How to Dispute False Item on Your Credit Report

It’s not mine, get it off my credit report! How long does bankruptcy stay on?

Article written by Attorney Peter Francis Geraci – read more like this @ https://www.infotapes.com/Articles

You can get a free credit report from one of the 3 major credit bureaus. Go to www.freeannualcreditreport.com If you see a debt listed that is not yours, you can contest it by filling out the form on each credit bureau’s dispute site.

Equifax https://www.equifax.com/personal/credit-report-services/credit-dispute/

Experian https://www.experian.com/disputes/main.html

Trans Union https://service.transunion.com/dss/login.page?dest=dispute

You can’t dispute things that are accurate. For instance, if you paid an account after it was late, the late account can show paid, but paid late. If you filed a bankruptcy, that fact that you filed stays on 10 years after your Chapter 7 filing date, and 7 years after your Chapter 13 filing date. If a debt that you received a bankruptcy discharge is listed, that is OK, as long as it shows that you owe nothing because of your bankruptcy discharge. Creditors know what a bankruptcy discharge means: you can’t file a Chapter 7 for another 8 years and have little or no debt except what you agreed to “reaffirm”, or survive discharge. So your credit score often goes up a lot after you get a bankruptcy discharge. Credit scores are bad because you have too much debt to pay, not because you got a discharge and now have no debt, and a fresh start, in most cases!

You can only contest things that are inaccurate. Here’s what Equifax says you can dispute:

• Personal information: Your name, addresses, Social Security number or date of birth.

• Account information you believe is inaccurate or incomplete: For example, if late payments are being reported on one of your accounts but you have always paid your balance on time and in full. 

• Mixed credit files: If someone else’s information is being reported on your credit file. This may happen if a father and son (Sr. and Jr.) have the same name, for instance.

• Duplicate reporting of an item: One example might be a debt listed twice.

• Information that may indicate fraud or identity theftThese would be credit accounts, including collection accounts, on your credit report that you don’t recognize.

Whether you’re contacting a lender or the credit bureaus, provide all the evidence and documents you can to support your dispute, such as an account statement verifying an account balance. Give details about why you believe the information in the credit report is inaccurate or incomplete.

What should I expect after filing a dispute?

If you file a dispute with the three nationwide credit bureaus, you can generally expect to receive the results of your dispute within 30 days. If the information is found to be inaccurate, your credit reports will be updated, generally within about 30 days.

If the result of the investigation finds that the information is accurate, it will remain on your credit reports. If you still believe the information is inaccurate or incomplete, and you have additional information that can help support your dispute, you can file your dispute again with the credit bureau. You also have the option to provide a brief statement on your credit reports summarizing your dispute, which can help explain your situation. Or you could contact the creditor to attempt to resolve the issue.

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

Should I file Bankruptcy Before I get Divorced, During the Divorce or After the Divorce?

When contemplating divorce, when should I file bankruptcy?

New article from Attorney Peter Francis Geraci titled, Should I file Bankruptcy Before I get Divorced, During the Divorce or After the Divorce? Read this article and more @ https://www.infotapes.com/Articles

There are a lot of “secrets” that you certainly don’t know about when to file in relation to a bankruptcy. And believe it or not, more than a few divorce attorneys commit malpractice by failing to refer their clients to Geraci Law. 

Example #1  “I am not working, I am separated and can’t pay my $60,000 in credit card debt that’s in my name only. I have been paying minimums of $1200 a month for 2 years until I lost my job making $75,000 a year. I think I will wait until after I get divorced to file a bankruptcy. My spouse and I own a condo with less than $15,000 equity, and she still makes $75,000 a year. 

What to do: File Chapter 7 now, especially if you have no joint debt. If you get back to work,  you make too much money. If you stay unemployed, but your spouse files for divorce, her attorney may want some provision that promises her you will pay that debt, a big error you don’t want.

