Peter Francis Geraci A Bankruptcy Blog - Chapter 7 & 13

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.

Refinancing Fever

2011-09-27T13:39:21.255-05:00

There are hundreds of advertisements about refinancing before rates go up again. Some offer rates as low as 4%! Good luck. To refinance a home, you need to have paid down some of the principal balance. If you did not put down at least 20 percent on your mortgage, there is a very small chance you’ll be able to refinance for a lower rate.

So without paying down the principal balance and with home values steadily dropping, the 4% rates offered are as likely as a loan modification. Your best option is to file a bankruptcy with Peter Francis Geraci and his bankruptcy attorneys in Illinois , Indiana and Wisconsin .

Whatever you are paying in minimum payments each month is money you can put toward paying down your mortgage. You are able to put more money toward the principal. You can actually work on reestablishing your credit by making timely payments not taking on more debt.

Stop Sheriff Sales

2011-09-15T10:49:33.479-05:00

A man came into Peter Francis Geraci’s Crystal Lake office and met with bankruptcy attorney Jason Nielson. Like so many people, he was laid off from work and fell behind on his mortgage payments. He applied for a loan modification through his mortgage company. He was denied a lower mortgage payment and help from his financer.

The client returned to work and could afford the house but not the arrears. His house was to be sold at a sheriff sale the following day. His mortgage company refused help so he called Peter Francis Geraci.

Illinois bankruptcy attorney Nielson met with the client drafted his paperwork and filed a Chapter 13 bankruptcy petition the same day. If you have a sheriff sale or are in foreclosure, Peter Francis Geraci attorneys can help you save your home.

Job Offer? File a Bankruptcy!

2011-09-13T11:09:24.468-05:00

If you have a job offer and have debt, it’s time to file a bankruptcy. Your creditors cannot garnish unemployment benefits - but the deduction could be waiting on your first paycheck. Call Peter Francis Geraci to file a Chapter 7 bankruptcy. Geraci attorneys can file a case in as little as one day.

You can eliminate your debt and enjoy your new income. Life after bankruptcy is about saving money! Peter Francis Geraci and bankruptcy attorneys eliminate debt so you can put the minimum payments in a savings account.

Geraci Attorney Saves Couple's Vehicle

2011-09-08T07:48:12.808-05:00

A couple with a repossessed car came into the Castleton branch of Peter Francis Geraci Law and met with bankruptcy attorney John Sadler. The vehicle was repossessed after the client was on medical leave from work. Indianapolis Geraci attorney Sadler filed the Chapter 13 bankruptcy petition the next day. A Chapter 13 provided bankruptcy protection and stopped the auction of the repossessed vehicle.

The couple picked up the car the day the case was filed. Without the help of bankruptcy attorney Sadler and other Peter Francis Geraci staff, the couple would have needed to walk home.

Bankruptcy Will STOP Shut-offs!

2011-09-03T08:30:22.737-05:00

The state of Wisconsin has a law allowing debtors to combine debt into one payment. Chapter 128 is specific to the state of Wisconsin . A Chapter 128 does not discharge debt – meaning you are not eliminating what you owe.

Chapter 128s can stop a garnishment but you will need to repay your debt. You are not qualified under federal protection like bankruptcy. A repayment plan can only be 36 months and if you are married both spouses must file. You cannot include any debts with collateral meaning a Chapter 128 will not stop car repossession, a foreclosure, and most recently a utility shut off.

Recently, a Wisconsin Court held that We Energies could disregard a Chapter 128 filing. We Energies does not have to stop a disconnection or reconnect services with a filing. The only way to stop a shut off is with a bankruptcy!

If you have a shut off notice, call Peter Francis Geraci, Geraci Law. A Chapter 13 bankruptcy filing will prevent the shut off. You can put the debt and other bills into an interest free repayment.

Geraci Attorneys Save a Man's Life; House

2011-08-31T09:59:18-05:00

A Peter Francis Geraci Law client wanted to file a Chapter 7 bankruptcy to eliminate his unsecured debt and attempt a loan modification. His modification failed and his mortgage company filed a foreclosure. A sheriff sale order was entered in case. The client met with Geraci Attorney Frank Hernandez and his case was converted to a Chapter 13.

