Protect Assets before Filing for Bankruptcy

Before a Geraci law attorney files a case, we analyze the client’s assets, and whether those assets are “exempt” from creditors or not. Read more to see protection that could help you! Need to review your options? Call 800 CALL PFG for a free consult or set online @ https://www.infotapes.com/Bankruptcy/OfficeLocator

Below is an article written by Attorney Peter Francis Geraci titled, “Protect Assets before Filing for Bankruptcy.” This focuses on rent prepayment as allowable in some states to protect otherwise exposed case from creditors. Read more articles by Attorney Geraci at https://www.infotapes.com/Articles

Before a Geraci law attorney files a bankruptcy for a client, we always analyze the client’s assets, and whether those assets are “exempt” from creditors or not. Each state has laws called exemption laws. The U.S. Bankruptcy Code also has exemption provisions. These exemptions state what property is “exempt” from attachment and liquidation by your creditors.

Exemption planning is perfectly permissible! One way to claim an exemption is to convert “non-exempt” property into “exempt” property. This should NOT be done to hide money from creditors, or without the advice of an attorney, but some “exemption planning” has been approved by both state courts and bankruptcy courts. “Homestead” exemptions are usually thought of as protecting real estate, but in some states, when filing an Illinois bankruptcy or an Indiana bankruptcy, personal property such as a trailer used for a residence, or prepaid rent, are permissible exemptions under those states “Homestead Exemptions”.

In some states, such as Florida, exemption planning is forbidden when it comes to personal property. :

Florida Statute 222.30  Fraudulent asset conversions.— (1) As used in this section, “conversion” means every mode, direct or indirect, absolute or conditional, of changing or disposing of an asset, such that the products or proceeds of the asset become immune or exempt by law from claims of creditors of the debtor and the products or proceeds of the asset remain property of the debtor. The definitions of chapter 726 apply to this section unless the application of a definition would be unreasonable.

(2) Any conversion by a debtor of an asset that results in the proceeds of the asset becoming exempt by law from the claims of a creditor of the debtor is a fraudulent asset conversion as to the creditor, whether the creditor’s claim to the asset arose before or after the conversion of the asset, if the debtor made the conversion with the intent to hinder, delay, or defraud the creditor.

There has to be the requisite intent. “[A] debtor can convert non-exempt assets to exempt unless he is motivated to make such a conversion by an actual intent to hinder, delay, or defraud his creditors.” In re Jennings, 522 F.3d 1333 (11th Cir. 2008)

But if you are lucky enough to own real estate, or a trailer, that is your primary residence in Florida, (your “homestead”) you CAN transfer cash or sell that $40,000 classic car that would be taken in a bankruptcy, and pay down your mortgage on your homestead property. FLA does not have a blanket prohibition against exemption planning.

1.      222.30 does not apply to the homestead in FL. See Havoco of Am. Ltd. v. Hill, 790 So.2d 1018 (Fla. 2001) and In re Chauncey, 454 F.3d 1292 (11th Cir. 2006)

 2.      There has to be the requisite intent. “[A] debtor can convert non-exempt assets to exempt unless he is motivated to make such a conversion by an actual intent to hinder, delay, or defraud his creditors.” In re Jennings, 522 F.3d 1333 (11th Cir. 2008)

So, in Illinois and Indiana Geraci Law lawyers think about renters: Is there a homestead exemption for prepaid rent or security deposit?

Illinois     Yes – 735 ILCS 5/12 901

Indiana      Yes – IC 34-55-10-2(c)(1)

Wisconsin   No for homestead, but  Yes under wildcard

FL     No for homestead Florida Constitution Article 10 § 4 and Florida Statutes Annotated § 222.01 through § 222.05 but yes under wildcard

US    Yes, arguably because same language as Illinois and Indiana

Illinois: 735 ILCS 5/12 901: Every individual is entitled to an estate of homestead to the extent in value of $15,000 of his or her interest in a farm or lot of land and buildings thereon, a condominium, or personal property, owned or rightly possessed by lease or otherwise and occupied by him or her as a residence, or in a cooperative that owns property that the individual uses as a residence.

