Don’t Be Afraid to Drive

An unpaid parking ticket can cost thousands to pay. A parking ticket fine doubles if not paid and continues to increase.

If payment is not made, the city can (and probably will) suspend your driver’s license. Depending on how much is owed, a down payment (usually half of the total amount due) will need to be paid to get on a payment plan. So if you have $5,000 in parking tickets – the city could require $2,500 for a payment plan.

Instead, file a Chapter 13 bankruptcy to consolidate debt into an interest free repayment plan. Geraci Law files Chapter 13 cases for little to no-money down. A case can be filed in a day and your experienced Geraci Law team works on getting your driver’s license back quickly!

File with an Experienced Bankruptcy Attorney!

Geraci Law Attorney Jonathan Parker received the following from a former client who filed Chapter 7 bankruptcy with a different law firm.


I made a big mistake by not working and went with XXX.  It has been a horrific experience.  I filed Chapter 7 with them and they gave me the wrong date on my 341 hearing.  The date I was offered the 341 given by the law firm Oct 7th but the hearing was suppose to be Oct 6th (a monday). I never received a letter from the clerk I and the lawyer said I have at XXX blamed me for not for not showing yet I have the paperwork. Further I was accepted into the police academy on the date of my next hearing.  Which is the date I start the academy and now I can’t out for the hearing or do a telephonic which she she said I could do.  So I lost a job and can’tt make the next hearing because it’s when I start the academy. I asked to move it up and they said no.  Is there anything I can do.  I should have went with you but cheaper looked better. I hope to get a response and again I apologize.




Five Year Plan Ends Early

A man from Muncie, Indiana met with Geraci Law Attorney Thomas Barbour. His paycheck was garnished by an old medical bill. Because of the deduction, he fell behind on rent and utilities. He needed the garnishment stopped immediately. After a thorough review of his options, the client decided a Chapter 13 repayment plan was in his best interest.

Attorney Anthony Shull quickly filed his Chapter 13 bankruptcy petition. Geraci Law attorneys agreed to file his case for no-money down. Notice was sent to his payroll to stop the garnishment immediately and the man’s 5-year Chapter 13 repayment plan began.

His Chapter 13 plan included over $22,000 in debt. After filing, notice was sent to creditors for the opportunity to file a proof of claim. After the deadline to file a claim passed, only one creditor filed.

This means instead of a five year plan, his debt will be discharged in approximately 18 months. Do not be scared off by a repayment plan. Not all Chapter 13s work like his but Geraci law can figure an affordable plan for you to pay the debt.

Stop Repossession!

Filing a Chapter 13 bankruptcy will stop car repossession. Whether you lost your job or the financer refused to work with you, a bankruptcy can keep you in your vehicle. This is of course if you want to keep your car.

If you have a high interest car loan, filing a Chapter 13 may not reduce the interest for you. It depends on how long you owned the vehicle. So you could be looking at a 3-5 year repayment plan to keep an over financed car.

Instead, consider Chapter 7 debt elimination. You can give up the car (and the debt) and save to purchase a better, more affordable vehicle.

Peter Francis Geraci and Geraci Law attorneys can refer you to dealerships. Geraci Law clients return vehicles with 25 percent (plus) interest and drive away with car payments ½ of what they were paying. They are also debt free from other bills!

If you are struggling with car payments or if you are worried about repossession, call Geraci Law. We can review both Chapter 13 and Chapter 7 options to figure out what is best for you.

Saving for Retiremeent

If you are working full time, you probably thought about retirement. Most financial consultants says to save, save, save but there is little advice as to how when you have debt. Options like debt settlement are fine but you are using the savings to pay for the debt. It seems backwards.

When you have unsecured debt like credit cards, minimum payments usually don’t go very far. Often you get in an endless cycle of robbing Peter to pay Paul.

Instead, consider a bankruptcy. You consolidate unsecured debt with a Chapter 13 where you pay zero interest or eliminate the debt in a Chapter 7.

If you spend $1,000 per month on minimum payments, by eliminating the debt in a Chapter 7 you have another $1,000 per month to save. A Chapter 13 could consolidate your debt freeing up your budget to save or contribute to a 401K or retirement plan.

Before solving the retirement problem, you have to figure out your debt. Think about how $12,000 per year in savings can help your family!


Credit Scores, Interest Rates

Below is a chart of how your credit score affects your interest rate on mortgages and vehicles. If you fall into the subprime category especially – consider a bankruptcy! Filing a bankruptcy can raise your score as much as 100 points after discharge. Find yourself on the chart and if you have debt – consider a bankruptcy filing to improve not only the score by the interest rate.

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HAMP Mortgages Set to Increase

When the housing market crashed, homeowners sought help from various nonprofit and government programs for mortgage relief. President Barack Obama’s HAMP or Home Affordable Modification Program was a popular choice for homeowners.

If the modification was approved, the homeowner was able to pay the mortgage at a 2% interest rate. After five years the loan resets to the average primary interest at the time of modification. This year – the first round of HAMP-approved loans will start to increase.

The problem is many of the modified loan homeowners are still struggling to find stable employment or juggling with other debts.

A bankruptcy with Geraci Law could be the solution. If your mortgage payment is going to increase when the HAMP 5-year relief expires and you are living check-to-check with the other bills, consider debt relief.

Chapter 7 eliminates unsecured debts like credit cards and Pay Day loans. By eliminating the minimum payment on your other debt, you can readjust your budget to handle any changes with your mortgage.

It’s absolutely free to meet with our attorneys. Give us a call if you are worried about your home loan.