Geraci Attorney Jill Luetkenhaus filed the client’s case and the sheriff sale was stopped. The client said Peter Franci Geraci and attorneys saved his life. Without the help of Geraci Attorneys, the client would have lost his house. Loan modifications are blinders, if you want to keep your house call Peter Francis Geraci. You can meet with experienced attorneys like Herandez and Luetkenhaus to get the best option to get out of debt.

Foreclosure Filings Decrease; Mortgage Deficiencies Increase

2011-08-30T11:18:02.776-05:00

Are foreclosure rates dropping? Yes. What does that mean for you? Nothing. If you are behind, you are behind.

The Mortgage Bankers Association reports 6.3 million mortgages over 30 days past due. If you are waiting for loan modification, keep dreaming. Peter Francis Geraci of Geraci Law LLC says: “Our clients are doing something about past due mortgages. They are filing Chapter 13 repayment plans and working on their modification during the Chapter 13. That lets you control your debt, and gives you added leverage with the mortgage company. It is a little known secret that if you file Chapter 7 or 13, banks will work with you just as before, and your chances of success may be better.

The longer you wait to be proactive on your home, the further you get behind. In a Chapter 13, you are able to spread the back payments into a 3-5 year repayment plan. The farther you are behind, the higher the payment is going to be. Be ahead of the curve and call Peter Francis Geraci Law in Illinois Indiana and Wisconsin for a Chapter 13 Debt Repayment Plan to stop foreclosure, and get your mortgage current, for as little as $274 to file in as little as one day.

State of the Average Joe

2011-08-27T09:45:06.98-05:00

There are daily headlines discussing ways to fix the economy. Journalists spew out facts and figures making little sense to your average person. When CNN reports unemployment rates are showing signs of improving and my friends and family are still out of work – the CNN Special Report is meaningless.

Nowadays, people are not concerned about the national economy. The concern is their household economy. Most people are out of work, worried about layoffs, or struggling with inflation and frozen salaries. These people have children, credit cards and houses that seemed like a great idea in 2007. As an average Joe, the future seems bleak.

Almost every person carrying monthly credit card balances should file a bankruptcy. If you are working, get some relief with a Chapter 13 interest-free repayment. If you are out-of-work consider filing a Chapter 7 so you can save the monthly payment. Many people are worried about the stigma of having a bankruptcy. Realistically, talk to your neighbors, family or co-workers. It is safe to assume someone is struggling with the same problems you are.

Think about it, the United States had a credit downgrade. Where is your relief? Your bailout? The answer is with a bankruptcy. Bankruptcy is a safe-guard for consumers. It is the only way (unless you are able to make the payment) to stop creditor harassment and interest. Money you are paying your creditors every month does not decrease your balance. Instead, you are paying your creditors baseless interest.

Some creditors and advertisements will sell you the idea of debt settlement. Have you ever tried to call your creditor to settle a bill? Most of the time, you’ll hear a dial tone. Many debt settlement agencies are usually owned by or in partnership with creditors. You are paying an organization to settle the debt owned by the same company you owe!

Bankruptcy will get you out of debt. That way, when hours start to pick up at work, when the housing market begins to take a turn (for the better), you will be debt free! Stop the struggle and seek some relief.

Fee Fears Lead to Fallout

2011-08-23T13:06:01.875-05:00

Bankruptcy may seem simple but you are putting yourself and your assets at risk if you do not hire a competent attorney. More and more people are being scared off by attorney fees. While fees are important to consider, filing a case without an attorney is a mistake. Bankruptcy Code is a 500+ page complex document, and if one line of text is misinterpreted, it can lead to the dismissal of your case, or the loss of your property.

If a case is dismissed and refilled, the automatic stay (the document making the creditors stop calling) will remain in effect for only thirty days. You need to refile all the paperwork and file a motion to extend the automatic stay. Paperwork that takes hours for you to do, would take a competent attorney minutes.

Cost is always a factor. But consider paying an attorney and saving in the long term. Geraci Law offers payment plans for fees and has done cases for people of different financial situations. You pay a significantly smaller fee than your total debt.

