Bankruptcy Chapters

Did you know there are SIX chapters of bankruptcies?

Did you know there are SIX types of bankruptcies? Bankruptcy is one of the oldest laws. Geraci Law is a consumer bankruptcy law firm focusing on individuals needing help with personal debt.

Most common bankruptcy types (also mainly for consumers) are Chapter 7 and Chapter 13. Some resources to read about Chapter 7 and Chapter 13:

But what about the other 4 types of bankruptcies?

Chapter 9

This bankruptcy chapter is for cities, towns, counties, school districts – basically any municipality. The largest Chapter 9 bankruptcy filing was the City of Detroit in 2013. Filing a Chapter 9 bankruptcy protects municipalities from collectors and creditors while the city/school district/town/county creates a plan for their debt.

Chapter 11

You CAN file a Chapter 11 bankruptcy as an individual but so can a business. Similar to a Chapter 13, Chapter 11 is a reorganization of debt. In Chapter 11, an individual can keep operating the business and assets are not sold or auctioned to pay debt (unlike a Chapter 7).

Chapter 12

This is a very specific Chapter to family fisherman and family farmers struggling to pay debt. Like a Chapter 13, a repayment plan is spread out over the course of three to five years.

Chapter 15

This Chapter was added to the United States Bankruptcy Code back in 2005. Basically a debtor who has assets outside of the United States would file a Chapter 15 to cooperate with foreign courts.

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.

How to Find the Best Bankruptcy Attorney for a Reasonable Fee

Why pay the same and not get the name?

Below is an article written by Attorney Peter Francis Geraci. Read this and more at https://www.infotapes.com/Articles.

Here is an “unknown” attorney advertising for bankruptcy on Google Local Leads. Know that when choosing a lawyer, there are BIG differences!  Anyone with $10 can put up a Google Ad. This person looks nice, but is

a. a one person shop

b. less than 20 reviews and other ratings not good

c. claims to have 5 office locations  sure, how when you are 1 person?

d. Licensed for over 10 years but nothing to tell where, no CV on website. (sure sign of trouble)

e. lists a cell phone for an office phone

f. claims to answer every call in person! and text. must be very busy. or not.

g. apparently just blew into town? claims to have experience but no clue where

h. only speaks English 

f. LICENSE? one revoked, probably abandoned, just resigned another, only remaining license just “updated”. no mention of federal court admission which is required for bankruptcy law. Probably has a federal license, but kind of sloppy not to mention it.

So, you pick this ADVERTISEMENT? why? because you have an inferiority complex, you don’t know how to select an attorney, you think you are going to “get a cheap lawyer” for a 50 page federal bankruptcy filing to eliminate 40,000 in debt and get experienced advice?

Then you find out that ALL LAWYERS CHARGE ABOUT THE SAME, MOST EXACTLY THE SAME, for Chapter 13, and within a couple hundred of each other for Chapter 7, depending on the type of Chapter 7, and there are over 15 types!

Seems to me this attorney is one step away from bankruptcy, totally unknown, working out of a basement, instead of 100 attorneys and staff, 500 years of combined experience, 40,000 FIVE STAR REVIEWS, real offices, Client Corner portal, PFG Debtor Education, and more!

We don’t like to “sell against the competition” but they sure like to do it to us….paper does not refuse ink, and Google doesn’t refuse paid ads!

Be careful. Why? Rumor has it that that attorneys FIRED from law firms for making phony entries about client matters, or just plain incompetence, or hiding their past, end up as solo practitioners, legends in their own mind.

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 Ready to Help Folks in New Albany, IN!

Geraci Law is ready help folks in New Albany Indiana and Southern Indiana! See pictures from PFG’s trip to New Albany.

Attorney Peter Francis Geraci and Attorney Robert (Rob) Brynjelsen took a road trip to New Albany, Indiana. Geraci Law is now handling Chapter 7 and Chapter 13 bankruptcy cases in New Albany, Indiana.

Fun facts about New Albany, Indiana!

  1. New Albany High School was the FIRST high school in Indiana.
  2. Edwin Hubble taught at New Albany High School from 1913-1914. For those who do not know – Hubble is the astronomer namesake of the Hubble Space Telescope.
  3. William Culbertson was once considered the wealthiest man in Indiana and built Culbertson Mansion. You can visit Culbertson’s now!
  4. Midwest Grain Products (formerly Seagram’s) is one of the world’s largest distilleries. Based out of Lawrenceburg Indiana (so just a few miles east of New Albany).

PFG and Rob enjoyed their trip to New Albany, some pictures:

Great sign to the entrance of Downtown New Albany with a history lesson!
Rob and PFG visit our New Albany office landlord – Geraci Law ready to help in New Albany!

How to Save Inherited Property from Foreclosure

Below is an article written by Attorney Peter Francis Geraci with instruction on how to stop foreclosure on an inherited property. Read more articles written by PFG at https://www.infotapes.com/Articles.

At Geraci Law, we sometimes have a client whose relative died, and they are an heir. For instance, Son is Mom’s only heir, Mom passes away, but Mom’s house is in her name, she left no will, and she had a $40,000 mortgage with payments of $600 a month.

