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.

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.

Geraci Law & COVID 19

Below is an article written by Attorney Peter Francis Geraci about our firm’s COVID practices. We work extremely hard to protect staff and our clients. Read more PFG articles at https://www.infotapes.com/Articles.

Geraci Law has always advocated flu shots! Before COVID-19, we had a nurse come in to provide free flu shots to everyone who wanted them. By doing this, we reduced staff illness quite a bit. While there is no vaccination yet for COVID-19, we are taking all the precautions to keep our staff and client safe. Everything from sanitizer to rubber gloves, two desk shields, masks, sanitizing wipes, special packets for client so they have their own pen and mask when they come to the office, and the list goes on.

Geraci Law has over 100 attorneys and staff helping clients file Chapter 7 or Chapter 13 bankruptcy. The secret to protecting them from COVID? High tech remote working capability and strict compliance with Centers for Disease Control recommendations. Let’s take “high tech” first!

How is Geraci Law “hi tech”?  Geraci Law is one of the few law firms in the country that writes its own computer software. We have programmers on staff that work full time exclusively for Geraci Law. We maintain our own servers. This capability allowed us to disperse our staff to remote working immediately when COVID-19 hit. Our staff is been working from home, or from one of our 30 physical locations, since March 17, 2020. We had been prepared for this, because we have been doing remote consultation since Desert Storm.

Hi tech involves video conferencing, virtual document signing, and of course the ability to communicate on the Internet. Geraci Law has an exclusive client portal called Client Corner. From the very first time a client contacts us, even before the consultation, they can upload their documents so that whether it’s a virtual or office consultation, our attorneys can give accurate advice based upon your documents, instead of guessing. You can upload your documents 24/7 , send messages to your Geraci Law attorneys, print copies of your documents for yourself, fill out documents, and sign and transmit them, all without leaving your easy chair. All you need is a cell phone. That helps you stay in your COVID-19bubble, and also save a ton of commuting time.

What about precautions?

The most important aspect of all of this is to limit the damage from COVID-19. At this point more than half of our consultations, remotely, so you we can get back to his close and normal life as possible, without risk of spreading infection. Geraci Law is proud of the way our staff and clients have modified their work and home lifestyles to help everyone get through this crisis.

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!

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.

New Debt Relief Videos featuring PFG!

A new feature on our web site features educational videos about debt from Attorney Peter Francis Geraci. You can see all for FREE at http://www.peterfrancisgeraci.com/infotapes.html

A new feature on our web site features educational videos about debt from Attorney Peter Francis Geraci. You can see all for FREE at http://www.peterfrancisgeraci.com/infotapes.html

You can watch vides to get answers to the following questions:

  1. When Should I File Bankruptcy?
  2. How Does Bankruptcy Filing Work?
  3. What is the Right Time to File Bankruptcy?
  4. What Problems Can Bankruptcy Solve?
  5. Can you File Without Your Spouse?
  6. Will you Lose Anything If you File Bankruptcy?
  7. What Happens if You’re Divorced and Need Bankruptcy?
  8. How to Find a Cheap Bankruptcy Attorney?
  9. Is Bankruptcy Bad?

PFG commercials could be considered legendary. If you want to watch Geraci Law commercials, you can find videos 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.

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.