Peter Francis Geraci A Bankruptcy Blog - Chapter 7 & 13

Attorney Allman Discharges Over $34K of Student Loan Debt!

2013-03-19T13:54:57.095-05:00

An Indiana man filed a Chapter 7 Bankruptcy with Peter Francis Geraci and Geraci Law Attorney John Allman because of overwhelming medical bills and student loans. After earning his GED, he became homeless and unemployed.

Because of diabetes retinopathy and the inability to afford necessary medical treatment, his vision started to deteriorate and he was diagnosed as legally blind at 31 years old. He started receiving Social Security Disability benefits as his only source of income. He has been unable to find work because of his disability and he met with Attorney John Allman at the Geraci Law Indianapolis location.

Attorney Allman listed American Education Services and Sallie Mae as creditors on the bankruptcy petition. Attorney Allman filed an adversary proceeding on his client’s behalf arguing the student loan debt should be dischargeable in a Chapter 7 bankruptcy because of the undue hardship. The total amount owed in student loans was approximately $34,000.

Student loans are not generally dischargeable in a bankruptcy filing. Attorney John Allman was successfully able to argue that the student loans imposed an undue hardship. The Indiana man could not meet his basic living needs on his fixed income and could not work because of his disability.

Without the above and beyond work by Geraci Law staff and Attorney John Allman, the Indiana man would have been left with a fixed income of less than $950 per month and over $34,000 in debt.

Hire an Experienced Attorney

2013-03-02T12:30:43.444-06:00

Experience matters when finding a bankruptcy attorney. Knowledge of complicated bankruptcy issues is the reason to hire a Geraci Law attorney. Peter Francis Geraci and Geraci Law attorneys hold weekly meetings to keep current on bankruptcy issues.

One Illinois law firm tells debtors they can discharge parking ticket debt in a Chapter 7 bankruptcy. This is not true. After a Chapter 7 is discharged, a person will still owe the debt and can face driver’s license suspension. Parking tickets, toll way violations and red light violations should be discharged upon completion of a Chapter 13 bankruptcy.

Another Illinois attorney filed a Chapter 13 that was ultimately dismissed. The same attorney filed another Chapter 13 after the first dismissal. He filed a claim for unpaid fees from the first case – acting as creditor and attorney. This attorney extended the payment plan to five years when the person could have been in a three year plan.

He claimed the reason was to allow the person to retain their driver’s license because of significant parking ticket debt. The attorney either did not know parking tickets can be discharged in a Chapter 13 or wanted to collect more fees in the current case and the failed case. Either way, you probably would not want to be represented by an attorney who does not understand the law.

Peter Francis Geraci and Geraci Law attorneys only give correct information to their clients. Geraci Law attorneys will not put you in plans that are longer than necessary.

License Suspensions

2013-01-19T11:05:03.658-06:00

Chapter 13s will not stop license suspensions if caused by traffic or moving violations. Some Illinois bankruptcy law firms will tell debtors otherwise. Peter Francis Geraci and Geraci Law only give correct information to clients. A filed Chapter 13 bankruptcy will not discharge moving or traffic violations.

A filed Chapter 13 bankruptcy WILL stop a license suspension for parking tickets and toll way violations. Most cases can be filed in as little as a day for a little as court costs! A Chapter 7 bankruptcy can discharge other unsecured debt allowing you to work out a payment plan for the traffic fines.

Call us today for your options and information to protect your driver’s license and to get out of debt!

Happy Debt-Free Holiday

2012-12-12T15:53:24.285-06:00

No one wants to think about debt around the holidays. Family comes in from out of town and the idea of debt management and bankruptcy gets shelved behind gingerbread house design and Christmas light placement.

Instead of worrying about the collectors calling, file a bankruptcy to stop harassment this holiday season. A filed Chapter 7 or Chapter 13 bankruptcy petition will:

STOP the collections!

STOP wage garnishments!

STOP foreclosure and repossession!

A bankruptcy filing with Geraci Law is hassle free. The most stressful decision this holiday season should not be who to hire as a bankruptcy attorney, it should be what flavor of cookies to leave for Santa. That way, the only phone calls you get this year are full of good tidings and holiday cheer!

Parking Ticket Woes

2012-11-28T10:57:11.792-06:00

Unpaid Cook County parking tickets can result in a suspended driver’s license, tremendous late fees and lost state tax refunds. The city can collect on tickets from the past 18 years and can take any Illinois state tax refund as payment.

In most cases to qualify for a payment plan, the City of Chicago requires a $750 deposit or 50% of the parking ticket debt (whichever is greater). To protect your driver’s license and state tax refund – file a Chapter 13 bankruptcy!