Example #2  “I have $35,000 in credit card debt and want to file for divorce. My spouse has $25,000 in debt. We rent, and each make $50,000 a year, but I will have to pay support for the kids, and can’t do that and pay $800 a month on credit cards for the next 10 years. What should I do?

What to do: You are separated, so your household income is half of what it was, an ideal time to file Chapter 7. You should also talk to your spouse, who might want to eliminate her debt in a joint filing so it is not an issue in the divorce. Waiting could be very bad: I have seen divorce property settlement agreements obligating a spouse who is paying support to pay not only support, but to pay credit cards. Very bad. Get to Geraci Law right away. 

Sometimes we file separate Chapter 7 for each spouse, sometimes a joint Chapter 7, sometimes a 7 for just one, sometimes a Chapter 13 for one only, etc.  There are a lot of ins and outs. Sometimes both spouses file, and because the debt pressure is gone, they get back together and live happily ever after.

Geraci Law saves more marriages than a country preacher. And if we can’t, at least you aren’t fighting about debt during a divorce. It’s magic!

Again, don’t call and expect to get anything straight without a virtual or in-person consultation. You spent years getting into debt, spend an hour planning how to get out of it with an experienced Geraci Law attorney. 

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

If I am Married, Can I File Bankruptcy Alone?

Will my bankruptcy affect my spouse?

Below is an article written by Attorney Peter Francis Geraci, you can read more articles at https://www.infotapes.com/Articles.

If I am married, can I file a bankruptcy without my husband or wife? 

There are a lot of different answers so don’t expect to call us and get the right answer without a virtual or in-person consultation (which is free) with an experienced Geraci Law attorney. You will have to provide some detailed info to get a reliable answer.

. Married people file jointly, or separately, or just one. You can file alone. Filing a “husband and wife” case saves you on fees and costs. But there are reasons NOT to file joint cases, and reasons you should file together.

Example #1:  “I have credit card debt I can’t pay and just got fired. My spouse makes $130,000 a year, but is not joint on my cards, but we have a joint checking account. I am on title to 2 properties with him but not on the mortgage. Can I file Chapter 7 and get a discharge

Answer: Probably not. Your household income is $130,000 even without you working. The Chapter 7 Trustee would object to discharge of your debt because the household income is sufficient to pay it. On top of it, you own ½ interest in real estate, and only a Chapter 13 debt repayment plan would enable you to discharge your debt and keep your property interest.

Result: When you are back to work, see us about a Chapter 13 debt repayment plan if your spouse and you can’t pay off your credit cards. 

Example #2: “I just got married and have a lot of debt from before my marriage. It’s a second marriage and we keep separate accounts and have no joint property.   My spouse makes $130,000 a year, and pays all the household expenses, since I only make $25,000 a year. Can I file Chapter 7?

Answer:  Yes. Since there are no joint debts, accounts, or property, you are not a member of a “household” that can pay the debt, unlike Example #1 above. Depending on where you live though there are different applications of the “household rule”. You may qualify for Chapter 7, and if not, for a low Chapter 13 payment.

What to do if you are worried about your debt?

A. Please don’t call and expect an opinion on the phone. Have the courtesy to yourself of getting a half hour of free consultation with an experienced Geraci Law attorney.

B. Before you call for an appointment, talk to your spouse. It’s not like you committed a crime, you just have some debt. Your spouse may want to pay it, or may want to pay for your bankruptcy. Bad idea to try to keep it a secret.

so, there are some considerations, it depends on the facts, and there are a lot of secrets:

If you want to file a joint case, both of you must attend your first consultation. You can’t send hubby in by himself. That way you both hear the same advice. . Then you won’t have to go back alone and answer your spouse’s questions. Sometimes we recommend that one spouse NOT file, or that one file Chapter 7, and the other file Chapter 13.

1.   If you want to file your own case separately, that is ok. But if you living in the same household, we do have to know the total household income, and if spouses are keeping separate income and expenses. But one can file without the other.

