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.

Credit Score Image

 

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.

Fear of Debt

Owing money can be scary. Creditors call constantly and you lose sleep thinking about who is going to get paid this month and how. Its fear tactics – creditors use it to scare you into making a payment. If you say, I can’t pay you; hang up the creditor will just call again.

Many people look to other options like borrowing against retirement or using savings. They think if I can just make it this month – things will get better next month. Often, it’s a year later the savings account is empty and the bills are not paid.

Not only do most fear the creditors and owing but they fear the bankruptcy solution too! Filing a bankruptcy with an experienced law firm (Geraci Law) can protect your retirement and assets. In most cases, the only thing to lose is the debt and the best thing to gain is a good night’s sleep – debt free and stress free.

Do not wait to file a bankruptcy. If it’s 2:00 a.m. and you are looking at tax ramifications for a 401K withdrawals, call Geraci Law about your bankruptcy options. The worst part is admitting you need help.

The Geraci Law Difference!

  1. Call us 7 am to 7 pm most days, and Saturday too. Try that with a “local” lawyer
  2. 120 lawyers & paralegals. More than one person works on your case no extra fee
  3. In Bankruptcy Court daily everywhere we practice: we don’t mind going to court for you!
  4. Unmatched experience and education Our lawyers get more legal education than most
  5. Largest consumer bankruptcy firm in Illinois, Indiana and Wisconsin
  6. Cheaper or same often for price & service as “solo” or “budget” lawyers who do little bankruptcy
  7. No hidden fees or charges We don’t tell you 1 thing on the phone and up the price later
  8. No extras tacked on We do for free what some other lawyers charge hundreds extra for.
  9. Nice Our attorneys and staff are some of the nicest folks you’ll ever meet
  10. Honest You deserve a square deal. If others say something else, we’ll tell you if it is true.
  11. Ethical  Geraci Law attorneys adhere to the highest ethical standards to benefit YOU!
  12. Peter Francis Geraci is our secret weapon! And yours, too.  No extra charge!
  13. Debtor Education after filing for $25 – Only course taught by Peter Francis Geraci in S.
  14. Free pre-filing non-bankruptcy educational course watch free at http://www.pfged.com
  15. Fast Filing We can file same day, depending on your case and the deal we make.
  16. Compare! Clients tell us all the time they like our firm, our service, our prices BETTER!

Good Things We Do For Clients

Geraci Law Attorney Wylie Mok at Geraci Law LLC, 4218 N. Cicero Ave., Chicago, IL 60641 Reports: A client had already seen another bankruptcy attorney about filing a Chapter 13 and was thoroughly unimpressed by his operation; he said this other attorney was unprofessional and did not seem interested in helping him fix his problems (old parking tickets and credit cards).  The client was desperate to get his case filed to avoid having his car booted, because then he would have no way to get to work.  To prove it, the client had everything we needed to file his case that day: we downloaded his tax returns, he paid the filing fee, and took the credit counseling class in the office while I drafted his petition.  Within two hours, we filed his case and notified the City.  The Client was very grateful for our help and said he should have come here first because “we don’t mess around.”

Geraci Law Attorney Mark Levine at Geraci Law LLC, 33 N. Roselle Rd, Schaumburg, IL 60194 Reports: One of our clients brought her 6 year-old granddaughter to her last office visit. Her granddaughter was practically bouncing off the walls because she was excited about a family vacation to Disneyworld tomorrow.  I have a 9-year-old daughter who LOVES Disneyworld herself, and we went there on vacation a few months ago.  I pulled up a chair after I met with client and had a nice conversation with client’s granddaughter about Disney.  The granddaughter absolutely loved it and asked me about the princesses.  I told her I personally met them all myself just a few months ago and that they’re all friends of mine now (a slight exaggeration perhaps), so I named a few for her, and she couldn’t believe that I knew their names.  Then she asked me if I am always at this office if the princesses want to know, and I said yes, you can go ahead and say hi to all the Disney princesses for me and you can tell them where I am if they need to get in touch with me.  She laughed.  When she left both she and her grandmother (our client) had big smiles on their faces and were not thinking or worrying about bankruptcy or any of that stuff.  They really appreciated not being “like a number.”

Geraci Law Attorney Frank Hernandez at Geraci Law LLC, 6537 1/2 W. Cermak Rd Suite B, Berwyn, IL 60402 Reports: I called these clients a few days after their court date to congratulate them on the Trustee’s No Asset report.  This was not an easy task as these clients owned business assets.  Attorney John Sadler did an incredible job listing these assets in detail on the petition.  The Trustee was very pleased and impressed.  The wife sobbed and said, “Gracias Abogado!”  She was in the hospital with her 52year-old husband, who had just had a heart attack.  She told her husband that I was on the phone, and though he could not talk to me in his delicate condition, she said that when he heard my voice his eyes glowed, his heart beat stabilized, and he smiled, despite the tubes in his mouth, from his hospital bed and found comfort and strength in knowing that we were thinking about him.

Geraci Law attorney Briana Czajka at Geraci Law LLC 55 E Monroe #3400, Chicago IL 60603 reports: After spending the day in court, I made a house call to a client who was unable to leave her house due to medical reasons. She needed to sign documents to convert her Chapter 13 case to a Chapter 7. The client’s income had decreased, and she could no longer afford to maintain her Chapter 13 payments. I went over all the paperwork with her, and had her sign off on the conversion. Her case has now been converted, and the Trustee has agreed to hold her meeting over the phone.