Peter Francis Geraci and Geraci Law attorneys file Chapter 13 bankruptcies for as low as $281. You can consolidate parking tickets with other debt in an interest-free repayment plan. A case can be filed in as little as one day and a suspension can be lifted in as little as one day!

Geraci Law headquarters are located at 55 E Monroe – right around the corner from the Secretary of State. You can meet with a Geraci Law attorney, file a bankruptcy petition and visit the Secretary of State to reinstate your driver’s license.

Geraci Allow Accomodates Any Schedule

2012-11-19T15:51:12.788-06:00

An Illinois woman fell behind on a car payment while she was on maternity leave. She needed her car for work and the vehicle was on the “repo list.” Between childcare and work, she struggled to find time to meet with a bankruptcy attorney.

She had a small window to meet with a Geraci Law Attorney – she needed a time where she had a babysitter and a time before the car was repossessed. The appointment was set before the Calumet City/River Oaks Mall location opened. Geraci Law Paralegal Anna Morowczynski was also waiting for the office to open and helped the woman expedite her meeting with the attorney.

With the help of staff at the Geraci Law Chicago headquarters, Anna was able to prepare the bankruptcy petition for Attorney Salvador Gutierrez’s review. Anna helped the client take the required credit counseling class in the parking lot. Attorney Gutierrez arrived, met with the woman, reviewed the plan and was able not only to file her case but lower her car payment in the Chapter 13 plan! The woman was able to leave for work on time allowing Attorney Gutierrez to stop the repo man.

Around the holidays, everyone is stressed and meeting with an attorney should not be. Geraci Law staff can accommodate almost every scheduling issue!

Geraci Round Lake Attorneys Delay Sheriff Sale

2012-10-24T16:17:09.933-05:00

A Round Lake Illinois couple met with Geraci Law Attorney Jason Nielson about filing a bankruptcy to help with credit card debt. The couple got behind after a failed loan modification. After meeting with Attorney Nielson, the couple discovered a bankruptcy could stop the pending sheriff sale on their home.

Attorney Nielson and the couple calculated out the Chapter 13 bankruptcy payments. Ultimately, the couple decided the payments were not affordable but wanted to delay the sheriff sale as much as possible. Attorney Nielson filed a Chapter 7 bankruptcy to eliminate the credit card debt and obligation to the mortgage deficiency the night before the house was scheduled to be sold.

When a sheriff sale is scheduled, the county sheriff’s office must be notified as well as the foreclosure attorney. Before court, Geraci Law Attorney Darron Burke drove to the Lake County Sheriff’s Office where the sales are held and hand delivered all documentation to stop the sale.

Even though a Chapter 7 bankruptcy is not the long-term solution to foreclosure, the couple was given more time in their home. Geraci Law Attorneys Nielson and Burke went the extra step to stop a sale and give the couple more time.

Post-Foreclosure, Post-Bankruptcy Home Loans

2012-10-23T16:49:49.677-05:00

After the housing market crashed (and burned), homeowners were left with little equity, less income and in most cases – more debt. Many homeowners filed bankruptcies with Peter Francis Geraci and Geraci Law when the economy tanked. Even after a foreclosure and a bankruptcy, these homeowners can qualify for a mortgage!

Homeowners will not qualify for an FHA loan until three years after a foreclosure. Freddie Mac and Fannie Mae loan qualifications can take as long as seven years post-foreclosure. Homeowners who filed a Chapter 13 bankruptcy repayment plan can qualify in as little one year after receiving discharge.

Filing bankruptcy can eliminate and give you an opportunity to reestablish credit. By eliminating the unsecured credit obligation every month, you can save money! After a few short years, you can use the savings for a down payment on a new house.

If you have debt, have a house in foreclosure or want to see your bankruptcy options – call Geraci Law. You can eliminate the credit card debt, live free in the house until a sheriff sale and qualify for a new mortgage in a few short years.

New Geraci Law Offices!

2012-09-27T15:04:29.709-05:00

Peter Francis Geraci and Geraci Law have opened new bankruptcy offices! If you are in debt and looking for relief, there is a Geraci Law office close to you. Our experienced attorneys are available evenings and weekends. Please call to schedule a time to get out of debt and visit us at one of our new locations in:

Waukegan

2504 Washington Street – we are next to the Bertrand Bowling Lanes.

Bolingbrook

498 W Boughton Street in Suite 101 – at the corner of Schmidt and Boughton.

Westchester

927 S Manheim Road – across from Target

Chicago

4401 W 63rd Street - at the corner of 63rd and Kostner.

Skokie

5225 Old Orchard Road - west of Old Orchard Mall, across from Ruby Tuesday.

Myths About Being Judgment Proof

2012-09-13T15:42:59.179-05:00

The idea someone can be judgment proof is a myth. Many will say someone on Social Security or a fixed income like unemployment are judgment proof but fail to give the advice to show up at court dates. A missed appearance at a court date could result in jail time, not for failing to pay the debt, but for failing to comply with a Court order to appear.

