What Bankruptcy Can Do!

No one wakes up in the morning and says, “I want to file for bankruptcy!” It does not work that way. Life happens and more often than not you are in more debt with less income. Sometimes it’s as simple as bad luck – you get into a car accident 2 days after your insurance lapses, you start a new job and are in the hospital before health insurance kicks in. There’s divorce, life circumstance – things happen.

Thankfully, we have bankruptcy as an option to deal with the debt. Filing for bankruptcy can be the fresh start and breath of fresh air you are looking for. So what can it do for you?

  • Gets rid of as many bills as possible
  • Does not affect car payments if you keep the car and continue payments
  • STOPS all calls and letters from bill collectors.
  • STOPS interest on charge cards.
  • CLEARS credit report except for bankruptcy listing.
  • Allows you to INCREASE your credit score.
  • Helps you catch up on house and car payments.
  • Lowers interest on furniture and appliance payments.
  • Allows you to start a savings plan immediately.
  • STOPS garnishments and wage assignments.
  • NEVER pay another old debt again.
  • Clear up past due utility bills–only a deposit needed to restart service.
  • All negative credit reports before bankruptcy are cleared.
  • Accounts you have reaffirmed or paid are credit references in the future.

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.

So What is A Chapter 13?

Chapter 13 can consolidate your debt based on YOUR budget rather than the terms dictated by the creditors. It’s one payment that is affordable to Y-O-U.

And – why would it help me?

Chapter 13s are often misunderstood. Some debt consolidation schemes may advertise paying back your debt to AVOID bankruptcy. You pay one payment for an estimated amount of time to creditors. Sounds great right?

What we have seen, most people who attempt debt consolidation end up filing for bankruptcy because some creditors or banks may NOT negotiate or settle. You are paying a monthly fee to a company only to find the monthly payment is not paying down the debt but rather the fee. If you owe thousands in debt, it could take YEARS and THOUSANDS to be able to pay down balances.

Unlike debt consolidation, creditors do NOT get a choice of negotiating in a Chapter 13. You use federal law to get help with your bills. Chapter 13 can consolidate your debt based on YOUR budget rather than the terms dictated by the creditors. It’s one payment that is affordable to Y-O-U.

If you are working full time or have a steady source of income and want to pay your debt, filing a Chapter 13 could be a great option. Rather than paying minimums only to use the credit again, you actually pay off what you can afford.

Check out the excerpt below from Attorney Peter Francis Geraci’s, “Complete Book on Bankruptcy.”

All your credit can be paid with one payment to the Court trustee, if you qualify for a Chapter 13 plan. It is possible to consolidate all your outstanding bills into one lower monthly payment, and be protected from credit action during the time you make your payments.

Chapter 13 plans usually run from 3 to 5 years. You can get a rough idea of your maximum Chapter 13 payment by adding up all your bills, dividing by 36 to 60 months. Add 10% to the monthly payment, and the total would be your Chapter 13 payment. This is an over-simplification, and your payment could be less, but this is the basic idea.

Usually, there is no further interest paid to creditors under a Chapter 13 plan. Exceptions to this are cases where you are paying for a house or for a car, or when the creditors could get all their money immediately if you were to liquidate your assets.

A Chapter 13 bankruptcy is an amazing resource available to people simply struggling. Geraci Law will file the case for no-money down and you get the immediate relief and time to pay down 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 30,000 5-star reviews 5starsince November 2016!

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

What You Get When You Choose Geraci Law!

Check us out @ https://www.infotapes.com/. Geraci Law has helped THOUSANDS get control of their finances. We’re not a corporate firm, we’re nice friendly people ready to help. Geraci Law cares about YOU and finding a solution to your financial problem. If we can’t help, we’ll try to come up with an alternative solution.

Here’s what else you get when you choose Geraci Law:

  • Free phone consultation to go over your debts with a bankruptcy counselor. Call to start now with a free consultation.
  • Free office or virtual consultation Weekdays and Saturdays.
  • Fast filing same day available.
  • No money down filing available for Chapter 13 plans.
  • Payment plans you can afford available to fit your case.
  • We handle our own trial and appellate work.
  • No hidden charges: some firms tack on $150 for what we do for free.
  • Established bankruptcy law firm with over 100 attorneys and staff.
  • We do both Chapter 7 and 13, some attorneys only do one Chapter.
  • We are in court all the time everywhere, it’s no trouble to help you out!
  • No phony debt settlement schemes: we work within the court system.
  • Geraci Law is the largest bankruptcy firm almost everywhere we are.
  • Personal attention, happy clients, and a fresh start for you.
  • Experience counts: we do so much bankruptcy we see everything.
  • Geraci Law LLC provides our lawyers and staff with Continuing Legal Education constantly so you get lawyers who are up to date legally!

