Peter Francis Geraci A Bankruptcy Blog - Chapter 7 & 13

An Illinois woman called Geraci Law at 2:50 p.m. because her house was going to be sold at a sheriff sale the following morning. She came into the Geraci Dundee office at 4:30 p.m. and met with Illinois Bankruptcy Attorney Jason Kara. Attorney Kara drafted the petition within a half hour and worked with Geraci Attorney Alyssa Davis to prepare the necessary documents.   

By 5:25 p.m. her case was filed. The paperwork was sent and the sheriff sale was stopped. When you hire a Geraci attorney like Attorney Kara, you receive the experience and timeliness that is difficult to find elsewhere.  This woman was able to go home and sleep soundly knowing she made the right decision with Geraci Law and Attorney Kara.

Many people will borrow against a retirement account to pay off debt.  A person can borrow but it must be enough to pay off the balance. Otherwise, you are paying a high interest loan on top of other credit card payments.

The shaky job market is another problem if you are considering a 401K loan. If you lose your job, the loan can no longer be paid through your payroll. You will be required to pay back the loan in full. You may also owe taxes for the premature distribution. This is on top of the 10% tax penalty you pay with the original loan.  

If you want to pay the debt, file a Chapter 13! You can do a no-interest, no-penalty affordable repayment plan. You do not have to pay tax on the settled amount and your retirement is protected in case of an actual emergency.

Stress and debt go hand in hand. Debt can cause you to lose sleep at night and fear answering the phone. The stress causes many people to bury their heads in the sand. Ignoring the problem is not the answer and often causes legal action by creditors.

Thankfully, there is a simple solution – file a bankruptcy! If you are at the point where you are losing sleep and ignoring phone calls, a bankruptcy is the cure. By filing a bankruptcy with Peter Francis Geraci and Geraci Law attorneys you can receive peace of mind.

A Wisconsin client who met with Geraci Law Attorney Brent Berning said:

Brent Berning made a humbling and embarrassing and tough time in our lives, felt like a breath of fresh air! He was extremely knowledgeable! He moved and worked his magic very fast but he made sure we didn’t move forward with any section without complete understanding. He shared some of his own personal life which made it that much easier to share our own. It was great working with him – makes me want to file for bankruptcy again in the future. But because extremely helpful class and personal advice and reassurance he gave us I’m positive we will never have to.

The majority of loan modifications fail. Mortgage servicers will tell you to stop paying your mortgage so you can qualify. Missed mortgage payments will negatively affect your credit score.

If you are qualified to get in a three month trial payment plan, you will be paying less than you regular mortgage payments. This means your mortgage company will report a late or partial payment again negatively affecting your credit score.

When a trial payment plan is denied, your mortgage company will want the remainder of the partial payments. If your mortgage company was $1,000 and you paid $500 in trial plan for 3 months, your mortgage company will demand the deficient $1,500 immediately and in full. Telling the servicer you were in a loan modification will not stop the collection nor will it stop a foreclosure.

In reality, very few homeowners are actually qualified for loan modifications. Even fewer are actually approved for loan modifications. If you have other debt, file a Chapter 7 bankruptcy with Peter Francis Geraci. You can eliminate the credit card payments each month and use the money to pay your mortgage.

If your loan modification has been denied, you will be in default on your mortgage and possibly facing foreclosure. Call Peter Francis Geraci regarding a Chapter 13 bankruptcy. You can stop a foreclosure and pay the arrears in a payment plan.

There is no guarantee with a loan modification. Bankruptcy with experienced Geraci attorneys in Illinois, Indiana and Wisconsin can be your guarantee to stay in your home.

It is easy to believe a short sale is the immediate solution to your housing problem. There are ads everywhere offering to short sell a house because it will protect your credit score. Realistically, if you are at the point of a short sale, you probably have fallen behind on your mortgage payments.

Late and missed mortgage payments will negatively affect your credit score. When calculating a credit score, there is no significant difference between selling your home at a short sale, signing a deed in lieu, or letting the house go through foreclosure.

So you have debt and a house you can no longer afford, file a bankruptcy with Attorney Peter Francis Geraci. By discharging your unsecured debt with a Chapter 7, you can also eliminate an obligation to pay any mortgage deficiency. You can stay at the house until it sold at a sheriff sale.  Until the sheriff sale (or short sale), your responsibility is home insurance and any association dues. Odds are home insurance and homeowner’s association dues will cost less than rent.