A judgment is entered and the creditor may not be able to garnish you immediately. But judgments can remain for years, and can be renewed, if the creditor takes proper steps. If you are unemployed now, that does not mean you won’t eventually go back to work. A potential garnishment could be waiting for you on your first paycheck. A creditor can also bring you in for a citation to discover assets to find a way to get paid. Each time you are summoned to court, you will be charged with court costs.

The solution to overwhelming debt and creditor harassment is filing a bankruptcy with Peter Francis Geraci and Geraci Law. A Chapter 7 will discharge your obligation to the bills and protect you in the future from lawsuits and collections. Or if you have assets to protect, or want to pay back your creditors, a Chapter 13 may be the right option for you.

Meet with a Geraci Law attorney to go over ALL your options and be given the truth. Geraci Law Attorneys offer affordable payment plans for any kind of income. Instead of dodging phone calls, call for a bankruptcy consultation with Geraci Law. You can finally feel relief!

No Equity? No Problem.

2012-09-04T17:02:47.701-05:00

For baby boomers, retirement is only a few years away. Before the economic crash, many were relying on home equity as a retirement plan. Most cannot sell a home to pay off the first mortgage let alone have money left over to retire on.

A solution to saving for retirement is bankruptcy. Filing a Chapter 7 bankruptcy with Geraci Law and Peter Francis Geraci can eliminate unsecured debt allowing you to save money for retirement. A Chapter 13 bankruptcy is an interest free repayment that could consolidate a second mortgage and strip the lien freeing up your budget to save money.

Getting a handle on unsecured debt can help you retire. Instead of paying interest to a credit card company, you could be paying into your retirement and future. Geraci Law has helped baby boomers in Illinois, Indiana and Wisconsin eliminates debt for over 30 years.

The Geraci Law Difference

2012-08-30T15:46:41.995-05:00

Peter Francis Geraci and Geraci Law Attorneys go the extra mile for clients. Filing a bankruptcy can be emotional; having a compassionate Geraci Law attorney makes the bankruptcy process hassle free! Below are some examples of the Geraci Law difference:

An Illinois man came into the Geraci Law 63^rd Street location. It was 6:00 p.m. and the man admitted to being exhausted after a long day of work. Geraci Law Attorney David Lulkin discovered he had not eaten in 12 hours and went across the street to get tacos for dinner. He had his dinner and became a Geraci Law client praising the customer service of Attorney Lulkin and Attorney Dale Riley.

A Round Lake client met with Geraci Law Attorney Darron Burke and left his driver’s license at the office. Because of a work conflict, the client was unable to come into the Round Lake office to get his id. Attorney Burke worked from the Geraci Law Gurnee location the following day. The Gurnee location was near the client’s job so Attorney Burke met the client and returned his ids.

Eliminating Home Equity Lines of Credit; Second Mortgages

2012-07-17T14:45:29.668-05:00

Home equity loans and second mortgages start with low interest only payments and then the adjustable rates can cause mortgage payments to skyrocket. On many home equity loans, the initial draw period is coming to a close and homeowners will need to start paying the principal. Refinancing a home can be impossible with poor credit and underwater property.

Loan modification programs were supposed to be the solution to underwater homes – however, the Home Affordable Modification did not handle second liens. The Second Lien Modification Program was created to give the same modification to the second mortgage if the first mortgage is modified. The program failed.

The successful way to strip a second mortgage is with a Chapter 13 bankruptcy. Peter Francis Geraci and attorneys at Geraci Law have been able to strip second liens on underwater homes. Instead of the hope and promise of a mortgage company, you can file a Chapter 13 with Geraci Law to make all of your debt affordable.

Wisconsin Loan Modifications

2012-07-10T13:50:28.475-05:00

The Eastern District of Wisconsin Bankruptcy Court recently implemented a new program called the Mortgage Modification Mediation Program. Chapter 13 debtors are able to apply for the program to modify their mortgage. The goal is to negotiate a lower mortgage payment through mediation.