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.

Can Bankruptcy Stop Collection Agencies From Calling?

Check out this article (and more!) at https://www.infotapes.com/Articles. The answer is YES.

Yes. You can stop creditors from calling you without filing a bankruptcy.  Just say “Oh, I’m glad you called, where can I send payment in full?”  

If you can’t send payment in full, start sending partial payments, and they’ll stop calling. 

If paying the creditor who is calling, you isn’t in your budget, you can also say “Don’t call me, I can’t pay you, you can sue me but don’t call me.”  They may or may not file a lawsuit against you.

If Geraci Law files your Chapter 7, or Chapter 13 repayment plan, we provide you with your bankruptcy case #.  You then give it to anyone who calls you, and you won’t hear from them again.  Make sure you ask who is calling and who they represent, so you make sure they are listed on your bankruptcy petition. 

If you are planning on filing a bankruptcy with Geraci Law, Keep a pen and paper to take down information on who is calling you, if they are a collection agency or the actual creditor, and the account #, because you want to make sure you list them on your bankruptcy petition.  Unlisted creditors don’t get discharged, so listing all creditors you have is important. 

Or worse, someone has filed a lawsuit against you or your check is being garnished.  You should immediately call us to start your case.  A chapter 7 can eliminate your debt or a chapter 13 will consolidate your debt into a payment you can afford.  Both Chapter 7 and Chapter 13 stop collection and lawsuits.  

Is your mortgage or rent always late?  Other payments are behind a month or more?  All because you lost your income?  You probably qualify for bankruptcy protection and need a fresh start to get rid of debt and start over.  

What about savings?  Do you have any?  Are your balances not going down even though you make payments.  Are you being turned down for credit?  Many people file bankruptcy to help build savings.  Watch our video on credit scores.  You will learn that studies show bankruptcy will actually increase your credit score and that people who file bankruptcy are likely to have better future financial success.  Why?  Because they got rid of their debt and started over.  

Are you concerned you have assets and cannot file a bankruptcy?  Most people with assets can still file a bankruptcy to eliminate their debts.  Think you make too much money to get rid of your debt?  Chapter 13 gives you interest free repayments on your debt.  Better yet, if your creditor doesn’t file a claim in your case you will receive a discharge without repaying them.  

Let’s do a hypothetical: Bill and Sally have been married for 20 years. Bill recently lost his job in middle management, and is now working at half his former salary, driving a limousine. Sally had an operation, and since there was no insurance, owes $8,000 in unpaid medical bills. To supplement Bill’s income, they have been using credit cards to pay for groceries and other expenses because Sally needed 8 weeks to recover from her operation.  The balances on the credit cards are now $5000, because they used the cards to supplement their lost income.  Sally returned to work, but because of the medical bills and increased credit card balances, They can’t afford the credit card payments anymore.  They want to know, do I qualify for bankruptcy.  

Answer: Of course.  Bill and Sally were hit with some bad luck.  Bill lost his position in middle management and Sally’s operation forced her out of work for a month.  A bankruptcy, either chapter 7 or 13, would benefit Bill and Sally because it will get rid of all their unsecured debt and they will be able to start saving now that Sally is back to work.  

Does any of this sound familiar?  If it does, call right now to get your options.  

But let’s do one more.  Same situation with Bill and Sally, but this time Bill and Sally are 6 months behind on the house. Bill and Sally received foreclosure paperwork and now they need to save the house.  

Answer: Chapter 13 will stop the foreclosure and let Bill and Sally repay the past due amounts over time.  Better yet, the unsecured debts will be paid interest fee.  When the plan is complete Bill and Sally will likely have improved credit for making timely payment in their chapter 13, a MUCH BETTER budget, and no 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 30,000 5-star reviews 5starsince November 2016!

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

Geraci Law – Chicago Ashland & Jackson

Geraci Law office located at 234 South Ashland, Chicago, IL 60607 at the southwest corner of Ashland & Jackson. We’re are RIGHT across the street from Rush Hospital.

Geraci Law office located at 234 South Ashland, Chicago, IL 60607 at the southwest corner of Ashland & Jackson. We’re are RIGHT across the street from Rush Hospital.