Consider this example (you can read the full case online, here). He filed a pro-se bankruptcy. Because of an adversary loss, a $3,723,095.50 debt was found to be nondichargeable. While some cases are less complicated than others, some cases cost much more than the initial fee.

Hiring the right attorney is just as important. Peter Francis Geraci, Geraci Law attorney Jonathan Parker won an adversary proceeding for his client. An adversary was filed claiming the client committed fraud and the debt was non-dischargeable. Attorney Parker successfully argued her case and she saved thousands of dollars.

Thanks America For Bankruptcy Law

2011-08-18T10:08:34.579-05:00

Like many Americans, a man simply owed money. One morning, the man left his family to try and settle the debts. That evening, his family was widowed and fatherless.

This man’s name was Irzen Octa and lived in Indonesia . He like many people was in debt and was worried about losing his home. His debt included an $11,000 bill to Citibank – almost double the original charge amount because of high interest. He had bill collectors calling and other sleeping on his front step after Octa was unable to pay.

His wife is now suing Citibank for $350 million in damages. There is video of Octa entering a room in Citibank offices and leaving two hours later in a wheelchair. Citibank in Indonesia contracted with outside debt collectors. Currently, they are examining who the collectors were and the job they were hired for.

The men Octa interviewed with were arrested (none were Citibank employees) for alleged group violence and mistreatment resulting in death.

How far is too far? Debt collectors in America have been criticized for violating FTC regulations but nothing resulting in death. America thankfully has bankruptcy law to protect you when the collectors are getting too harsh. You have a safety net to either eliminate your obligation to pay or pay your debt interest free with a Chapter 13 bankruptcy.

If you are struggling and have debt collectors threatening to sleep on your porch, call us! Bankruptcy will help you. To read the article in The Washington Post, please click here.

Geraci Attorneys Save Money!

2011-08-15T16:09:34.854-05:00

A client came into meet with Indiana Geraci Law Attorney Bridget Tucker to discuss his future tax returns. A friend of his had filed with a different attorney and was required to give his tax return to the Bankruptcy Trustee each year. The client was nervous about his own tax refund.

Bridget told the client his case was reported as no asset – meaning his tax return is his to keep! When the client originally came into the office, Geraci Law attorney Robert Brynjelsen told him to change his exemptions. By changing his exemptions, he gets more money from his paycheck and can keep his return.

His friend will pay more than the original fee from the other attorney and will lose his tax return. By meeting and filing with Peter Francis Geraci/Geraci Law LLC, the client was able to actually save money.

Nice Things By Geraci Staff

2011-08-11T11:10:11.54-05:00

Taking the first step and calling a bankruptcy attorney is the worst part of bankruptcy. Most people feel uncomfortable talking about finances with family let alone a complete stranger on the telephone. The phone counselors at Geraci Law LLC are knowledgeable and understanding to your specific situation.

Phone counselor, Kelly McNamara spoke to a couple about their assets and debt. The couple hesitated to file a bankruptcy because they worried about losing their home. Kelly found a Chapter 13 solution would suit their individual case to get current on the mortgage, protect all of their assets, and provided an affordable repayment plan on the other debt. By calling Kelly at Geraci Law, the couple found a great long term solution to their debt.

James McGlamery spoke with a divorced man who struggled with his budget after he started paying child support. Because of the change in income, he used his credit cards to pay for groceries. The man was nervous about filing a bankruptcy on his credit card debt. James assured him he was doing the right thing and being a good dad.

Declaring bankruptcy can be intimidating. You are in a vulnerable position and it is important to trust the person you are discussing your financial troubles with. Geraci attorneys and staff are here to help. We will listen and find a way to get you out of debt!

Older Minorities & Debt

2011-08-09T11:21:13.118-05:00

The current economy affects different economic and cultural groups differently. Older minorities are taking the brunt of the current economic downturn.

A study done by The Greenlining Institute found a huge disparity between minorities and white retirees. The study showed 91% of African American and Latino seniors are “financially vulnerable.” High health care and living costs are some of the factors in the disproportion.

Social Security recipients have not received a cost of living raise in two years. With the cost of food and utilities increasing steady, many retirees must use credit cards to pay for the basic costs of living. Often, the credit card payments become overwhelming.