Indiana: IC 34-55-10-2(c)(1): Real estate or personal property constituting the personal or family residence of the debtor or a dependent of the debtor, or estates or rights in that real estate or personal property, of not more than fifteen thousand dollars ($15,000). The exemption under this subdivision is individually available to joint debtors concerning property held by them as tenants by the entireties.

Florida: 222.05  Setting apart leasehold. Mobile home on leased land is exempt.

Federal: 11 U.S.C. (d) The following property may be exempted under subsection (b)(2) of this section:

(1) The debtor’s aggregate interest, not to exceed $15,000 [$20,200 effective 4-1-07. Adjusted every 3 years by section 104.] in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor.

 Wisconsin 990.01 (14)  Homestead exemption. “Exempt homestead” means the dwelling, including a building, condominium, mobile home, manufactured home, house trailer or cooperative or an unincorporated cooperative association, and so much of the land surrounding it as is reasonably necessary for its use as a home, but not less than 0.25 acre, if available, and not exceeding 40 acres, within the limitation as to value under s. 815.20, except as to liens attaching or rights of devisees or heirs of persons dying before the effective date of any increase of that limitation as to value.

ANALYSIS:

Illinois: By plain language, a debtor’s interest in a lease can be claimed as homestead as long as they are living there.

Indiana: Under IN law, a leasehold can be considered an interest in real property or an interest in personal property, but the exemption applies regardless. See In re Coffey, 339 B.R. 689 (Bankr. N.D. Ind 2006)

Federal: debtor’s interest in real or personal property used as a residence under homestead: also can be exempt under federal wildcard

Florida: Homestead is principal residence, must be real estate of something live in on land, like a trail that is owned, whether on land owned or leased. But exemption planning adding to homestead is allowed and can be exempted.

Wisconsin: Prepaid rent can’t be exempted under Homestead definition limited to “the dwelling” no language like Illinois and Wisconsin.

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.

Are You Ready For a Fresh Start in 2021?

Geraci Law can help you take back control of your finances. Filing for bankruptcy could give you a fresh start in 2021.

2020 is over (finally) and everyone is ready for a new and better year. But what are your options if you have debt you can’t afford to pay? Are you paying minimums only to use the credit again because your cash is gone?

Geraci Law can help you take back control of your finances. Filing for bankruptcy could give you a fresh start in 2021. A Chapter 7 bankruptcy could discharge or eliminate obligation to debt balances like credit cards, personal loans, medical bills, etc. You could keep things like your house and car – the only thing to lose is the debt!

Filing a bankruptcy could change your life for the better. It’s the elimination of the sleepless nights and worry about how and who is getting paid. Geraci Law is the firm to help you accomplish that goal. We’re here to help you figure it out.

It all starts with a phone call. Geraci Law attorneys are available by phone and offer same day meetings and case filings! You could improve your credit score, start saving money and put yourself in a better position 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.

Do You Live in a Bankruptcy Assistance Desert?

Below is an article written by Attorney Peter Francis Geraci titled, “Do you live in a Bankruptcy Assistance Desert?” You can read more articles by Attorney Geraci at https://www.infotapes.com/Articles.

Below is an article written by Attorney Peter Francis Geraci titled, “Do you live in a Bankruptcy Assistance Desert?” You can read more articles by Attorney Geraci at https://www.infotapes.com/Articles.

Do you live in a “Bankruptcy Legal Desert”? According to the American Bar Association’s 2020 Profile of the Legal Profession, you may. 40% of America’s counties have less than 1 lawyer per 1000 residents, and some have way less.

And it gets worse depending on what you need a lawyer for. An article in the Indiana Lawyer journal says “simply having lawyers in a county doesn’t guarantee they are available to the public”, because many work for governments or corporations.