The office is easy to get to for anyone living in the Chicago West Loop neighborhood, right near Teamster City. If you live in Chicagoland, getting to the Geraci Law Ashland office is hassle-free and easy!

You can schedule to meet us in person at the Ashland office. There’s plenty of street parking and easy access for anyone working at Rush Hospital. Geraci Law is located next to the Mexican Consulate!

Check out our office before the renovation!

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.

Consumer Debt is $15.6 TRILLION!

Check out the article posted at CNBC titled, “Consumer debt totals $15.6 trillion in 2021, a record-breaking increase,” @ Consumer Debt.

Check out the article posted at CNBC titled, “Consumer debt totals $15.6 trillion in 2021, a record-breaking increase,” @ Consumer Debt.

It’s mortgage debt, car debt and credit card debt. Take a look at your finances, are you struggling to pay OFF minimums? Break the cycle of paying the minimum payments only to use the credit again because your cash is gone.

Inflation is hitting everyone’s budget, interest rates on said minimum payments will most likely INCREASE later this year. Filing a bankruptcy can help YOU gain control back of your finances.

The best thing about Geraci Law – we will give you our best opinion. If bankruptcy makes sense, we’ll work WITH you to accomplish your goals. If bankruptcy is not your best option, we’ll help you come up with other options if we can. It’s as simple as a phone call.

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.

Geraci Law Lansing Illinois Opening SOON!

Geraci Law in Lansing, Illinois is opening soon. Schedule a time to meet with a LOCAL attorney in person! We are located at 17839 Torrence Avenue in Lansing. We are between 178th and 179th, past the Walmart. GREAT parking in the back of the building.

Check out our new office. We look forward to helping the folks in Lansing, Chicago Heights, Glenwood, Calumet City and South Holland. Schedule an appointment with us by phone or online @ https://www.infotapes.com/

New Lansing, Illinois Office!

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.

Tax Debt & Bankruptcy

There are so many different kinds of taxes and the law is so complicated, that the best answer is: sometimes. Bankruptcy is about the only law more powerful than the IRS.

It’s that time of year – the start of tax filing season. Attorney Peter Francis Geraci answers your questions about tax debt and bankruptcy. Read Chapter 33 below or in PFG’s “Complete Book on Bankruptcy” @ https://www.bankruptcybookbypeterfrancisgeraci.com/book33.html

CHAPTER #33 Can I Get Rid of Taxes with Bankruptcy?

Sometimes, if they are income taxes, you filed a truthful return on time, you just owed the tax and could not pay it, and more than 3 years have passed since the return was due (usually April 15 following the tax year), and the taxes have been assessed and more than 240 days have passed…

There are so many different kinds of taxes and the law is so complicated, that the best answer is: sometimes. Bankruptcy is about the only law more powerful than the IRS. Usually, only income taxes can be discharged. Sales or withholding tax cannot.

In order for income taxes to be dischargeable, you must have

1. filed your return on time, and

2. the date you filed your return must be more than 3 years ago. (April 15 is due date but can be April 16 or 18 because of weekends some years)

If your return was filed late, you need only wait two years after it was filed to have your income taxes eligible for discharge. If you didn’t file a return, your income taxes are not eligible for discharge.

If your income taxes do not fall under the above time periods, or if you did not file a return, you may be eligible to force a repayment plan on the IRS, if you have sufficient regular income, by proposing a Chapter 13 Debt Repayment Plan. In a Chapter 13, you can pay past due income taxes over as long as 5 years, with no further interest or penalty, in most cases, and the IRS cannot take collection action during the Chapter 13 Plan. Of course, you must pay any future income taxes on time, and you must file any tax returns not previously filed, as a condition of having your Chapter 13 approved.

There are many other kinds of taxes, and special rules apply to all of them. I make no guarantee that any tax is dischargeable, because of the complexity of the rules, and the policy of not making most taxes dischargeable. We list them on the petition, however, notify the IRS and proper governmental entities, and then if the tax is not discharged, it is possible to work out a repayment plan based on your bankruptcy budget which we prepare.

Problem: Donald and Regina filed their 1982 and 1983 returns on time, but didn’t have the money to pay the $4500 tax due on Donald’s part time job, and Regina’s unemployment money. They also owe $9,000 in unsecured credit. Now they are both working full time, but there is an IRS levy taking 80% on Donald’s check.