2.   Wisconsin is one of 8 community property states. You can’t get rid of community debt by filing alone. But if you file alone, your creditors can’t attach community property as long as your non-filing spouse does not file. The same with a residence in Illinois or Indiana held as tenants by the entirety. 

3.   Many people have debts that they had before the marriage. A spouse is not liable for the other spouse’s pre-marital debts.

4.   Domestic support obligations, attorney fees to the other spouse in most cases, and guardian ad litem fees, and property settlement obligations, are not dischargeable in Chapter 7. In Chapter 13, domestic support obligations must be paid, and you can pay arrears ahead of other creditors. Also, in Chapter 13, property settlement obligations that cannot be discharged in Chapter 7 may be discharged. So, you need an experienced attorney if you have marital debt issues.

5.   Your filing does not affect the other spouse’s obligation to pay debts they are liable on. In community property states, like Wisconsin, your bankruptcy leaves your spouse with any debt incurred during the marriage, unless the spouse also files. But then your creditors can reach the other spouse’s community property, although it might be exempt.

6.   If you ran up the bills during the marriage, even though your spouse did not sign for the debt, or even know about it, your creditors may be able to collect from your spouse. Many states have “family expense” laws that make one spouse responsible for the debts of another if the debts were incurred for family purposes. The theory is that each spouse owes a duty to immediate family members to support them. Food, clothing, rent, medical bills and household items can be the responsibility of the other spouse.

7.   Sometimes one spouse will send the other one in, because they don’t want to pay the other’s bills. Then, instead of sending money to bill collectors, you can send your money to your own family. It makes for a happier marriage.

8.   Sometimes you are involved in a “bust-out scheme”, where you and your spouse loaded up your cards on purpose, and now plan to get rid of the debt. That may raise objections by creditors and the U.S. Trustee, depending on the facts.

Therefore, while you may be able to file a case alone, you may have to take into consideration both your spouse’s income, even if you keep your income and expenses separately, and any liability your spouse may have for your debts. You can protect your spouse from this liability by a joint filing, or, you can pay the debts that your spouse is liable for in a Chapter 13. Then, while you make the Chapter 13 payment, no creditor can bother your spouse. The same theory applies to co-signed debts.

This is one area where an experienced Geraci Law attorney is worth their weight in gold!

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

There is NO such thing as Judgment Proof!

Only someone who has discharged a debt in bankruptcy can be “judgment proof” as to that debt. 

Wait? What? Absolutely no such thing as judgment proof. Below is an article written by Attorney Peter Francis Geraci. Read more articles by PFG @ https://www.infotapes.com/Articles

 “Judgment proof” THERE IS NO SUCH THING.  Only someone who has discharged a debt in bankruptcy can be “judgment proof” as to that debt. 

Otherwise, it is a fallacy perpetuated by the uninformed.

Even if someone has only SS and no property to be attached, a creditor may file a suit, entering a judgment, garnish, record liens, establishing citation proceedings, seeking to garnish them, etc  A debtor still has to appear in court and claim an exemption or appear at a citation so it does not turn into a rule to show cause or a body attachment.

Judgments remain for 10 years and can be renewed multiple times, and there is nothing preventing a creditor from collecting on a judgment with property acquired in the future. Often, debtors do not want to deal with all of this, and that is why they file bankruptcy. It is entirely false for someone to allege a debtor does not need to file bankruptcy because they are “judgment proof.”

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

Is Bankruptcy Bad?

No. Bankruptcy is GOOD! Bill collectors, however, have us hypnotized that we need “credit” and we have to pay til we die so we have “credit.”

So many people believe bankruptcy is bad – it’s really the opposite. It could be the fresh start so many of us need during this pandemic.

Attorney Peter Francis Geraci answers the question on everyone’s mind – Is Bankruptcy Bad?

Is Bankruptcy a Bad Thing?

No. Bankruptcy is GOOD! It’s in the Bible, and it’s been in the U.S. Constitution since 1787. Bill collectors, however, have us hypnotized that we need “credit” and we have to pay til we die so we have “credit.”