Geraci Law Wisconsin Attorney Andrew Golonowski helped a client eliminate $29,032 off the principal mortgage and reduce her interest rate through the MMM program. Before filing a Chapter 13 with Geraci Law, the woman had 3 failed modification attempts with her mortgage company. With the help of Attorney Golonowski and Geraci Law staff, she modified her loan.

There is never a guarantee with a loan modification; the debtor will have to stay current for a 3 month trial payment plan for a permanent modification. If a loan modification fails, a bankruptcy with Geraci Law will succeed in getting you out of debt.

Location, Location, Location!

2012-06-20T15:59:55.841-05:00

Location is extremely important – especially when hiring a bankruptcy attorney. Bankruptcy can require multiple court appearances by an attorney. The location of the office you meet in and the location of your court can be miles and miles apart. Filing a bankruptcy with Geraci Law can solve the issue.

Peter Francis Geraci has multiple offices in Indiana , Wisconsin and Illinois . Every time bankruptcy court is in session, there is a Geraci Attorney. Geraci Attorneys know the bankruptcy court trustees and judges and what is required to file a successful case.

For example, a person who lives in Waukegan , Illinois used to be able to go to a local court house and a local bankruptcy attorney. Waukegan bankruptcy attorneys did not have to travel far for various motions and court appearances.

Recently, the Lake County bankruptcy court moved from Waukegan to Round Lake Beach , Illinois . The new address is practically across the street from the Round Lake Beach Geraci Law Office. Other attorneys used to a five minute drive now must face a 40 minute drive for a 10 minute court appearance. Instead, they may hire co-counsel to appear on their behalf.

File with Geraci Law and a Geraci Law attorney will be available to you for court, phone calls or anything else you may need.

Attorney Brynjelsen Helps Man Keep Job

2012-06-18T15:45:25.341-05:00

An Illinois male called Geraci Law at 7:30 a.m. after his car had been repossessed earlier the same day. He had fallen behind on the vehicle after incurring additional expenses and the financer refused to work with him.

He needed his vehicle for work and without it - he would lose his job. The man came into the Peter Francis Geraci Mount Prospect office at 8:30 a.m. and met with bankruptcy attorney Rob Brynjelsen. Attorney Brynjelsen drafted his petition and plan and filed his case by 12:30 p.m.

After his case was filed, notice was sent to his financer and other creditors. A follow up phone call from Geraci Law staff forced the financer to release the vehicle to the Geraci client. The next day, the man was able to drive to work. Without the skills and resources of Geraci Law and Attorney Brynjelsen, he would have lost his car and possibly his income.

Failed Loan Mod? Call Geraci!

2012-06-14T14:24:13.29-05:00

In Chicago , 1 out of every 252 housing units is in foreclosure. Chicago is the fourth-highest in the country’s major cities. A major contributor to the increase number of foreclosures could be failed loan modifications. Loan modifications rarely work – it is an attempt to modify your mortgage contract for a reduction of interest, principal, or payment. When a loan modification is denied, homeowners wait for the foreclosure notice.

Peter Francis Geraci and attorneys at Geraci Law can help save a house if a loan modification ultimately fails. A Chapter 13 bankruptcy will stop the foreclosure and allow a homeowner to pay the arrears over 3-5 years. Attorneys at Geraci Law have filed a Chapter 13 to stop a sheriff sale in as little as a few hours. The property is yours until it’s sold – if your mortgage company does not want to help, call Geraci!

Nervous Debt

2012-06-12T15:49:07.466-05:00

Too often, people in debt assume there is no alternative to paying. Rising interest rates, lawsuits and endless creditor calls do not change the negative stigma of bankruptcy. Though, bankruptcy is usually the solution to most financial problems including garnishments and driver’s license suspensions.

Deciding to file a bankruptcy is not something that happens overnight. It is easy to ignore the debt and wait for luck to change. Making the first phone call to speak with a Geraci Law attorney or paralegal can be the most difficult step in the entire bankruptcy process.

Recently Peter Francis Geraci filmed a bankruptcy counseling video. It is free bankruptcy information for people not ready to dial the Geraci 800 number. You can watch the video at http://www.infotapes.com/FreeBankruptcyCounseling.html.

If you have more questions or are ready to speak with someone, please call us at 888.456.1953 anytime between 7:00 a.m. and 9:00 p.m. Someone is always available to help you get out of debt!

Attorney Levine Gives Instant Debt Relief!

2012-06-11T16:52:41.282-05:00

An Illinois Geraci Law client met with Schaumburg Attorney Mark Levine. Job loss and a failing housing market caused her to fall behind on her credit card debt. She returned the following week and filed her Chapter 7 bankruptcy petition.