Depending on what you need an attorney for, it may be a real problem. You may have to drive for an hour, or even longer, to the location of an attorney that is able to represent you in a specific matter.

Take bankruptcy, for instance. Outside of major cities, there are usually only 1 or 2 lawyers who practice consumer bankruptcy law. And often, they don’t do much of it, only a case here and there, and may do only Chapter 7 cases, not Chapter 13 repayment plans which are at least 1/3 of bankruptcy filings nationwide.

One reason is, once you get away from the “big city”, there aren’t a large number of bankruptcies, because the population is thinner. In sparsely populated areas, there may not be any lawyers for any particular kind of matter. The lawyers in those counties, therefore, don’t get the experience of an attorney who practices exclusively in bankruptcy court.

They may be excellent lawyers, but your options are very limited, both by the lack of lawyers, and the lack of lawyers who actually practice bankruptcy law. It used to be even worse for bankruptcy, because the bankruptcy courts are Federal courts, and usually only located in downtown office buildings in the largest cities, such as Orlando, Indianapolis, Chicago, and Milwaukee.

Chapter 13 trustees for an entire region of millions of people may be 2 hours away from those living outside the downtown areas. Lawyers, as well as clients, had to waste an entire day traveling to court, standing around waiting for a hearing, and getting back to the office or home. But not any more!

What happened? COVID! Lawyers and courts discovered Zoom, and learned how to keep the courts running remotely, or “virtually”. Geraci Law was providing remote, or “virtual” bankruptcy services to its clients for years. Geraci Law bankruptcy clients enjoy the Geraci Law “Client Corner” client portal, and can set virtual or office appointments, message their attorney, sign and upload documents, and even attend bankruptcy hearings, remotely, on their cell phones!

This means that if you live in a rural area, or even in a big city, you don’t have to battle rush hour, find a sitter, take a day off work, or drive an hour to find a bankruptcy lawyer.

All you need is your cell phone or computer. Geraci Law is available to help you virtually! Use the Geraci Law Office Locator at www.infotapes.com to find a virtual or physical Geraci Law office near you. Get your basic information by going to www.bankruptcybookbypeterfrancisgeraci.com and using the Search tool. You’ll find the answers to the most often-asked bankruptcy questions, before you call to become a Geraci Law client, and get debt-free!

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.

Happy Thanksgiving from Geraci Law!

Have a VERY Happy Thanksgiving from All at Geraci Law. If you need us, call us at 800 CALL PFG (800.225.5734).

Have a VERY Happy Thanksgiving from All at Geraci Law. If you need us, call us at 800 CALL PFG (800.225.5734) We are open on Friday and Saturday for calls.

Great information at www.infotapes.com – you can learn about Geraci Law, bankruptcy, debt consolidation, and MORE!

New Infotapes are released – check them out at here!

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.

Does Chapter 7 or 13 Bankruptcy Ruin My Credit?

Bad credit can’t be ruined by getting out of debt. Bankruptcy gets you out of debt. No debt = better “credit”.

Below is an article written by Attorney Peter Francis Geraci explaining filing a bankruptcy could actually IMPROVE your credit score. Read more articles written by PFG at https://www.infotapes.com/Articles.

Most people filing bankruptcy have bad credit scores. Most are below 600. That is bad credit.

Bad credit can’t be ruined by getting out of debt. Bankruptcy gets you out of debt. No debt = better “credit”.

Studies have shown that your credit score goes up after bankruptcy discharge.  Take my 2 hour debtor education course if you want to improve your credit.  Go to http://www.pfged.com   

If you can get a house and a low interest rate on a vehicle, you probably don’t even need bankruptcy relief. 

But, if you can’t afford to pay your creditors, but you have a good credit score, you probably don’t have good credit, you have good debt!  Soon or later, the credit bureaus are going to notice you’ve maxed out on credit and your credit score is going to fall.  

