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

Break the CYCLE of DEBT!

Let Geraci Law help you break the “CYCLE OF DEBT!”

Break the CYCLE of DEBT!

The “CYCLE OF DEBT” is overwhelming and burdensome. You get into a vicious circle of PAYING your minimum payments but then are forced to use credit for essentials like groceries, gas and others.

You continue to pay and then spend and then pay and then spend. Once you add in interest, a small bill turns into a very large snowball. Geraci Law can help you STOP the cycle! We can help credit counsel and create a budget for you after filing for bankruptcy. Sometimes it’s a simple as saying, “I need help.”

Not sure? Don’t know how much credit costs when you are only making minimum payments? Take a look at your credit card statement. You should see something like below.

CC Bill

In the example above, by making ONLY the minimum payments, it will take 15 years to pay off the debt! Look at the number next to the time, the $3,666.42 balance increases to $9,693. It’s nearly THREE TIMES the amount borrowed.

Filing for bankruptcy STOPS the cycle. You eliminate your debt and put yourself on better financial footing. Instead of using credit cards, you can use the cash you are spending on minimums. Instead of paying nearly $6,000 in interest, you could SAVE money.

You should never budget or financially plan based on the hope things will get better in the future. Break the cycle and consider bankruptcy. Geraci Law is here to help YOU deal with the present. We’re here to figure out a solution to your debt problem and assist you in getting back on track financially.

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 Happens to My Credit?

Geraci Law answers 5 common questions about credit after filing for bankruptcy. What is “good” credit?

What Happens to My Credit?

Geraci Law answers 5 common questions about credit after filing for bankruptcy. What is “good” credit?

When can I apply for credit?

You can apply for credit after your case is discharged and closed.  But should you apply for credit? You do not want to find yourself in the same position you just discharged in bankruptcy. You are a credit risk immediately after filing for bankruptcy. Creditors KNOW you filed for bankruptcy and after bankruptcy you have limited bankruptcy relief options. These creditors prey on you because you are a credit risk so you WILL get loan offers.

Any credit preapproval you receive will usually come with high interest rates. It may be better to NOT use credit. SAVE money, make house/car payments ON TIME, stay away from the high-interest credit debt and personal loans.

When can I buy a house?

You can apply for a home loan after your case is discharged and closed. Some people are approved while they are IN a bankruptcy. FHA loans might be an option. For a conventional loan, usually its two years after a bankruptcy discharge. Geraci Law is here to help with the process. If you need your bankruptcy paperwork – YEARS down the road, you can log into your Geraci Law Client Corner account to print. You can also search Geraci Law in your app store on your phone to download our Geraci Law app.

What happens to my credit score after filing Chapter 7? Chapter 13?

In your post-bankruptcy life, you should focus on rebuilding financially. Start with a savings account and build an emergency fund. If you have a car payment or mortgage payment, continue to make those payments ON TIME to work to reestablish a payment history.

You will get credit offers in the mail – do your research! Look at the interest rates – if you are going to use the credit, then make sure you pay off what you borrow every month. Do not accept the first offer that comes your way. Review the small print, stay away from the predatory lenders.

When can I buy a car?

After the bankruptcy is discharged and closed you can buy a car. If you are in a Chapter 13 right now, you need court approval if you are looking to FINANCE a vehicle. Craig’s List is a great option to buy a car for cash. You’ll get advertisements from car lots in the mail after bankruptcy – make sure to review the terms. Avoid the high interest, older vehicles without a warranty.

How do I rebuild credit?

  • Pay all of your bills on time! Timely payments prevent late charges and helps you reestablish a payment history.
  • Make sure all of your creditors are reporting to the three major credit agencies (Experian, Transunion, Equifax).
  • Dispute incorrect items on your credit report. Don’t ignore your credit report! All agencies have options to dispute right on their web site, make sure to follow up.
  • Make a large down payment – making a large down payment on any kind of credit make lenders more likely to grant a loan. Your goal should be to put down 20% of the total cost.
  • A small secured credit card is a really great way to build credit with very little risk.

 

  • 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