She referred a friend to Geraci Law. Her friend paid another attorney $799 plus the $306 filing fee for a Chapter 7 bankruptcy. She retained the other attorney the same week and as of a month later, her case was not filed. Her friend is not able to reach her attorney.

The Geraci client told her friend, “I’m going to PFG the guy that knows what he is doing!"

Same Day Relief at Affordable Rates

2012-06-07T16:22:19.562-05:00

Most attorneys charge the same fee for a Chapter 13 bankruptcy. In almost every court, there is a model fee agreement and almost all attorneys use the set fee. You will pay the same price for Chapter 13 at Geraci Law that you will pay with almost any other attorney. You pay the same price to a law firm without 30+ years of experience.

Geraci Law offers low money down or no money down bankruptcy filings in as little as one day. You can meet with the attorney and leave with a case number to stop collections. A Chapter 13 bankruptcy cost is the fee plus what you pay your creditors – Peter Francis Geraci and Geraci Law attorneys in Indiana , Illinois and Wisconsin always look for the lowest payment.

Chapter 7 fees are about the same for any attorney. Some attorneys might tell you $800 on the phone and then sell you something else when you show up. One attorney we found advertising $97 to file Chapter 7 debt elimination and then put people into a Chapter 13 repayment plan. The attorney filed 603 Chapter 13s and only 1-2 Chapter 7s. It’s a classic bait and switch.

If you are shopping for fees, bring us a written fee quote. If we can’t beat it we will tell you why!

Schools Out For Summer

2012-05-17T14:01:07.728-05:00

When school ends and the kids are home for the summer, working parents face additional child care expenses. The parents try to juggle child care with debt payments each month. Because of the additional expenses, debt payments become more difficult. Making minimum payments do not pay the debt and missed payments result in high late fees.

In addition to the collection calls, parents worry about paying for a child’s education. With the cost of living expenses increasing steadily every year, it is hard to pay for it all. If you are a parent in debt, file a bankruptcy with Peter Francis Geraci and Geraci Law. Eliminating your debt can allow you to take the minimum payments and save for increased child care expenses or your child’s education.

If you have children and debt, Geraci Law can find a payment plan for you. Attorneys in Illinois, Indiana and Wisconsin can work within your budget to get you out of debt. A fresh start will give you an opportunity to save for the additional summer costs and your children’s future.

Attorneys Always Available!

2012-05-10T10:51:45.876-05:00

Bankruptcy is complicated. You want an attorney to represent you and protect your interests. Filing a pro-se bankruptcy (or without an attorney) often ends with a dismissal and a recommendation to find a bankruptcy attorney.

Another option is a petition preparer. Paralegals will charge a fee to prepare your bankruptcy petition but are not allowed to represent you at court. Paralegals are not attorneys and cannot appear on your behalf.

At Geraci Law, you will only meet with an attorney and attorneys are also available to answer your questions. A paralegal is not an attorney and you will not receive the same representation as you would with Geraci Law.

Trustee Relationships

2012-04-27T15:02:14.296-05:00

When a case is filed, documents are sent to a Bankruptcy Trustee to be reviewed for a bankruptcy discharge. It is important that all documents are sent to the Trustee by the attorney or a case could be dismissed.

At a court appearance, a Geraci Law client witnessed a Trustee scolding attorneys from other law firms for failure to produce requested documents. The Trustee told Geraci Attorney Joseph Blaha that he enjoys Geraci cases because we do good work.

When you hire Geraci Law, you are given a hassle-free experience. Geraci Law attorneys and staff can file a case quickly and be available to you and the bankruptcy court should a problem arise.

Attorney Parker Eliminates Debt!

2012-04-25T09:58:48.474-05:00

An Illinois woman filed a Chapter 7 bankruptcy because she was paying two mortgages and her income was cut. She had tenants in one of the properties but they stopped paying rent. With a loss of income, unsecured debt and high mortgages – she with left with few options.

She met with Geraci Law Attorney Alex Wilson and was able to quickly file her case to stop creditor harassment. After her case was filed, one of the creditors objected to her Chapter 7 bankruptcy filing. The creditor’s attorney wanted all of the debt to be declared as non-dischargeable. Attorney Wilson ’s client would have been left in debt and without a bankruptcy option.

Geraci Law Attorney Jonathan Parker represented her in the adversary. Attorney Parker was able to get the tenants' complaint dismissed. He also filed a motion for sanctions against the tenants' attorney for frivolous filing. You want Geraci Law on your side representing you for anything that arises Without the help of Geraci Law and Attorney Parker, the client would have been left in debt. It is important to have an attorney represent you not only for the bankruptcy filing but for any objections filed by your creditors.