The real question is, “if I get debt discharged in bankruptcy,” can I get into debt again? Can I buy a house and car? Can I get another credit card and start fresh?

Can I Get Credit Again After Bankruptcy?

Yes, Yes, Yes and Yes! You CAN get into debt again, buy a house and car, get another credit card, and start fresh. Here’s why:

Bankruptcy means you list all your debts and ask the Court to discharge your obligations as much as possible. Both Chapter 7 elimination and Chapter 13 repayment end with you getting a Discharge.

As soon as you file, all collection actions must stop, with a few exceptions. Most people who file have bad credit, and a credit score in the 500’s. You cannot get credit when your credit is bad.

So, how does your credit get better by obtaining a Chapter 7 or 13 discharge?

  1. Your debt to income ratio improves: You have less debt.
  2. Your credit score improves, unless you’re unemployed, because now you have less debt.
  3. Creditors see that you can afford to repay them, whereas before your discharge everyone was after you. Find out why we call it “THANKRUPTCY.”
  4. Most car dealers will finance a brand new vehicle for you the day you file Chapter 7. Amazing, but TRUE. Go ask them. We get many people who are told by the car dealer to go file Chapter 7 and then come back to get financing.
  5. You can’t buy a house when you are subject to lawsuits. You can buy a house after bankruptcy discharge. With a bankruptcy Discharge, most creditors can’t sue you and attach a lien on the house, or grab your paycheck so you miss house payments. You are instantly way more reliable with a discharge of debt. Wait two years, save some money, and apply for your mortgage.

So, if you’re overloaded with debt, don’t be afraid of getting a fresh start. Bankruptcy is not bad, it’s GOOD. Read some of our over 30,000 5-star reviews for actual stories from real Geraci Law clients just like you.

Bankruptcy is a safety valve. Most of my clients have credit scores below 600. Go to Infotapes.com for access to a free credit report. Owing money you cannot pay is bad. Most people end up without money because of circumstances beyond their control. Bankruptcy adjusts the debt situation to 0 again. You start out even. You get a fresh start, while still keeping the necessities of life. But the prevailing attitude about bankruptcy is that is “bad.”

Bankruptcy is in the Constitution

Bankruptcy was so important to the Founding Fathers of the United States, that, when the U.S. Constitution was written in 1787, they directed Congress to make uniform bankruptcy laws. Article III, Section 8 of the United States Constitution states: “Congress shall make uniform laws relating to Bankruptcy.”

There was little disagreement between the Founding Fathers of the United States of America, when it came to having a bankruptcy law. Freedom from debt was important, and so was the ability to start fresh. Bankruptcy is more fundamental to the United States of America than freedom of the press and freedom from unreasonable searches and seizures.

Bankruptcy is in the Bible

The origin of bankruptcy can be found in ancient traditions, like the Bible, Deuteronomy 15.1: “In the 7th year, each creditor shall release his debtors. This shall be known as The Lord’s Release.” In the Old Testament, it was the policy that a debt could exist only 6 years, and should be relaxed or forgiven in the seventh year. The purpose was to prevent damage to society by allowing a debt to live forever. The lender was cautioned to lend only as much as the borrower could reasonably be expected to repay.

There are other Biblical references to debt, such as St. Paul’s admonition in Romans 13:8; “Strive to owe no debt, except that debt that binds us to love one another.” I have found nothing in any religion that states that owing money to another is “good.” In the Koran, there is a prohibition against lending money at interest. In most Moslem countries today, Moslems borrow at no interest from “banks of the faithful.”

Bankruptcy is not “Bad.” Bankruptcy is a fundamental right with origins deeply rooted in our history and heritages.

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.

Utilities, Cable, Phone Bills and Bankruptcy

Worried about a shut off? Bankruptcy could help!

