When Should I File For Bankruptcy?

Use Peter Francis Geraci checklist to determine if NOW is the best time to file!

When Should I File for Bankruptcy?

Below is a checklist from Attorney Peter Francis Geraci’s Bankruptcy Book. Use the checklist to review if now is the best time to file for bankruptcy.

Read more of The Complete Book on Bankruptcy by Attorney Peter Francis Geraci at www.bankruptcybookbypeterfrancisgeraci.com

  • Three or more apply to YOU, you should call us NOW.
  • Five or more apply to YOU, then you should have called us 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.

Either way, Geraci Law offers a free consultation if bankruptcy solves your problem. Don’t wait until creditors file a lawsuit, don’t wait until your savings are spent and do not wait until a car is repossessed. BREAK THE CYCLE!

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

What Can a Chapter 13 Do For Me?

Worried about your driver’s license? Is the repo man knocking on your door? Have you been served with a foreclosure summons? Geraci Law is here to help solve your problem with a Chapter 13 bankruptcy. 

What Can a Chapter 13 Do For Me?

Worried about your driver’s license? Is the repo man knocking on your door? Have you been served with a foreclosure summons? Geraci Law is here to help solve your problem with a Chapter 13 bankruptcy.

Chapter 13 bankruptcies are debt repayment plans. You are consolidating debt to fit YOUR budget. A Chapter 13 bankruptcy can:

  • STOP foreclosure
  • STOP vehicle/property repossession
  • STOP wage garnishments
  • LIFT driver’s license suspensions for parking tickets, red light tickets

The payment plan is based on your debt, income and assets. We can create a plan to get you back on track. If life happens and something changes DURING your Chapter 13 plan, our team is here to figure out a solution.

Some attorneys file the case and then disappear. You talk to voice mail instead of a live person. At Geraci Law, we are available to figure out a solution. Our staff is available to YOU.

The best part? A Chapter 13 bankruptcy is the EXACT same fee no matter what law firm you hire. You pay the same price if you hire an attorney who has NEVER filed a bankruptcy petition or a Geraci Law team of attorneys with over 40 years of bankruptcy experience.

Wait, it does get better. If you are working full-time with a steady source of income, you could qualify for no-money down. You get the FAST relief without the worry of coming up with a lump sum of attorney fees. We can do your case in a day. Call Geraci Law – we’re ready to solve your problem.

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.

5 Chapter 13 Bankruptcy Myths

Geraci Law debunks 5 Chapter 13 bankruptcy myths.

5 Chapter 13 Bankruptcy Myths

  • MYTH I will never be able to buy a house.
  • FACT  For an FHA loan, you can purchase a home WHILE in a Chapter 13 as long as you made payments on time for 1 year and the loan is approved by the bankruptcy court. For a conventional loan generally it’s 2 years after Chapter 13 discharge.

 

  • MYTH I can’t buy a car while I’m in a Chapter 13.
  • FACT Not true. You can finance a car WHILE in a Chapter 13 with court approval. But you are better off going on Craig’s List and finding a cheap car and having no car payment.  Geraci Law works with our clients to figure out the best option to fit their budget. Sometimes it’s better to buy a car for cash, sometimes it’s better to lease – it depends on an individual situation. That is why Geraci Law should be the firm you file with.

 

  • MYTH A Chapter 7 is better – why would I pay my debt?
  • FACT It depends on your situation. You can still ELIMINATE debt with a Chapter 13. If you are paying less than 100% of what you owe, a bankruptcy discharge will eliminate what is NOT paid. If the court approves you to pay back 10% of your unsecured debt (credit cards and medical for example), once the case is discharged you will eliminate the other 90%! It gets better. A Chapter 13 can eliminate some debts that a Chapter 7 cannot. EVEN without paying it in full.

 

  • MYTH I will lose my tax refund.
  • FACT It depends on your situation. Are you over withholding? Are your refunds mostly credits? Geraci Law works to find a solution to your problem. Our team of attorneys review your taxes and work to PROTECT what you need.

 

  • MYTH What happens if I lose my job? Am I just out the money I paid in the bankruptcy?
  • FACT This is why you hire Geraci Law. If you lose your job, you call Geraci Law and we’ll figure out a better solution. Maybe converting to a Chapter 7 is a better option. Maybe modifying your payment plan with your new income and expenses is another option. Geraci Law’s team of attorneys is here to represent YOU.

 

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.

More Great Reviews From Geraci Law Clients!

Great Reviews from Geraci Law Clients from Illinois & Wisconsin!

More Great Reviews From Geraci Law Clients!

A sample of some Geraci Law client reviews. Read below!

“Geraci firm is one of the most professional run firms in Chicago. Met with Attorney Ashley Chike at the Geraci Firm. I must say that my experience has surpassed my expectations. They really strive to give you the best experience, while making sure you are prepared for what’s next. A helpful app, text messages notifications, and flexible appointment schedules make this firm the choice for filling Chapter 7 or 13. I highly recommend Geraci Law to anyone who needs to start over or need financial help in desperate times of need. Thanks again Geraci Law.” – Geraci Law North Side Chicago Office 

“Wish I would have come to Geraci law office sooner. Fantastic experience. Treated very kindly and with understanding. Huge relief for us. Starting new financial life today. Thank you all.” – Geraci Law Greenfield, Wisconsin Office

“I am very excited because with the great help of the lawyers from Francis Geraci I have completed my Chapter 13 – they have walked through the entire service these lawyers are very competent they did everything for me and all information and responses were done via email or text .I did not have to miss work .any questions they would answer in a prompt manner I am very great full its over .The fee is just right. Thank you so much” – Geraci Law Chicago Office 

“Attorney Parker was pretty cool to work with. Smart. Fast. And to the point! DJ at the front was helpful and kept contact until I got into the office. Thank you Geraci!” – Geraci Law Evergreen Park

 

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.