Bankruptcy does not generally ruin your credit more than it is already. Many people say to me, “I’m current on all my cards. I have good credit.” Then I find out that they have been getting cash advances on one card and using that money to pay the other charge cards. That is borrowing money when you cannot repay it. If you do that, you may not have good credit.  

Credit is the ability to borrow money. Lenders look at several things about you if you want to borrow money. First, they look at your ability to repay it. If you have a lot of bills to pay now, you probably can’t afford to borrow more, because you won’t be able to repay it.

Second, the credit bureaus look at your history of repayment. If creditors reported you slow-pay, or have lawsuits, garnishments or repossessions, you already have ruined your credit history. Getting rid of your bills in a bankruptcy may improve your situation. You will have no bills to pay, or maybe just one or two. You will then be able to try to save a little money. Also, you can’t file another bankruptcy until six years have passed. Many lenders will allow you to re-establish credit, because now you have a better ability to repay.

The third main factor that a lender looks at is the security or collateral given for the loan. You may need more money down than in the past.

At Geraci Law, we want to make your life better.  So if we think you don’t need bankruptcy relief, we tell you.  Take our free 20-minute credit counseling course at Infotapes.com, or our 2 hour Debtor Education Course at pfged.com for more information. 

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.

Answers to Almost Every Question About Bankruptcy

Did you know Attorney Peter Francis Geraci wrote a book? It’s called the “The Complete Book on Bankruptcy.” His book answers almost any question you may have about bankruptcy.

Did you know Attorney Peter Francis Geraci wrote a book? It’s called the “The Complete Book on Bankruptcy.” His book answers almost any question you may have about bankruptcy.

The best part? The book is FREE and available online. You can click https://www.bankruptcybookbypeterfrancisgeraci.com/ to read the entire book and learn about the differences of Chapter 7 and Chapter 13.

His book answers questions like:

What happens to my credit score if I file bankruptcy?

Will My Employer Find Out if I File Bankruptcy?

What can bankruptcy do for you?

When Will Creditors Stop Bothering Me?

Bankruptcy and Divorce, Alimony, & Child Support

Bill Consolidation Scams

Chapter 13 Debt Repayment Plans

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at http://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 since November 2016!

Can I Get Rid of a Vehicle By Filing Bankruptcy?

Sometimes you just don’t want a vehicle. It may be worth far less than you owe, or it may be a junk that costs too much to repair. So the question is, how do you get rid of it and get something else?

Article written by Attorney Peter Francis Geraci. Read more of his posts at https://www.infotapes.com/Articles!

Can I get rid of a vehicle by filing bankruptcy?

Sometimes you just don’t want a vehicle. It may be worth far less than you owe, or it may be a junk that costs too much to repair. So the question is, how do you get rid of it and get something else? You’re probably not going to just get rid of the vehicle and walk or take the bus. So there are a variety of situations, and you need good legal advice before you make a false move.

Title loans Do you have an old vehicle with a title loan? If you do, the title loan company has a lien on the title. They will want you to pay them before they release the title. If the vehicle doesn’t run, or has been in an accident, you can’t junk it unless you get the title. Title loan companies seldom will take a vehicle back, rarely even repossess vehicles, because they don’t loan you enough money to make it worthwhile. If you file a bankruptcy, we can provide that you surrender the vehicle, then file a procedure called a motion to exempt and redeem. The court values the vehicle, and all you have to do is pay the value of the vehicle to the title company in which they are required to give you the title. This works very well when you have a junker is only worth $100 salvage value.

Under water Second situation that is very common is that you have a vehicle where you have a loan on it, in the loan payoff is much more than the vehicle is worth, and you don’t want it. Let’s say you bought a used car, and it’s now worth $8000. But you have 40 payments of $350 left to pay, or $14,000, the payoff and that depending upon how long you’ve financed it for, might be as much is $11,000 or $12,000. So if you wanted to give the vehicle back to the finance company, they would sell it at auction, probably $4000, and soak you with the auction costs, if you credit for the $4000 sales price, and you’d end up owing 8000 on the repossessed vehicle. Chapter 7 filing can eliminate that $8000 deficiency.