Utilities, Cable, Phone Bills and Bankruptcy. With summer heat raging across the country, if you are behind on your electric bill and worried about a shut off – bankruptcy CAN help. Attorney Peter Geraci answers your questions about utilities, cable bills and those pesky cell phone balances.

Bills are Usually Dischargeable

Bills for utilities such as gas, electric, water, sewer and phone are what we call unsecured debts, and they are dischargeable under either Chapter 7 or Chapter 13 bankruptcy. The only exception is fraud, such as where you hooked up the gas illegally.

When to List Utility Bills in Bankruptcy

In order to make it worthwhile to list a utility bill, calculate the average month utility bill, and multiply by three. So if your average electric bill is 140, three times is $420. So if you list a $420 past due electric bill in a chapter 7, you won’t have to pay it, but you’ll most likely have to put up a deposit of three times the average bill, or $420, and now you’re back to square one.

So the three times an average bill rule applies for gas and electric. And you’ll have to put up a deposit.

Avoiding Utility Shut-offs

Filing on gas and electric doesn’t make much sense unless you have run up a huge bill, and by now you have been shut off. What happens in cold states like Wisconsin, where they don’t shut off your winter gas until April, and then we get a rush of bankruptcies because it’s still cold enough to need gas and its off.

We also get a rush with people who have lived without gas all summer, and when it gets to be Halloween I need the gas back on. Those bills are usually several thousand, so putting up of $420 deposit isn’t too bad. Filing either Chapter 7 or 13 will require the utility to turn your electric or gas back on after you put up the deposit.

Water and Sewer Bills in Bankruptcy

Water and sewer bills are a little bit different. They usually aren’t very high, and in most cities, they are a lien on the real estate. So if you have a single-family home or multi-unit that you own, and you don’t pay the water and sewer bill, not only can they shut off the water, but there is a lien on the real estate. We don’t see too many water and sewer bills in bankruptcy but there treated pretty much the same as gas and electric.

Cable and Phone Bills in Bankruptcy

Cable and phone bills are a little different. Since so many people are disconnecting from cable TV, it’s not a real big issue if you’re three months behind on the $200 cable bill, and don’t particularly care for the service anyway. Otherwise they don’t have to give you credit again. Nobody has a land-line, so you’re talking about a cell phone bill, and those bills are never included in a bankruptcy because they cut you off after two months and now you have no cell phone service, which is something we rarely see.

In Summary

So in a nutshell, for gas or electric that is more than three months behind throw it in there, and as far as water and sewer pay it. Cable and telephone, either get a cell phone with a different carrier and a different cable service, or pay them to continue service.

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 How Does Bankruptcy Work?

There’s a ton of information about debt, financial resources and bankruptcy. The B word can be intimidating and maybe it’s time to answer the question – How does bankruptcy filing work?

Attorney Peter Francis Geraci answers this question and reviews what you can expect when filing for bankruptcy.

Organize Your Debt

1. How MUCH debt do you have? Is it around $10,000 or more in debt you can eliminate, like medical bills, lawsuits, credit cards, personal loans, repossessions? Make a list of all your debt and what it is for. You can find a form at Infotapes.com. Remember, some debts don’t appear on credit reports, so gather your bills, and even old debts can chase you for 5 or 10 years or more

2. What KIND of debt do you have? So if you have $10,000 or more in debt, is it the kind you can get rid of, or the kind you want to pay, like vehicles or credit unions, or is it just government student loans?

So, you can make a short list, using our form, you can get a free credit report to see what your creditors are reporting to credit bureaus.

Consult with a Law Firm

3. Get a free phone mini-consultation. You will need competent advice on whether Chapter 7 or 13 is right for the type and amount of debt, and also for your income level. Don’t make the mistake of thinking you can pick your Chapter, because you don’t know as much as Geraci Law’s highly experience attorneys.