Son obviously wants to get the title changed into his name, so he will have to file a lawsuit in Probate Court to get an Order Declaring Heirship and Distribution of the Estate.  This may take 6 or 8 months. In the meantime, Son finds out that the mortgage is a year behind, and the mortgage company his filed a foreclosure. 

Son wants to prevent the mortgage company from foreclosing, force it to accept a payment plan on the arrears, and force the mortgage company to accept payments on the mortgage going forward, since he does not want to pay it off. Son wants to keep paying Mom’s mortgage because he can’t refinance until the Probate Court transfers the property to him.

Good news. Son can file Chapter 13 to propose a payment plan on the past due mortgage payments, and force the mortgage company to accept his payments on mom’s mortgage in the future. 

One way to get the title to the property in Son’s name immediately, if there are other heirs who do not want any part of the property, would be to get all the heirs to sign an affidavit of heirship, identifying all the heirs and stating that they all agree on the transfer of the property to Son, and have them each sign on a warranty deed from them to Son. Then, record the affidavit of heirship at the recorder of deeds, and then record the deed.  Son now not only has an “equitable inheritance interest” that would enable him to file Chapter 13 regarding the property, but also title interest. Assuming Mom had no other property that required Probate, his problem is solved!

Many mortgages contain a “due on sale clause” stating that if the borrower dies or files bankruptcy, the full amount of the mortgage balance becomes immediately due. That clause is not enforceable, because of a provision in the Garn-St. Germain Act of 1982 12 U.S. Code § 1701j–3.”Preemption of due-on-sale prohibitions” which exempted inherited property from having a “due on sale” clause enforced. The Act does permit acceleration of a mortgage when property is sold, but not when a person dies and the heirs want to make the mortgage payments.

The other situations where a “due-on-sale clause’ can’t be enforced are when a home equity loan or other lien is placed, when a surviving joint tenant takes title, on transfer to a spouse or child of a co-owner because of divorce and the spouse or child will life in the home, or when a borrower transfers property into an inter-vivos living trust.

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.

Don’t Claw Your Way Out of Debt!

Bankruptcy relief for Middle Class Families is a Chapter 13 debt repayment plan. Or even a Geraci Law Chapter 7 for higher-income families. You don’t have to “claw your way out of debt.”

Read more from Attorney Peter Geraci at https://www.infotapes.com/articles

Bankruptcy relief for Middle Class Families is a Chapter 13 debt repayment plan. Or even a Geraci Law Chapter 7 for higher-income families

You don’t have to “claw your way out of debt”

A Wall Street journal front page article on September 21, 2020 is titled “pandemic upends middle-class family finances”. The article profiles families making $75,000 to $175,000 a year”. Job losses wreak havoc on loan laden households, the headline continues; “I will never claw my way out”.  https://www.wsj.com/articles/covid-unemployment-debt-middle-class-family-finances-11600122791

Sadly, the breadwinner of one of the families is a 43 year old lawyer in suburban New York who claims to have been making enough representing families in foreclosures, and personal injuries, to affor her $9,000 per month in debt payments.  She was doing “coverage” work for Manhattan firms who hired her on a 1099 to “cover” their local court appearances.  That work has dried up now that those firms are appearing telephonically. 

You don’t want a “coverage” attorney handling your financial problems, and certainly not your Chapter 7 or 13.  These attorneys will take on your representation, because right now, they are not going to refuse work because they are not familiar with bankruptcy.  They will take your case, but if you are making over $65,000 a year, you are better off with Geraci Law.

Clients ask Geraci Law to manage over $1 Billion in debt every year.  Many choose to file Chapter 13 debt repayment plans.  Fees in Chapter 13 cases are only $4500 for a 60 month Chapter 13.  that is only $75.00 a month!!  Only a law firm that does an awful lot of these cases can afford to represent you for $75 a month! Geraci Law has over 12,000 Chapter 7 and 13 cases open during the average year, so we are not struggling to handle only one case, or make an appearance before only 1 judge.

This upstate New York lawyer would charge you the same as Geraci Law.  Now you know that almost every lawyer in the country charges the same as Geraci Law.  So why pay the same, and not get the Name: Geraci Law is by far on of the largest consumer bankruptcy firms in the country, with 100 attorneys and paralegals to make sure you get the most for your money.

If you make over $65,000 a year, you may be able to file either Chapter 7 or Chapter 13.  Which you qualify for is a complicated analysis that Geraci Law can perform once you upload your paystubs to the Geraci Law Client Corner.  Even if you make $100,000 a year, Geraci Law may be able to file a Chapter 7, or a Chapter 13 plan to reduce your payments and take the pressure off.  In 60 months, you may be Debt Free.

So, when you Need to Be Debt Free, it’s 1-800-CALL-PFG (1-800-225-5734).  Either that, or “you’ll never claw your way out”  Get your free Experian Soft Pull and Credit Score, KBB vehicle value, and debt to income ratio right on the phone.  Or set up a Geraci Law Virtual Consultation or COVID compliant office visit.

Don’t Labor Over Debt!