So Chapter 7 works very well when you owe a lot more than the vehicle is worth. If you want the over financed vehicle in a chapter 7, sometimes, we can make a deal, and a reaffirmation. So you can either surrender a vehicle that’s over financed and eliminate the deficiency, or possibly we can negotiate a better deal in bankruptcy, but you have to be willing, under Chapter 7 to surrender it if they don’t give you a better deal. There is another option called 722 redemption, similar to the junker, but if the value of the vehicle is $8000, you have to come up with the full value of the vehicle, or finance it, and if you do not come up with the $8000 722 redemption, you probably be financing it at 30% interest which is a terrible deal and you’d be right back where you started.

Chapter 13 The third situation involves keeping the vehicle, and filing chapter 13 to pay what the vehicle is worth, if the vehicle is over two and half years old, and even if it’s not 2 ½ years old to pay it at the prime rate +2%. Now if that sounds complicated, it is. One problem that we are running into is people are financing vehicles for 72 or 84 months, and then coming in to file a chapter 13, which can only last 60 months. They may even have a 0% interest rate. So if you have a long way to pay on a vehicle, and you’ve already got 0% interest, chapter 13 doesn’t help you. Depending upon your income, it may be wise you can qualify for chapter 7, to get rid of this monster and get a reasonably priced vehicle with a low payment.

There’s a lot more to vehicles in bankruptcy. Geraci law lawyers have filed over 100,000 bankruptcy cases, many of which involve cars, both chapter 7 and chapter 13. If your only debt is a car, you should not be doing a bankruptcy. But if your problem is greater than just the car payment, let’s look at what filing a Chapter 7 or Chapter 13 can do about your whole picture, and where the vehicle fits in.

That’s why you need an experienced Geraci law bankruptcy lawyer to figure all this stuff out.

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.

More NEW Infotapes Available!

Attorney Peter Francis Geraci recorded NEW Infotapes available to watch at http://peterfrancisgeraci.com/Infotapes.html! You can learn about debt and your bankruptcy options.

Attorney Peter Francis Geraci recorded NEW Infotapes available to watch at http://peterfrancisgeraci.com/Infotapes.html! You can learn about debt and your bankruptcy options. Geraci Law’s motto is helping clients change their lives for the better.

Plus – who does not love the Infotapes? Now you can see the Infotapes live with host PFG! New Infotapes cover topics including:

-Can You File Bankruptcy Without Your Spouse?

-How Does Bankruptcy Filing Work?

-What Problems Can Bankruptcy Solve?

-Homes & Bankruptcy

-Governmental Fines, Uninsured Accidents, or Driver License Suspensions in Bankruptcy

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.

Infotapes are Back!

Theeeeey’re BACK!! INFOTAPES®! What’s not to love? The man, the myth, and the mystery of….INFOTAPES® ! Are they real? Are they lost in the mists of time? When did INFOTAPES® first take America by storm? Where did they come from? Where did they go? Who cares, cuz….INFOTAPES® ARE BACK BABY BACK!

Read latest press release from Geraci Law! Attorney Peter Francis Geraci recorded new infotapes that can be viewed online. Read more updates and news from Geraci Law at https://www.infotapes.com/Press

CHICAGO, IL, 10/9/2020

Theeeeey’re BACK!! INFOTAPES®! What’s not to love? The man, the myth, and the mystery of….INFOTAPES® ! Are they real? Are they lost in the mists of time? When did INFOTAPES® first take America by storm? Where did they come from? Where did they go? Who cares, cuz….INFOTAPES® ARE BACK BABY BACK!