4. Start uploading your documents. If we decide that we can help you, we’ll give you access to the Geraci Law Client Corner, run an Experian soft-pull, get a Kelly Blue Book value on your vehicles, estimate your house value if you have one, and more. You can then upload necessary documents to our Geraci Law Client Corner client portal, such as pay stubs, bank statements, contracts, bills and tax returns.

Meet with a Bankruptcy Lawyer for Free

5. Get a virtual or in-office interview and get your options, costs, and retain us, little or no money down. Figure a payment plan, and you’ve got yourself a lawyer! We’ll refer you to take a 20 minute online finance course, which costs $25. Take the course before you file. You can take my credit counseling course online for free to see what it’s like.

Review and Sign your Bankruptcy Paperwork

6. We’ll then prepare a bankruptcy petition of about 50 pages for you to review, and assemble the necessary documents you have uploaded, and after you sign it, we’ll file it with the Court.

File your Bankruptcy in Court

7. After we file in court, we’ll post all your documents on your secure Geraci Law Client Corner portal, where you will get all your messages, instructions, documents, and even videos about your meeting of creditors and taking your second Debtor Education Course. The bankruptcy court requires you to take the second course to get a discharge. I teach it, and the Administrative office of the U.S. Trustee in bankruptcy certifies it. The court is one of the only courses actually taught by an experienced bankruptcy attorney.

Attend your Meeting of the Creditors

8. We will go with you, either by Zoom or in-person, to a brief interview with a Court appointed bankruptcy Trustee to go over your petition and approve it. If you filed Chapter 13, your plan will be confirmed and you will make the necessary monthly payment. If you filed Chapter 7, we will handle any paperwork with vehicles or mortgages you want to keep, and you will get a discharge around 4 months from date of filing.

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.

Reaffirmation Agreements and Mortgages – if the mortgage company fails to offer me one?

Reaffirmations on Mortgages in Chapter 7. You don’t need one, but if you can’t get one, here’s what to do!

Below is an article written by Attorney Peter Francis Geraci regarding reaffirmation agreements. Reaffirmation agreements can be complicated, use below as a guide to answer questions like – What do I do if I want to refinance and did not reaffirm my debt? My bank is telling me to reopen my Chapter 7 case and my attorney is telling me no. And more!

Read more articles like this @ https://www.infotapes.com/Articles

Reaffirmation Agreements and Mortgages – if the mortgage company fails to offer me one? – by Attorney Peter Francis Geraci

Under Chapter 7, your mortgage lenders get notice of filing the day we file your case.  The court sends notice, and most lenders search daily for new bankruptcy filings. Your petition includes a “statement of intention” to reaffirm, redeem or surrender the property. The lender then

  1. ceases any collection activity if you are late,
  2. may want a letter from us stating you can talk to them direct
  3. may stop sending you statements, and cancel   auto pay and online access (you may have to mail payments 5 days before due)

If you are current and want to keep the property, and your lender acts goofy like this, it can be a pain!   It may be as simple as

  1. call your lender and say: “ I want to continue payments, and statements”
  2. ask them what they need so you can keep on paying and have online access
  3. tell them you want to “reaffirm” your personal liability (they already know this)

What does “reaffirmation” of my personal liability on a mortgage have to do with paying them?   A “reaffirmation” makes your personal liability survive discharge, so if you default, and they foreclose, and sell the property, and don’t get enough to cover the loan, they can come after you personally. A reaffirmation doesn’t affect the validity of your mortgage, or your ability to pay it.  And they charge you $800 or so for preparing one.

Does it matter if my lender doesn’t want a reaffirmation of my personal liability?   No. It shouldn’t. Your bankruptcy included a “statement of intent to reaffirm”.  If you checked yes, it doesn’t mean much except you are OK with your personal liability on the mortgage surviving discharge. 

Who decides if the lender wants to enter into a “reaffirmation”?   The lender decides. Not you or us.