An increase in a minimum payment can have a ripple effect on a senior’s budget. To stay current with the payments, the increased amount must be taken from a different part of a fixed income. There are many retirees who use money from their medical budget to stay current with credit card payments.

A chapter 7 bankruptcy is a great solution. The way to change your life from financially vulnerable to the stable is by eliminating the debt. Money spent on minimum payments can be used for food, utilities and other living expenses. The retirement plan of pension, social security and credit no longer works. Eliminate the debt, establish a savings account and start to enjoy retirement.

Credit Card Incentives Mean More Debt

2011-08-08T13:15:06.243-05:00

Average household credit card balances have increased for the first time since 2008. Analysts attribute the increase to incentives offered by banks like lower interest rates and cash back bonuses.

Apparently lesson not learned. Credit card companies want you to be in debt! If you sweated out the recession paying down your debt, why would you put yourself in the same situation? Your creditors may offer lower interest but ultimately if you miss a payment, the great deal goes away.

Most bank offer incentives for debit cards! Using a debit card forces you to live within your means. Some debit card reward programs offer cash back incentives. You also get cash back because you are paying zero interest.

Chapter 5 of Peter Francis Geraci’s bankruptcy book is titled, “When You Should Consider Chapter 7 or Chapter 13 Plans.” If five or more of the following apply to you, it’s time to call the bankruptcy attorney:

_____My debt is over $5000 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.

_____Someone has filed a lawsuit against me.

_____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 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 $5000 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.

Debt Settlement Company Pays $314K

2011-08-02T16:07:36.865-05:00

A Chicago debt settlement firm was recently fined $314,000 for unlicensed debt settlement practices. The company charged for “legal” services for negotiating down credit card debt in exchange for payment. Payment was required up-front before the alleged attorney would negotiate down debt.

According to the Chicago Tribune, fees included a $500 retainer, a $49 per month charge and up to 15% of the total debt. If you have $10,000 in credit card debt, you would pay the firm $2,000 in fees plus a monthly charge! Unlike a Chapter 13 plan, there is no limit to how many months your plan could last. A Chapter 13 bankruptcy is 3-5 years while debt settlement plans can last for ten years (that’s 120 months multiplied by $49).

Last year, Illinois passed the Debt Settlement Consumer Protection Act. This act prohibited debt-settlement companies from charging up-front fees. The exception to this rule is attorneys. So this firm advertised that debt would be settled by attorneys.

It was found however the agreements were signed by a man who was not licensed to practice law in Illinois . This same company is amidst a lawsuit with Illinois Attorney General Lisa Madigan – see previous entry “Another One Bites the Dust.”

To read the article please click here.

Savings in a Chapter 13

2011-08-02T12:19:46.642-05:00

Peter Francis Geraci Law attorneys help clients save big!! The Geraci Law bankruptcy team works together again.

Peter Francis Geraci Law attorneys helped these Clients save $97,000 more in a Chapter 13. They came to us for help because they fell behind on their mortgage due to their daughter's illness. They desperately needed relief and as much as possible.

Experienced Bankruptcy Senior Attorney Frank Hernandez reviewed their situation with them, and correctly recommended a Chapter 13 to force their mortgage company to stop foreclosure, accept current payments, and also accept installment payments on past due mortgage payments. In addition, Geraci Law proposed a bankruptcy plan that would eliminate their second mortgage lien and pay only a part of it in the Chapter 13.

Every bankruptcy requires a “means test” and Peter Francis Geraci Law senior attorney Nathan Curtis went to work. Nathan found that waiting another 4 weeks to file would permit a 36 month long Chapter 13 plan instead of 60 months, and would reduce their payment $600 a month. Together with the savings on the second mortgage, that will save these Geraci Law clients about $66,000.00 over a plan that was simply not well thought out. Experienced Peter Francis Geraci Law attorneys save clients big money!

Bad Advice by Realtors

2011-08-01T15:59:52.162-05:00

When you have made the decision to leave your home and you are unable to sell, you will receive countless letters from realtors. After the market tanked, so did the income for realtors who were making six-figure salaries. Realtors are looking for properties to sell to earn a living. They will try to sell you on the benefits of short sales when really none exist.