The Peter Francis Geraci Chapter 7 or 13 Solution: It appears that they can start fresh with no debt by filing a Chapter 7. Or, they can pay their debt over as long as 60 months, and their payment will be about $250 per month, including all costs.

Note: Unpaid income taxes can build up interest and penalties rapidly, so Chapter 13 cases are great for many tax debts.

Trust fund taxes, such as employee withholding amounts that were never paid to the government, are not dischargeable, although they can be paid back in full in a Chapter 13.

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.

When Should I File For Bankruptcy?

The real question is, when you get in a situation where you can’t pay your bills, when should you eliminate or consolidate.

Read Chapter 5 of Attorney Peter Francis Geraci’s “Complete Book on Bankruptcy” below or at https://www.bankruptcybookbypeterfrancisgeraci.com/

The main causes are:

1. Financing lifestyle Buying things on credit can get out of hand

2. Failure to get raises Bills go up, but salary doesn’t. That is pretty common.

3. Illness When you’re ill, you can pay your bills

4. Bad luck Accidents, floods, fires, theft

5. Job loss Getting rehired often means taking a pay cut, now days

6. Gambling Yes, it’s a major cause of filing bankruptcy

7. Family Many solid working people are paying for family members debts

The real question is, when you get in a situation where you can’t pay your bills, when should you eliminate or consolidate. The answer is:

A. Before you spend your pension. The first thing many people do to pay bills is take a 401K loan or draw down their pension. Do NOT do that, because creditors cannot touch your 401K or pension. Bankruptcy laws protect your pension and 401K. No one can touch it. File before you think of using retirement funds to pay creditors.

B. When you lose a good job. There is an income test for Chapter 7. So if you lose a 100K a year job, why pay the credit cards unless you are going back to work right away. If you’re not back to work in 4 months, you might qualify for Chapter 7. But if you wait until you go back to work, you might not qualify, because now you make more than the median income, and your only remedy is Chapter 13 debt repayment, based on your income.

C. If illness and unpaid medical bills are your problem, wait until you are better, or have insurance before using up your right to file Chapter 7. If you are working and have ongoing medical that is unpaid, often Chapter 13 is a good idea, because it keeps your Chapter 7 option open.

D. If you simply aren’t making enough money, you should take my debtor education course, get out of debt, and learn how to budget. It just may be impossible to pay your debt on the salary you are making.

E. Don’t consider bankruptcy unless you can eliminate at least $10,000 in debt. It is just dumb to file any bankruptcy because you have a lawsuit for $4000. Settle it yourself. Save your bankruptcy for a real disaster.

***If three or more of the following apply to you, you should see a bankruptcy lawyer now.

***If more than 5 of the following apply to you, you should have already seen us 3 months ago!!!

_____My debt is over $10,000 not including a car or house.

_____My payments are over 25% of my take home pay.

_____I am frequently late on my payments.

_____I pay 20% interest on my debt.

_____I buy necessary items like food or clothing on credit.

_____I frequently get cash advances.

_____I am thinking about getting a loan to pay other loans.

_____ I have a lawsuit and over $10,000 in other debt I can eliminate.

_____Collection agencies are calling me.

_____I am “robbing Peter to pay Paul.”

_____My balances are not going down even though I make payments.

_____I have been turned down for more credit.

_____Payments are more than 1 month behind on more than one bill.

_____My driver’s license is suspended because of an accident.

_____I am working but paying other debts so I can’t afford car insurance.

_____My mortgage or rent is always late, or is behind.

_____We are getting divorced and have too many bills to pay.

_____I have medical bills over $20,000 that are not insured.

_____There is a garnishment or wage assignment on my check.

_____I owe income taxes I can’t pay now.

_____My car is worth much less than I owe.

_____I have no savings.

If none of these apply to you, congratulations!! You are living the American Dream.PREVIOUSNEXT

In Person Appointments

Many of our physical locations offer same day or next day meetings with Geraci Law experienced attorneys.

In June 2020, Geraci Law opened the doors again to help clients meet us in person. Since Geraci Law stayed open ready to help meet you face to face (mask to mask).

Many law firms do not offer an in person meeting, many bankruptcy attorneys do not have a physical office – Geraci Law does. Many of our physical locations offer same day or next day meetings with Geraci Law experienced attorneys.

Geraci Law are friendly, fast and efficient, we’ll accommodate you with a virtual appointment or happy to see you at our local offices. Best part? You can schedule online or by phone. Check us out at https://www.infotapes.com/Bankruptcy/OfficeLocator

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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