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.

Geraci Law is OPEN in South Bend

Geraci is open in South Bend and ready to help YOU with your debt! We’re located at 1251 N. Eddy Street in Suite 200 inside the Eddy Street Commons Building directly across from Starbuck’s. The entrance is between TIAA and O’Rourke’s Public House.

You can schedule online @ https://www.infotapes.com/Bankruptcy/OfficeLocator or give us a call. We can meet you in person, we can meet virtually – whatever is easiest for YOU!

Check out PFG in South Bend @ https://fb.watch/aKFXn9Poxe/

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.

Did you know about Geraci Law?

Geraci Law is a well-established Law firm. It was founded as a solo practice by prominent consumer bankruptcy and trial attorney Peter Francis Geraci in October 1977. Geraci Law operated as a sole proprietorship until 2009; growing from one attorney in a 15 x 20’ office to a multistate law firm with over 50 attorneys.

Geraci Law is a well-established Law firm. It was founded as a solo practice by prominent consumer bankruptcy and trial attorney Peter Francis Geraci in October 1977. Geraci Law operated as a sole proprietorship until 2009; growing from one attorney in a 15 x 20’ office to a multistate law firm with over 50 attorneys.

Geraci Law is one of the largest consumer bankruptcy firms in the country, with over 10,000 clients a year retaining the firm for consumer bankruptcy cases in Florida, Illinois, Indiana, and Wisconsin. Each year, Geraci Law is hired to consolidate or eliminate over $1.2 billion in debt.

Other fun facts:

  • The mission statement is, “All attorneys and staff subscribe to the firm’s mission statement, which may be summarized as, “Nice people doing nice things for nice people”
  • Many Geraci Law staff are charitably oriented, running marathons, participating in cancer and mental health charities, as do Mr. and Mrs. Geraci.
  • Geraci is certified by the Illinois Supreme Court CLE (Continuing Legal Education) as a provider.
  • At Geraci Law, you always have direct access to your attorney and paralegal team. No call centers, no leaving a message on a machine. Everyone you interact with is a Geraci Law employee.
  • It’s one of the many reasons we are the most reviewed bankruptcy law firm in the country. Over 40 years in business, over 200,000 clients served, and more than 30,000 5-star or positive bankruptcy attorney reviews.

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.

Phony Websites posing as Bankruptcy Attorneys selling your information

Beware of “no name” “lead generation websites when search for Bankruptcy Attorney

You can read this article and more @ https://www.infotapes.com/Articles.

Any number of websites run by people who are NOT lawyers, are trolling for bankruptcy case leads to sell to unknown lawyers. “Lead generation” is when someone who could not get into law school, or didn’t want to, pays $15 for a name like http://www.wannafilebankruptcy.com, or http://www.needtofilebankruptcy.com, or http://www.greatbankruptcylawyers.com” or “bankruptcyrelief”, and makes it look like you are dealing with a bankruptcy attorney. You are not. You are giving your information to some unknown website. Almost always, the owner of the website is hidden. Some websites like this even use the ‘.org” extension, to make it look like they are a charitable organization.

So, the unsuspecting consumer, instead of landing on the website of a real live law firm or attorney that concentrates in bankruptcy, gives their info to a “lead generation” website, that promises to “connect them with a great bankruptcy attorney with lots of experience” or some such puffery. On top of it, this website may sell your information to some unknown attorney, or even more than one.

What happens next? You will get texts or calls from another person you have never heard of, who most likely will, again, NOT be an attorney, or even working for an attorney. It will be from a boiler room answering service trying to “set an appointment” to discuss debt relief. Again, with some law firm who is paying the “lead generation” website for “leads”. The leads are your information this caller wants from you.

Next, you may get an “appointment” with this “bankruptcy law firm or lawyer” who bought your “lead”. But it most likely will NOT be with an attorney. Are you already tired of this? If not, the “appointment” will be with another non-attorney person, possibly an actual employee of the attorney or law firm who paid for your “lead”. They will then tell you that the lawyer they work for can represent you, get money from you, and you will, if you pay them $2000 or so on the internet. Or worse yet, get involved in a Chapter 13 for the next 3-5 years with some unknown person who “bought your lead”. An example of this type of “lead gen” ethics is set forth in the opinions on Recovery Law Group, owned by Wajda ohttps://www.scb.uscourts.gov/sites/default/files/opinions/Judge%20Burris/opn_85_20-03190_637737785894285410.pdf and Upright Law, owned by a Michigan lawyer named Deighan https://www.justice.gov/opa/pr/national-consumer-bankruptcy-law-firm-agrees-pay-more-300000-relief-consumers-and-six-year The judges involved were quite direct in their criticism of these “internet wonders”.

Here’s what the South Carolina judge said about Nicholas Wajda and his Recovery Law Group:

“Recovery Law advertises itself on the internet as a business having offices located throughout the United States, including South Carolina. Recovery Law’s website lists its local address as 1014 Raleigh Ridge, Fort Mill, which is an apartment building. It is a domestic corporation formed in Nevada and is not registered to do business in South Carolina. South Carolina is one of the locations listed on Recovery Law’s website with the option to connect with a “local bankruptcy expert.” You can read the sad tale of a mishandled bankruptcy and Judge Green’s referral to the state attorney disciplinary commission, for yourself.

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.

Debt Settlement and Debt Consolidation vs. Bankruptcy

Is bankruptcy a better option for managing debt?

Is bankruptcy a better option for managing debt?

Debt settlement and debt consolidation rarely work in favor of consumers. There is no guarantee that they will work. So how does it work? Basically, debt settlement and consolidation companies have you pay them to settle your debts for you.

They have no special bargaining powers or authority to make your creditors settle. If a creditor does not want to settle, they can simply refuse, keep charging you late fees and interest, while you keep paying the settlement company to basically do nothing.

Bankruptcy gives you protection under the law. After your case is filed, the Federal Bankruptcy Court issues an Automatic Stay, which grants automatic and immediate protection from your creditors. From there on out, your debts are handled under court supervision and creditors cannot continue to charge late fees or interest.

Liz Weston from NerdWallet wrote a great article detailing why debt settlement and debt consolidation are BAD alternatives to bankruptcy, how they hurt you more in the long term.

The article is a few years old but still applies, check it out @ https://www.southbendtribune.com/story/business/2017/08/30/debt-settlement-a-bad-alternative-to-bankruptcy/46331397/

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.

How Much Does Bankruptcy Cost?

We will meet with you for free, run a free credit report, go over all your debts and budget, and give you advice on getting out of debt. We will file your case for low money down, and let you choose your payment schedule. We make getting debt free affordable and easy for you.

Check out below from Geraci Law’s web site @ https://www.infotapes.com/

Beware the lawyers that promise “$0/down to file Chapter 7”. It’s usually not completely true and you end up paying more overall in the end. It’s free to start with a Geraci Law attorney.

We will meet with you for free, run a free credit report, go over all your debts and budget, and give you advice on getting out of debt. We will file your case for low money down, and let you choose your payment schedule. We make getting debt free affordable and easy for you. If it weren’t true, we would not have over 30,000+ reviews from satisfied clients.

Additional resources:

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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