Indiana Customer Service

2012-04-03T15:34:02.94-05:00

Peter Francis Geraci and Geraci Law Indiana Attorneys help people find a way to get out of debt.

- Attorney John Allman drafted a letter for a client who was apartment shopping. She had met with landlords who refused to rent while she was in a bankruptcy. He wrote in the letter that the rental fees could not be included in her bankruptcy. Attorney Allman gave the client five copies!

- At an appointment at the Geraci Law Castleton branch, Attorney John Sadler created a same-day plan for the client. He reviewed the case and all necessary documents and found the client had all documents with him! Attorney Sadler drafted the petition and was able to file the case while the client was in the office.

- A client met with Indianapolis Geraci Law Attorney Bridget Spears. After the meeting, the client pointed to a photo of Peter Francis Geraci and said “That guy, that guy right there has built something special, never in my life have I experienced such great customer service.”

- A client has a pending garnishment from a creditor. His work schedule prevented him from coming in during business hours. Attorney Chad Garrapy met with him after hours on a Friday in the Geraci Law Greenwood office. He was able to file the case and prevent the garnishment.

Internet Consultations Available

2012-03-28T07:11:47.239-05:00

A woman called Geraci Law after struggling with bills after a break up. She had left a home in Indiana to attend medical school in Pennsylvania . Local attorneys referred her to Indiana attorneys and the Indiana attorneys told her to come back to Indiana for consultation.

She called Geraci Law and an internet consultation was arranged for her. Attorney Jonathan Parker met with her through Skype Web service and was able to create a bankruptcy plan for her. She was able to sign her petition and return by e-mail. From Pennsylvania , she filed a successful case and saved time and money.

Geraci Law staff can accommodate any circumstance. Our attorneys are available from 7:00 a.m. – 9:00 p.m. for internet consultations. We can find a time and way to help you get out of debt!

Geraci Law, Attorney Lulkin Stop Sheriff Sale

2012-03-24T08:06:44.869-05:00

A man called Geraci Law to stop a sheriff sale on his home. He had fallen behind after being hit by a drunk driver causing him to take time off of work. The client was back to work but would lose his home in a few days if he didn’t file a bankruptcy.

He came into the Rockford branch and met with Geraci Law Attorney David Lulkin. With a set sheriff sale and piles of loan modification paperwork, Attorney Lulkin created a plan for him. Attorney Lulkin drafted the paperwork with the client in the office and was able to file a Chapter 13 the same day.

Attorney Lulkin contacted the mortgage attorney and was able to stop the sale. Peter Francis Geraci and his attorneys are here to help. No one plans on filing a bankruptcy – something happens and you are left with few options. Contacting Geraci Law saved this man’s house.

Second Mortgage to None

2012-02-20T08:52:42.27-06:00

When the housing market was booming, many homeowners took second mortgages against their homes. The idea was to take a loan for renovations to increase the overall value. After the market crashed, many of the homeowners were left with a high interest second lien against an underwater property.

Second mortgages have a lower loan modification success rate. A second mortgage is paid after the first lien and takes second priority. Mortgage companies will not modify a second mortgage if the property is underwater.

When the value of a home is less than the balance of the first mortgage, the second mortgage becomes unsecured. There is no equity to support the balance of loan. Short sales and foreclosures could leave an owner with a large deficiency.

You can file a Chapter 13 and consolidate the balance of the second mortgage with zero interest. You can discharge the balance after the plan and strip the second lien. By eliminating the second mortgage payment, you can pay down the balance of the first much quicker.

A Chapter 13 bankruptcy with Geraci Law is the best modification you can apply for!

Happy Valentine's Day

2012-02-14T13:47:47.109-06:00

According to a report by Trulia, only 2% of women prefer dating men who rent over who own (for men it was six times preferred an owner to a renter). If you have debt and want to be attractive to the other 98% of women, filing a Chapter 7 with Peter Francis Geraci could be your solution. Filing a Chapter 7 bankruptcy could eliminate your obligation to debt – allowing you to save money to someday purchase a home.

You can actually qualify for an FHA loan in as little as two years after filing a Chapter 7 bankruptcy. You can also save up for a down payment on a home loan by eliminating your minimum payments each month.

This Valentine’s Day, consider filing Chapter 7 with Geraci Law. You can have a fresh start to rebuild, become a homeowner and be debt free with your valentine!