Bankruptcy is an opportunity for a fresh start. You can eliminate your obligation to the credit cards, medical bills and possible mortgage deficiency. Before you call a realtor about a short sale, call a Geraci Law bankruptcy attorney in Illinois, Indiana or Wisconsin. You will receive the best option for your individual situation.

If your resolution this year is to get out of debt, file a bankruptcy. People with credit card debt will try to settle the bills, waste a tax refund on paying a portion of the bill or ignore the debt completely. You could accomplish your goal this year and eliminate all of your debt with a bankruptcy with Geraci Law.

Many clients of Peter Francis Geraci and his attorneys at Geraci Law realize filing a bankruptcy was one of the best decisions they have ever made.

An Indiana client of Geraci Law Attorney John Sadler said, “Thank you for your kindness. You were there for me to get this Ch 7 going. You said all will be better when over; you were right, I do feel so less pressured. I wish you and all of your support team the very best. You handled my emotions and case so professionally.”

A Wisconsin client of Geraci Law Attorney Brent Berning said, “Wanted to Thank You for doing beyond your call of duty as you demonstrated thoroughness, care and understanding during one of the most difficult times in my life.”

An Illinois Geraci Law bankruptcy client said, “As I sit here with tears streaming, I want to let all of you know how grateful I am to all of you for your hard work. I am so BLESSED and will hold on to this forever.”

Many people are afraid of bankruptcy. It takes collection calls, garnishment notices and interest rate spikes before many people decide to call Geraci Law. There is no reason to be afraid of bankruptcy. It is the solution to your financial problems.

It Goes on My Record  

If collectors are calling and you have missed payments, your credit has already been hit. Payment history and debt-to-income ratios account for a major part of your credit score calculation. Filing a bankruptcy will eliminate poor credit history and you will have zero debt. You can actually save money and improve your financial situation.

My Job Will Find Out

Realistically, your employer does not care. Geraci Law informs thousands of employers each year to stop garnishments or deduct Chapter 13 payments. The stress associated with owing can disrupt your job performance. When the debt is eliminated, you can focus on work instead of your creditors. Payroll department often refer employees to a bankruptcy attorney because when a case is filed, they won’t have to deal with your creditors.

My Neighbors Will Find out I’m Broke

After missed payments and collections, your creditors may sue you. This means a sheriff will appear at your door to hand you a summons. If you file a bankruptcy with Geraci Law, your collectors cannot collect on the debt!

You might want to use your tax refund to pay down debt. But there could be a better option! You may be able to keep your refund for yourself, and file a Chapter 7 to eliminate all of your debt! Or, take care of all bills by using part of your refund in a Chapter 13 to lower your debt.

With Peter Francis Geraci, you can work out an affordable monthly payment plan. When you receive your tax refund, you can pay off your attorney fees and put the remainder into a savings account.

Paying minimums and settling debt is a Band-Aid for a wound. Instead of trying to settle a faction of your debt, you can eliminate all of your debt with a bankruptcy with Geraci.

A client came to Geraci Law to discuss his bankruptcy Meeting of Creditors. He was worried because his friend had gone to a “cheaper” attorney, but had to turn over his entire income tax refund of over $2,000.00 A high price to pay.

Our client, however, had nothing to worry about, because we had given him good advice!

When he first hired Geraci Law, experience supervising Attorney Robert Brynjelsen told him to change his exemptions so he could keep his refund! Thanks to Geraci Law, he was able to get more money from his paycheck and keep his tax return. Good advice is worth it!

Whether it’s the out of town family or broken Christmas lights, everyone gets stressed in December. If you have debt before Thanksgiving, trying to maintain minimum payments and budget for Christmas can stress anyone out.

During the holidays, credit card companies will offer promotions. Open a credit card and receive 10% off!  You’ll get a bill with 30% interest and an enormous minimum payment. Instead of taking on more debt, think about a bankruptcy.  By eliminating your credit cards, you can learn to budget within your means.

By the time New Years Eve comes around, you could be riding a sleigh to financial freedom. You can eliminate your credit card debt with a Chapter 7 or make one minimum payment with a Chapter 13.

This year buy yourself a gift and get out of debt with Geraci Law. We routinely file bankruptcy petitions in as little as one day to stop the stress.  So give us a jingle this holiday season so you can mark one New Year’s resolution off your list.