Category: Uncategorized

Paying Debt with Debt?

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! 

$5 Million Settlement in Death of Mother of 3

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 boss is worried about your bills!

Your employer is worried about your financial situation! Many companies are offering financial wellness programs for employees. Why would a boss worry about debt?

Lost Sleep

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.

Missed Work

Court appearances and second jobs can lead to shortened days and missed deadlines.

Wage Garnishments/Assignments

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.

Stress

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.

Good news!

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 with Financial Trouble

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 Ashland & Jackson

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 Creates New UltraFICO Scoring System

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

Geraci Law Aurora Clients

“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

Geraci Law Berwyn Clients

“My husband and I appreciate the hospitality we were shown at the office. We also are very pleased with how Frank handled our case and explained everything to us. He has very good customer service which we really appreciate.” – Shun

“My attorney at Geraci Law Andrew has been a life saver and explained my options and made me feel a whole lot better. Before I came in, I felt like I was in a void. But after speaking to Andrew I felt much better. I no longer feel like a bad person. My friends recommended me to Geraci Law and I would recommend Geraci Law to anyone too.” – Coco

“My first time filling for bankruptcy and was scared and worried and didn’t know where to start I called the office to make an appointment and they were nice on the phone and helped me on making a appointment when I can to the office I was assisted by Frank and he was so helpful and so informative and helped me feel better and understand the different type of bankruptcy and options I have and now I am in the process of filing feeling confident and helping me with a new start I highly recommended this office and the great assistant from Frank thanks again to Frank I can have a new start.” – Rose

“I spoke with Rick and he laid everything out for me in the simplest terms possible. He even stayed well after their closing time to make sure that I understood all of my options. I highly recommend that anyone considering bankruptcy ask for Ricardo Gomez.” – Antoine

While Target Leaves Chatham, Geraci Law, Bankruptcy and Injury Attorneys, Stay at 8658 S. Cottage Grove, Chicago.

Geraci Law is the only law firm in Chicago with offices in neighborhoods abandoned by major retailers and law firms.  Geraci Law serves Chicago’s south side communities with first-class legal services from local offices in

Chatham at 8658 S. Cottage Grove,

Geraci Law Roseland at 115th and Halsted, and \

Geraci Law Washington Park in the Harold Washington Office Center at 51st and Wentworth.  

Target is leaving their 126,000 square-foot store at 8650 South Cottage Grove Avenue in Chicago because its “not profitable”.  While Target and other stores are leaving Cottage Grove and the surrounding South suburbs, Geraci Law is staying.  The firm’s founder Peter Francis Geraci believes in serving local communities while most lawyers have fled to downtown and the suburbs.

Geraci Law has 26 city and suburban locations, with Chicagoland offices on 22nd St., 51st street, 63rd  street, 87th  street, 95th street, 115th street, 159th street, and 171st street, as well as North and Harlem, Cicero and Irving, and 234 N. Ashland.

Geraci Law is the ONLY firm with 26 offices in Chicago and the surrounding suburbs, nearly 20,000 5 star reviews, Client Corner, and Geraci Law is the ONLY firm with the mission to Change your life for the better.  Remember, when you need to be debt free, 1-800-CALL-PFG.

Geraci Law is a debt relief agency helping you file for chapter 7 or 13 bankruptcy relief.  

Geraci Law Evergreen Park

We moved! Geraci Law moved to 3560 W 95th Street. See what our clients say about their Geraci Law experience…

“Mario and Ashley were a BIG help! I was not rushed. They actually took time to discuss what we can do to better my financial state. No hidden fees like those other places i recommend everyone goes here first. Quality over quantity.” – Neishe

“Stress free, great experience. Warm and friendly. I really felt like I belonged when I walked into the office. The paralegal DJ knew exactly who I was when I walked through the door and greeted me personally. I think Attorney Mario was amazing from the jump and he really went above and beyond to make sure I understood what I was getting into. Attorney Frank was also helpful when I stopped in and needed to provide additional information. Lastly, attorney Ashley was THE BOMB! She made sure every question was answered ansi understood what would happen from this point forward. The virtual aspect of the appointment was also nice and a new experience for me!” – Tammera

“Today my visit with Ms.A.Chike, was awesome. She took her time out to explain everything. She went over EVERYTHING in full detail and I appreciate her support. I would certainly recommend her to anyone I know that is looking to file bankruptcy. I truly believe Ms. Ashley deserves more than 5 stars for her amount of time and energy she put into helping me.” – Vicki

“I still like to give a shout out to DJ she was excellent the customer service was great she’s smiles asked me if I wanted anything to drink that I could help myself. In assured me everything was gonna be all right she told me what I needed to bring she called me to remind me so I wouldn’t forget the atmosphere with her just being there Was also a pleasure when I walked in the door she greeted me with an amazing smile and she knew my name so the receptionist is the best person DJ you rock keep up the good work DJ you make clients want to come back. ” – Deborah

“very great experience attorney parker really worked with me talked with me seeing that I’m so young informing me the best way to take care of debt and how to maintain to where I don’t be back in debt I would definitely recommend to a friend.” – Matthew

“Very knowledgeable staff, friendly, and did I say Knowledgeable!!! What started out as a very scary experience, turned out to be quite alright. 2 mins after sitting down for the initial consultation, I became worry free. Thoroughly explaining the process, combined with the reassurance that you’re not the only person that’s going through a rough patch, actually released the stress and anxiety. I wish I could give it more stars. P.S. It’s just like the commercial says, “it’s like a trip to the dentist, you’re scared at first, but once you get in and get the work done, you’re definitely glad you came” (it goes something like that lol) #Thanks”