The Best Value

2012-02-07T10:36:13.413-06:00

Finding a bankruptcy attorney should not be difficult. When you are dealing with your finances and your financial future, you want an experienced attorney. Bankruptcy is complicated – you want an attorney who knows what they are doing. A Chapter 13 bankruptcy will cost you the same anywhere you go – so why not go with the best?

There are many talented attorneys but no one in Illinois , Indiana and Wisconsin files more cases than Geraci Law. Attorney Peter Francis Geraci has over 30 years of bankruptcy experience. Geraci Law Attorney hold licenses in over 85 states and have over a million hours of new bankruptcy law experience.

There are too many instances of debt being mismanaged. Schemes like debt settlement and negotiation fail. Do not be afraid of calling a Geraci Law attorney. Our will determine the best way to protect your assets and discharge your debt using federal law.

Improve Your Resume With Bankruptcy

2012-02-01T07:15:31.844-06:00

Missed payments, judgments, and collections can cost you a job. According to a study by the Society for Human Resource Management, six out of ten employers do credit checks on job applicants. So if you are ignoring creditor calls, it’s time to do something about it with Geraci Law.

Employers do not want to deal with your creditors. Collection agencies have been known to call employers looking for you. If your debt gets to the point of a wage assignment or garnishment, your employer will have to deal with handling the deductions. It is additional work and could be means for termination or a missed job opportunity.

Filing a bankruptcy with Geraci Law can eliminate the obligation to pay your debt. Your creditors must STOP calling you, your family, and your employers. A case with Geraci Law can be filed in as little as one day for as little as $281. Because your debt is handled, the stress with owing is also eliminated (allowing you to focus on work). After receiving a discharge, you can reestablish your payment history and actually rebuild!

Pension Pitfalls

2012-01-31T12:15:08.814-06:00

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 payments to creditors.

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.

Geraci Attorney Jason Kara Saves House

2012-01-18T08:08:58.789-06:00

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.

Don't Ruin Retirement

2012-01-17T13:56:31.258-06:00

Attorney Berning Relieves Stress

2012-01-14T12:05:10.766-06:00

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.

Don't Modify Your Home Ownership

2012-01-12T07:27:32.158-06:00

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.

Short Sales, Credit Scores, Oh My!

2012-01-03T07:24:28.91-06:00

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.

2012 Goal: Get Out of Debt with Geraci

2012-01-02T07:35:38.326-06:00

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.”

Afraid of Bankruptcy

2011-12-23T15:09:55.119-06:00

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!

File a Chapter 7; Keep Your Tax Refund

2011-12-14T10:19:00.141-06:00

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.

Geraci Clients Save Money

2011-12-13T07:36:50.783-06:00

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!

Holiday Solutions

2011-12-07T07:39:18.29-06:00

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.

Geraci vs. the Repo Man

2011-11-01T10:37:08.263-05:00

A woman called Geraci Law because she was being chased by the repo man. She had fallen behind on her car note because of adjustable interest rate spikes and job loss. She started a new job and her financer refused to accept any payments.

She met with Wisconsin bankruptcy attorney Brent Berning and he was able to file her case the same day. The repo man was sitting outside and she was able to provide her case number to stop the repossession. Her Chapter 13 payment is the same as her car payment and includes her other debt. Without the help of Geraci Law, the woman would still be driving in circles.

Student Loan Solution

2011-10-27T11:53:52.398-05:00

Recently the President announced programs to help people with student loans including consolidation and maximum repayment amounts. Similar to HAMP and other loan modification programs, only a small margin of people will benefit.

The easiest way to afford your student loans is to file a bankruptcy with Geraci Law. By eliminating your debt with a Chapter 7 you are able to work a payment plan with your student loan financer. The money you are wasting on minimum payments can go toward paying down your student loans.

Attorney Peter Francis Geraci and his bankruptcy attorneys will work to eliminate your debt so you can save money! If you qualify for these programs, you can focus on a lower interest repayment plan with your student loans and your other debt will be eliminated.

Experience Matters!

2011-10-24T12:33:03.52-05:00

A client came into Geraci Law office in Gurnee for a second opinion. He originally went to an attorney that was closer to his home. The bankruptcy attorney did not have Peter Francis Geraci/Geraci Law experience and told the client to file a Chapter 7 bankruptcy.

After a meeting with Illinois bankruptcy attorney Jack Shapiro, the client discovered he could save thousands more by filing a Chapter 13. His first attorney did not discuss stripping his second mortgage or the benefits of an interest-free repayment plan.

His Chapter 13 payment was lower than he was paying on his financed car and his second mortgage! Meeting with a Geraci Law attorney was the best financial decision this man probably ever made.