What Do You Do Before You Sue?

Notice & Cure Provisions in Home Mortgages – instructions on what to do before you file a suit against your lender.

Notice and Cure Provisions in Home Mortgages – What do you do before you sue?

By Attorney Peter Francis Geraci, J.D.

It depends. Individuals may consider bringing claims against their mortgage lenders under federal statutes such as the Truth in Lending Act, or the Fair Debt Collection Practices Act, and state statutes such as the Illinois Consumer Fraud and Deceptive Business Practices Act.

But, before you sue, what do you do? Read the mortgage! Many have provisions that have to be followed, or your lawsuit will be dismissed. Examples are “notice and cure”, and “mandatory arbitration”.

In Wortman v. Rushmore Loan Mgmt. Servs. LLC, No 19C2860,(N.D.Ill. Oct 16, 2019) plaintiff’s case against their mortgage service for sending them collection notices after bankruptcy discharge was dismissed. Why? Their personal obligation on the mortgage was discharged in Chapter 13, but only the personal obligation to pay the debt, not their obligation to comply with the terms of the mortgage.

In other words, a mortgage does not disappear because of a bankruptcy discharge. A mortgage servicer can send letters about filing a foreclosure suit to take the property back, and file a foreclosure suit.  All that a bankruptcy discharge does is eliminate the obligation of the discharged debtor to pay anything on the debt. It does not eliminate the other rights of a secured creditor, such as foreclosing on real estate, or repossessing a vehicle.

Not only do “liens”, or interests in property, survive discharge, but so do clauses in such lien documents and notes. That means that, if after discharge, a person wants to file a lawsuit against a creditor who still has a lien, they have to comply with those clauses.

What is a “notice and cure” provision? It says “a party who is in default is entitled to notice of the default, and a period of time to cure the default, before the other party may accelerate the contract and demand full payment, or foreclose or repossess”.

What is an “arbitration clause”? It says “if the borrower wants to make any claims against the lender it must do outside of court, in a proceeding involving appointed “arbitrators”.

Some cases hold that these clauses prohibit a lawsuit, unless the borrower first complies with them. Some cases hold that these clauses are not effective in a consumer protection lawsuit. In the Wortman case, the judge dismissed plaintiff’s case under FDCPA because the mortgage survived, and so did the “notice and cure” provision that required the borrower to give notice to the mortgage company before borrower filed suit.

So, what do you do before you sue? Read the document that established the relationship between you and who you want to sue. It may require you to arbitrate instead of go to court, or to give notice of your intent to sue. Those clauses may or may not prevent a suit, depending on what your claim is. But one thing is for sure: liens pass through bankruptcy, and so do the documents creating them, and so does the fine print in them. Bankruptcy only discharges the borrower’s obligation to make payments. If they don’t, the creditor can take action to get their property back.

This can work against mortgage lenders and car owners, but it can work in their favor also. After a discharge in either Chapter 7 or 13, a debtor can file a Chapter 13 to cure a mortgage default, even if the personal liability to pay has been discharged. The U.S. Supreme Court, Johnson v. Home State Bank, 501 U.S. 78 (1991) rule that, after discharge in bankruptcy, a debtor can file a Chapter 13 to cure a mortgage default, even if their personal liability on the mortgage was discharged.

This ability to file a Chapter 13 to cure mortgage default also works for people who are not on title to the property, but only have an inheritance interest. If mom dies without a will, an heir can file a Chapter 13 case to cure mortgage arrears, force the mortgage company to accept payments, and prevent foreclosure.

Thankruptcy

Geraci Law clients love Geraci Law and credit scores so much so that after filing they do not say bankruptcy, they say THANKRUPTCY. 

Thankruptcy

Geraci Law clients love Geraci Law and credit scores so much so that after filing they do not say bankruptcy, they say THANKRUPTCY.

We have over 25 offices in Indiana, Wisconsin and Illinois close to home AND work. Geraci Law staff make the process HASSLE-FREE. The goal is to change a person’s life for the better.

Geraci Law clients get:

  • Client Corner access. A web portal with direct access to case information AND their attorney and Geraci Law team.
  • Same day or next day appointments. Geraci Law is always available to handle your case.
  • Communication – Geraci Law does NOT have voicemail. You can call us, text us or message us and you’ll get a FAST response.

Check out the new Thankruptcy video below:

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.

Robo Call? Robo STOP!

Stop the Robo Calls From PFG

Robo calls are all the rage and are causing a lot of rage. Robocalls are not only made by scam artists but ALSO debt collectors.  Collection companies do not care about your situation. If the bill is late, you could receive MULTIPLE calls per day from a robot demanding payment.

Stop the collection calls with Geraci Law. Don’t wait for Congress to pass legislation to stop the robocalls. Instead, consider bankruptcy. Filing a Chapter 7 or Chapter 13 can STOP the collection calls. A bankruptcy can provide the relief you need.

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 20,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.