detrimental to your work product or the general work environment.
Filing a bankruptcy CAN HELP. Geraci Law can file a case in as little as ONE DAY to stop collection efforts by creditors. We can get you the sleep and rest you need to focus at the task on hand. It all starts with a phone call.
Celebrities are just like us and sometimes struggle financially. Some take on additional roles, others sell assets and some file for bankruptcy to gain financial relief.
Aretha Franklin – sued by her condo association for over $11,000 in past due condo association fees.
Michael Jackson – at the time of his unexpected death in 2009 he was close to foreclosure on the famous Neverland Ranch.
Nicolas Cage – he is one of Hollywood’s biggest earners but also biggest spenders. At one point, he owed over $6,000,000 to the IRS for 2007 taxes.
Mark Twain – after investing in a publishing house that went bankruptcy, Twain was forced to file for bankruptcy in 1894.
Dennis Rodman – after winning championships with the Chicago Bulls, Rodman claimed broke and unable to pay bank child support. In 2012, he was claimed to owe over $800,000 in back child support.
Kim Basinger – in 1989, Basinger purchased an entire town with the intention of making a tourist attraction or production studio. Instead she filed for bankruptcy and declared a loss.
Toni Braxton – she was diagnosed with Lupus and owed thousands in medical bills. She’s filed for bankruptcy multiple times for financial relief.
Stephen Baldwin – he filed for bankruptcy in 2012 on over $70,000 in credit card debt.
Gary Busey – he filed for bankruptcy protection but did not offer and assistance for his tax debt. He claims to owe over $451,000 to the IRS.
Geraci Law opened a new location at 234 S Ashland. Our clients say:
“Im so glad a new office has opened so conveniently on the near west side. My attorney Ryan was very pleasant, honest and thorough with handling the conversion of my case. I highly recommend PFG for any financial debt needs.” – TL
“Rick and Ryan was very helpful. So grateful I came in! Thanks so much to you both for the time, patience, explanation of each page. You both made sure I understood exactly what to expect and I’m leaving assured that this was the best decision for my situation. Appreciated!” – LaShondra
“Very informative Ricardo is great and made me feel very comfortable and walked me through everything step by step. And Sharon who was at the court building made me feel very comfortable as well and explained all the next things that was going to happen.” – Priscella
“I was dearly help with my problems, Ryan and Mario really help me with my situation. Great persons who really explain the processes and how it all comes about. Thank you Geraci Team. ” – Noe
“I walked in Peter Francis Geraci on Ashland feeling like I had no way out and walked out feeling like a new person. Not only did they show compassion, they really helped with my debts. I am truly grateful for what Rick Gomez did for me. He is the best! Thanks so much.” – Annette
“When I first thought about filing bankruptcy I didn’t know anything about chapter 13 or 7 I was nervous I was a bit stressed out trying to figure out how I was going to pay back debts when I was short on cash but rick made me understand it a whole lot better than I did.. I left him without one unanswered question I’m happy to know that I’m not alone thanks rick.” – Dominque
FICO has announced that as of 2019 it will be rolling out a new scoring system after focusing almost exclusively on a consumer’s payment history. FICO’s new scoring system will consider money management in ranking a borrower’s credit score.
Specifically, FICO scores will now look at how consumers manage checking, savings, and money-market accounts — and use that data to make determinations on a borrower’s creditworthiness. The new score is called the “UltraFICO” score.
Although the UltraFICO will be released at the start of 2019, the score will not be widely available. After a short pilot of the UltraFICO scoring system, FICO plans to offer the score to all lenders by the summer.
Factors the UltraFICO will take into account include: (1) an analysis of your average account balance; (2) a history of past overdrawn accounts; (3) an analysis of your deposits v. withdrawals; (4) the amount of time you have had an active checking account; and (5) whether you regularly pay your bills from your account.
There has been a long-standing myth that Bankruptcy can ruin your credit score. Studies, however, indicate Bankruptcy actually helps your credit score. A 2010 Federal Reserve Bank study showed the average credit score at filing was 538. By the time the bankruptcy case discharged, the petitioner’s credit score had risen nearly 80 points. Harvard conducted a study, focused on Chapter 13 bankruptcy cases, that concluded chapter 13 bankruptcy actually increases an individual’s credit score and the probability of becoming a homeowner.
The new scoring system can benefit people in Chapter 7 and Chapter 13 bankruptcy. Since Chapter 7 eliminates your debt, you will be able to start saving and show a positive cash flow on your account. While chapter 13 can assist consumers by establishing regular bill pay activity from their accounts.
You can learn more about the UltraFICO score at: https://www.fico.com/ultrafico/#why-its-important
“Highly recommend this law firm. I was stressing over the whole bankruptcy thing but didn’t have a choice to file or not. My only decision was about which law firm to use. Really glad I picked Geraci Law. The attorney assigned to my case was Jason Kara. Jason was easy to work with and knew his stuff pertaining to bankruptcy and what was best for me. He made me feel at ease and the filing went smoothly. There were no surprises with them. I feel properly represented and am so relieved this trying ordeal will be over soon. Thanks Jason. And thanks to Geraci Law.
Would recommend them to anyone.” – Martin
“Extremely satisfied customer. Very professional service the entire process. Communication was great even via email and text. I would refer this law firm for anyone who may be a bit hesitant and unsure of the steps to take control over your future as far as debt is concerned. I was provided the best advise from beginning to the end. I am glad to have chosen this location.” – Barbara
“Jason is by far fantastic. He was very reassuring and answered all my questions with kindness and honesty. I consulted with 2 other attorneys and left feeling scared and nervous. A friend recommended Geraci Law and I can honestly say I left the appointment feeling like the weight had been lifted off my shoulders and I could finally breathe. I highly recommend the team at Geraci Law in Aurora, ask for Jason. He will make you feel like family.” – Elizabeth
“I really had a great experience with the staff members at this location everyone was very friendly and welcoming at this location. I first met with Alex Wilson. He assisted me in determining a strategy and determining how I should proceed with my legal matter. He answered all my questions and explained everything in detail. He kept me in the loop with all the details and sent timely e-mails and texts. On my next visit I met with Jason Kara. The next step was to sign the paper work and to double check if I omitted anything. Jason was very friendly also. He made sure I did not leave with any unanswered questions. This office is very professional, friendly and compassionate.
Thank you again for everything Alex and Jason!” – Ed
“My husband and I met and worked with two very knowledgeable and professional young men at this office this week, both by the name of Jason. They were both very courteous and patient as they listened and answered our many questions. We truly appreciate the care and attention we received.” – Maria
“Jason and christine were totally helpful! They made me feel so much better about my debt problems! These lawyers are fantastic at what they do! Awesome team here thank you two for making me haave a better future all thunbs up!!” – Devon