Mediation Failures

2011-10-17T11:34:58.041-05:00

A woman came in and met with Peter Francis Geraci, Geraci Law attorney David Lugardo. She was struggling to stay current with her house payments and was in mediation with her mortgage company. Before meeting with a professional Geraci bankruptcy attorney, she was working with a non-profit agency assigned to her.

The agency suggested she withdraw from her 401K to pay a significant part of her mortgage arrears. She quickly learned how terrible the advice was and that mediation goes no where. After meeting with Illinois Geraci bankruptcy attorney, David Lugardo, the woman understood what she could do to save her house.

Mediation often fails and homeowners are left with enormous mortgage arrears. For this woman, she took money from her retirement and the settlement option failed. If you are worried about your mortgage, call Peter Francis Geraci. The experienced bankruptcy attorneys in Illinois , Indiana and Wisconsin can determine your best option to save your home and protect your retirement.

Geraci Law Attorneys Take Leadership Roles in Bankruptcy Communities

2011-10-05T15:26:14.008-05:00

If you are looking for a law firm with attorneys who not only care about their clients but are well regarded in the bankruptcy community, look to Geraci Law L.L.C. Supervising attorney Nathan Curtis was just appointed to serve a 4 year term on the Executive Committee of the Chicago Bar Association’s Bankruptcy and Reorganization Committee. The Committee holds several Continuing Legal Education sessions and two 3-hour seminars each year. Attorney Curtis is believed to be the first consumer debtor attorney to be asked to serve on the Executive Committee.

Prior to serving on the Executive Committee, Attorney Curtis served a two year term on the Bankruptcy Liaison Committee for the Northern District of Illinois. The Committee is made up of 12 bankruptcy attorneys, and includes representatives from the US Trustee and Chapter 13 Ttrustee, and several Judges attend the meetings. The Committee promotes and sponsors social and educational initiatives. Upon the end of his two-year term, Attorney Curtis was replaced by another Geraci Law attorney, Justin Storer.

Additionally, Geraci Law attorney Andrew Golanowski was selected as one of the initial members of the newly-formed Bankruptcy Bar Liaison Committee for the Eastern District of Wisconsin. The Bar Liaison Committee was designed to aid communication between members of the bankruptcy bar and the judges and court personnel.

When you hire a Peter Francis Geraci/Geraci Law attorney, you are hiring experience. Our attorneys are in court and in the community continuing to develop ways to protect clients and consumers.

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Job Loss? File a Bankruptcy.

2011-10-05T10:02:45.799-05:00

The number of job cuts has doubled in September to 115,730 from 51,114 in August. Government workers dominated the planned layoff list. There are no safe jobs anymore and if you have debt, losing income can be devastating. Sometimes you do not qualify for unemployment and if you do the amount will be less than your paycheck.

If you are worried about your job, file a bankruptcy with Peter Francis Geraci. You can eliminate your debt and consult a Geraci bankruptcy attorney to determine your best option for your home and car.

Call Geraci for Mortgage Relief

2011-09-29T10:38:50.426-05:00

The list of failures by the government for mortgage help continues to grow. Applicants are constantly denied and the requirements for are as stringent as a Harvard application. Trusting the government to protect your home could lead you into foreclosure. Homeowners need to prove at least a 15% deduction of income and are ultimately denied.

Clients of Peter Francis Geraci do not lose their home unless they want to. Once the foreclosure judgment is entered, a loan modification is meaningless – a bankruptcy filed with Geraci Law will stop the foreclosure! Some Geraci clients are also able to strip their second mortgages. It’s the best modification you can apply for!

Modification Scammers

2011-09-28T14:05:23.711-05:00

Attorney General Lisa Madigan filed four lawsuits against companies and attorneys charging up front fees for “guaranteed” loan modifications. Most of these companies had a combination of realtors and mortgage brokers processing loan modification paperwork.

The attorneys are able to charge up front fees, realtors are not. Consumers paid and oftern found themselves with a denied modification and a foreclosure summons. Most of the attorneys associated with the companies handled residential closings and were not specialized in loan modifications.

Many people fall for the trap – a loan modification is like a dog chasing a car. The dog wastes time and energy only to find out they will never catch a moving vehicle. A loan modification is NOT guaranteed.

But eliminating debt with a bankruptcy filed by Peter Francis Geraci is. If you have debt and are struggling to pay your mortgage, eliminate the minimum payments with bankruptcy. You can use the money to pay down your mortgage.

Do not fall for scam – call Peter Francis Geraci and his attorneys in Illinois , Indiana , and Wisconsin for your best options. To read about the lawsuits please click here.