Don’t labor over debt this weekend – take a few minutes and go to http://www.infotapes.com and see what Geraci Law can do for you.

Don’t Labor Over Debt!

Geraci Law wishes everyone a Happy (and Safe) Labor Day weekend! It’s the workers both essential and nonessential that keep us going. Sometimes, even the hardest working need help.

Geraci Law is here if your hours are short, if your furlough becomes a lay off or if you are just in over your head.
Our attorneys are ready to consult if bankruptcy is an option for you to eliminate or consolidate your debt.

This weekend, check out http://www.infotapes.com. You can read some of our 30,000 positive reviews from REAL clients or ready about bankruptcy and how it can change your life for the better.


Celebrate safely this weekend! We’re closed on Monday but you can schedule online @ (SITE) or give us a call 7:00 a.m.-7:00 p.m. on Tuesday.

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.

Free Consult In Evergreen Park

Come over to our Geraci Law Evergreen Park office – we’re offering FREE attorney consultations!

Free Consult In Evergreen Park

Come meet us in Evergreen Park for a FREE consultation regarding your financial options. We’re located at 3560 W. 95th St. Evergreen park is 2 minutes West of Western, 4 blocks West of Kedzie, 4 blocks East of Pulaski. Easy Parking int our Lot next to the building.

You can meet with any of our experienced Geraci Law Staff:

MMAAttorney Mario Arreola 

Mario M. Arreola is a highly respected Chicago based injury and bankruptcy attorney. He is a graduate of Mt. Carmel High School, University of Illinois, and the John Marshall Law School. He was born in 1958 in the neighborhood of South Chicago on the Southeast Side. The son of immigrant parents and father to four children and grandfather to eight.

Attorney Arreola has worked with Geraci Law, for more than 25 years and helped more than 20,000 clients solve their financial problems. For most of these years he has been the cornerstone of Geraci Law on the South Side of Chicago. Many of his clients simply know him as “Mr. Mario.”

TARAttorney Tarek Khalil 

Attorney Tarek Khalil is a senior attorney at Geraci Law. He is beloved by his clients. Attorney Khalil is one of the well-reviewed attorneys at Geraci Law. His clients call him, “overall great person,” “pleasant,” and “personable.”

He graduated with a Bachelor’s Degree in Political Science from University of Illinois at Chicago. He went on to earn his Juris Doctor from John Marshall Law. He is fluent in Arabic and is a board member for American Muslims for Palestine in Chicago.

Support Staff to Make the Process Hassle-Free!

Isaac Bell

IZK

 

 

 

 

Steven Serrato 

SER

 

 

 

 

 

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.

Behind on Your Mortgage? Call PFG. 

The number of serious delinquencies is at a 10 YEAR HIGH – if you are behind on your mortgage, call Geraci Law.

Behind on Your Mortgage? Call PFG.

After the housing bubble burst in 2008, millions of Americans faced foreclosure on underwater properties. Over a decade later, homeowners are facing a new battle – job loss as a result of COVID-19.

Federal protections like the CARES Act halted foreclosure and eviction actions. But those protections ended on 7/31/2020. According to Black Knight – a mortgage/home data company, the number of SERIOUS delinquencies meaning a homeowner is at least 90 days behind is at a 10 year high.

The GOOD news, bankruptcy can help in most cases. If you are behind on your mortgage, filing a Chapter 13 bankruptcy with Geraci Law can STOP the foreclosure. You are in a repayment plan to get current with your mortgage.

Chapter 13s are court supervised repayment plans. Once a chapter 13 case is filed, you are under bankruptcy protection from foreclosure or collection effort from your creditors. The BETTER news, Geraci Law can file a case in as little as ONE DAY to stop the foreclosure. We routinely file Chapter 13s for no money down.

If you got behind and you can afford your house – do not wait! Call Geraci Law for a free consultation to figure out a solution to keep your shelter in place.

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.

Stop Lawsuits!

Geraci Law can help you STOP a lawsuit with a Chapter 7 and Chapter 13. We can help with foreclosure, wage garnishments and judgments.

Stop Lawsuits!

Did you receive a notice about a lawsuit in the mail?  Did the Sheriff knock on your door and hand you a summons? Are you worried about foreclosure and your home?

Geraci Law can help you figure out what your options are regarding past due balances. We offer bankruptcy as an option to STOP the lawsuit.

Filing a Chapter 7 or Chapter 13 bankruptcy will stop a lawsuit from a creditor. Geraci Law offers FREE consultations with our experienced attorneys to help you figure it out. Filing a bankruptcy can prevent:

  • Foreclosure
  • Garnishment
  • Judgments
  • Liens against personal property or bank accounts

If you are being garnished already or if a default judgment is already entered, filing a bankruptcy can STOP any future collections. If there is a suit filed, NOW is the time to consult with a Geraci Law bankruptcy attorney. We can advise if bankruptcy is a solution to your problem.

Even if you are getting threats for a lawsuit from collection agencies, give us a call. Solve the problem before a lawsuit is filed on public record. Geraci Law is happy to meet with you via video, in office or by phone.

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.