Lenders always send your info to their attorneys, who prepare the “reaffirmation” and send it to us. (Unlike credit unions, mortgage companies don’t do their own paperwork, they won’t send anything to you, or to us. They have their attorneys do it. So all you can do is tell whatever mortgage servicer to start taking your payments, and if they feel like it, you are OK with signing a reaffirmation, if they will prepare it.   No lender will sign anything prepared by you or your lawyer. Lenders will NOT prepare a “reaffirmation” if

  1. you are behind in any payment, taxes or insurance
  2. you are in some kind of forbearance, loss mitigation
  3. they don’t want to (maybe they sold your loan, or lost the original paperwork)
  4. they don’t have a valid lien on your property, etc. etc. etc.

If my lender wants to prepare a ‘reaffirmation” when do I sign it?   Before Discharge. The lender’s attorney must get us their reaffirmation so you can sign it before Discharge, about 4 months after filing of a Chapter 7. You can ask us to delay discharge if no reaffirmation before Discharge.

 Do I need a reaffirmation agreement to keep my house?  No.  Your mortgage is not affected.  You don’t need a “reaffirmation” to stay current.

If the bank allows me to reaffirm my liability on the promissory note, why should I sign a reaffirmation?   Lenders may refuse to report your payments to a credit bureau, or make any number of bizarre excuses for aggravating you, and say “You didn’t sign a reaffirmation, call your lawyers and have them reopen the case and send us one,”   They are just trying to get rid of you.

  1. Write down the Name, Employee #, contact info of anyone who tells you such nonsense, they might be located in China or India.
  2. Ask to speak to a supervisor.  Ask them to put the nonsense in writing.  Contact us with the details so we can help.

 If your mortgage company stopped reporting to the credit bureaus, and won’t accept your request to start reporting,

  • Request a payment history from your current mortgage company. Send this payment history to the 3 credit bureaus showing timely payments after bankruptcy discharge to show there are no missed payments.
  • Send your mortgage company a letter in writing stating:
  • You want the mortgage company to report both the timely and missed mortgage payments to Transunion, Equifax and Experian.
  • You do not consider the payment history reporting to the credit bureau a violation of collections.

Let your lawyers at Geraci Law know EXACTLY what the problem is, (who what where and when, take notes) if you can’t solve it with your lender.  We are pretty good at figuring things out, and there is NO charge for helping straighten out a mortgage lender, we do it all the time!  Don’t take bad treatment from a mortgage lender or servicer personally, they do it all the time.  The hotline for the federal Consumer Financial Protection Bureau is at https://www.consumerfinance.gov/

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.

Debtor’s Prison


Below is an article written by Attorney Peter Francis Geraci, read this and more @ Bankruptcy and Debt Articles | Geraci Law (infotapes.com)

The reason there is a bankruptcy law in the United States is that most of the founding fathers came from England, where there was no bankruptcy law. In fact, many of the members of the Constitutional Convention had personal experience being thrown into debtors’ prison in England. Some avoided debtors’ prison by fleeing to America. Some of the colonies were friendly to people in debt, and some were not. But everyone in 1787 agreed that Congress should make uniform bankruptcy laws. So that is in Article I Section 8 of the U.S. Constitution, our country’s governing law.

Check out https://en.wikipedia.org/wiki/Marshalsea for a description of the most horrible of the debtor’s prisons in London, if you don’t count the one that they dug out under the river Thames. Charles Dickens novel Little Dorritt is about a family who grew up in the debtor’s prison Marshalsea, where the father spent 20 years imprisoned for a debt no one could figure out how to pay. https://en.wikipedia.org/wiki/Little_Dorrit There was even some of that in America until 1833, according to https://www.winonapost.com/Article/ArticleID/49823/Swamp-Water-Jurisprudence-Debtors-prisons-havent-gone-away

But now, the creditors can only use the courts to determine if you are liable to pay them, and if you are, use the courts to give you notice before they take your property or bank account. And you don’t have to serve time in debtor’s prison, you can file a plan for debt relief under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. If you live in a state where Geraci Law practices, you can get help from us, just visit www.infotapes.com

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.