 Gimmee some right now at, you know, http://www.INFOTAPES®.com. Bankruptcy INFOTAPES®. Can I keep my car INFOTAPES®. Does my boss care if I file bankruptcy INFOTAPES®. Do I qualify for Chapter 13 INFOTAPES®. How much does bankruptcy cost INFOTAPES®. And sooooo much more! 

Visit http://www.peterfrancisgeraci.com/Infotapes.html

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 you file bankruptcy if you lose your job?

That depends on where you lost it! Google Bobcat Goldthwaite “I lost my job. No, I didn’t really lose my job. I know it is still there.. It’s just, when I go there, there’s this new guy doing it!”

Below is one article written by Attorney Peter Francis Geraci. Read more at https://www.infotapes.com/Articles. You can find more information about bankruptcy, debt settlement, links to job fairs. Just need to talk? We’re here – call us at 800 CALL PFG.

Should you file bankruptcy if you lose your job?

That depends on where you lost it! Google Bobcat Goldthwaite “I lost my job. No, I didn’t really lose my job. I know it is still there.. It’s just, when I go there, there’s this new guy doing it!” https://www.youtube.com/watch?v=rITk6utJvRY

There are over 50 ways to lose your job. Here’s the most popular, and if you should consider filing bankruptcy:

·        I got fired yesterday     

NO. Don’t call us if you got fired yesterday. Chill.

·        I am on unemployment                      

Maybe.

·        I got hurt on the job                            

Maybe. You need expert advice if hurt on job!

·        Accident not at work                          

Maybe. Depends on a lot of factors

·        Short term disability                           

Probably best to wait.

·        Long term disability                            

Maybe, if permanent and income loss permanent.

·        I will be getting back to work             

Maybe. Is pay going to be higher, lower or same?

So, it really depends on why you are not working, will it be temporary or permanent, and also on exactly what kind of debt problem you have. For example:

Hurt on job?  We file a lot of Chapter 7 cases to eliminate debt when there is a workers compensation claim. We can represent you in the Workers Comp claim, and also in either a Chapter 7 or 13 bankruptcy, and make sure you keep 100% of your workers comp settlement, while you eliminate or manage your other bills.

Just got fired? We recommend that you WAIT until you get back to work. Apply for unemployment, and get back to work. Don’t panic. Pay your regular living expenses, don’t pay any creditors until you get back to work. They can’t garnish your paycheck, can they? When you get back to work, we can see if Chapter 7 or 13 will manage your debt.  

While you are unemployed, you can file a Chapter 7 case, but you are prohibited from filing under Chapter 13 unless you have a regular source of income.

It may be to your benefit, especially if you usually earn $45,000 yearly, or more, to file a Chapter 7 before you get back to work. This is because there is an income test in Chapter 7 cases, meaning you can have too much income to do a Chapter 7. This usually comes into play over $45,000, in urban areas like Chicago. If you are not a higher income person, this timing is not so important.

But, you may not want to not file a Chapter 7 case unless you are already back to work, for several reasons. First, your bad luck may not be at an end. If you are out of work, you probably don’t have medical insurance. If you become ill after you have filed a bankruptcy, and run up a bunch of medical bills, you will have to pay them, because you will have used up your chance to do a bankruptcy already. Secondly, if you are not working, your money is short, and if you fall behind in your rent or utilities, or your car insurance lapses because you didn’t pay it and you wreck your car, you will have already used up your 6 year chance to file a bankruptcy and start fresh. Thirdly, when you aren’t working, no one can garnish your wages, and you probably don’t have any savings that they can attach, so what is the point of doing a bankruptcy until you are back to work?

The reason for doing a bankruptcy is to get a start fresh. You cannot start fresh if you are still out of a job. Once you return to work, a bankruptcy can be filed in as little as one day, to protect you from creditors, so wait until you are back to work to worry about getting rid of your bills. You may run up some more before that happens/ Or there may be a reason to file now!

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.