Staying in your home until the end of the foreclosure will allow you to save money on the cost of rent. If you stay in your home, there is no commission available for a realtor! A realtor will try to sell you on short sales because of the possible commission. They may try to say a short sale looks better on your credit than foreclosure. Reality is a short sale looks just as bad.

Do not believe the hard-sell by realtors. Think back to when you purchased your home and a realtor tried to justify an upgrade here or there. Look at your finances, if you are out of work take advantage of the situation. You can save money on rent until the end of the foreclosure.

What to Do With My House - Part Two

2011-07-28T14:18:17.581-05:00

Deed-in-Lieu of Foreclosure

A deed-in-lieu is an agreement between you and your mortgage company to transfer the deed in exchange for release of mortgage obligations. Your mortgage company will not receive any proceeds because the home is not being sold. Instead the deed to the property is being transferred back to them. Your mortgage company will NOT offer a deed in lieu-of-foreclosure if they think you can make your payment. Before consideration, you will be asked to provide bank statement, paystubs, and years of tax forms.

Foreclosure

If you cannot afford your home, if you do not expect to return to work in the next twelve months, and if you do not want to keep your home – stop paying your mortgage. You will lose your home eventually but you will lose your home anyway with the previous options. A foreclosure can up to 20 months. You can save money on rent and stay in your home, rent-free! The money you will pay in association dues and insurance will probably be significantly less then rent.

If you want to save your home, look at a Chapter 13 bankruptcy. A Chapter 13 will stop the foreclosure process and allow you to repay the arrears in a 3-5 year repayment plan. If you are underwater on your first mortgage and have a home equity loan, you can possibly strip the second in a Chapter 13!

What to Do With My House - Part One

2011-07-26T09:19:32.549-05:00

There is a moment when you realize you cannot afford your home anymore. It may happen when you lose your job or hours are cut. Or when you check your savings account and there is nothing left over. When you come to the realization, it is important to understand your options. So begins the what to do with my house guide…

Loan Modification

The original purpose of loan modifications was to help an estimated 3 to 4 million homeowners save their homes. According to a report done by the Office of the Special Inspector General for the Trouble Asset Relief Program (SIGTARP), only 168,708 permanent loan modifications have been approved. This is a year after the program!

Loan modifications can take months. If you have lost your job and your only income is unemployment, a loan modification will not work. You can call your mortgage company about working with you while you’re unemployed. But understand, unemployment does not count as income. Unemployment can run out (in approximately 2 years) or change. It is not a long term solution for your or your mortgage financer.

Bankruptcy will not modify your loan. But if you have other debt, you can file a Chapter 7 to eliminate the other bills and free up money to pay your mortgage. If your mortgage payment is $850 and you pay $600 per month in minimums – a solution is discharge credit card debt and use $600 to pay your mortgage! Eliminating the debt-income ratio issue could also help you with a loan modification application in the future.

There is no harm in applying for a loan modification. You could be one of the few who is accepted. It is crucial to understand loan modifications are NOT guaranteed. It is up to your mortgage company to modify your loan. A bankruptcy discharge is!

Short Sale

A short sale is an agreement with your mortgage company to sell your home at less than what is owed. Short sales like loan modifications are long, tedious and strenuous processes. More often than not, the short sale falls through and you still go into foreclosure.

It is not as simple as the ads and the flyers you receive from realtors. Understand you are asking the bank to take a loss on their investment. Before the bank agrees, you will need to provide bank statements, tax returns and other financial documents. Your financer wants to make sure you have no other means to pay your mortgage.

A short sale can still destroy your credit report. A deficiency meaning the difference of what you owe and how much the home is sold for. If the deficiency is reported to the credit bureau, it would show as a settled debt. This is still negative! Not to mention, you could receive a 1099-C during tax season. You would pay tax on the deficiency.

If your credit is going to plummet anyway, why leave your home early? An average foreclosure takes 20 months – why not stay RENT FREE at your home? Let the property go through foreclosure, if there is a deficiency call Geraci for a bankruptcy. Mortgage deficiencies are dischargeable debt!

Asking Your Creditors For Help

2011-07-14T15:09:14.885-05:00

I spoke to a woman today who hated credit card companies almost more than I do. She made payments on time every month for the last 30 years. Every month her letters were addressed as a valued customer and she took pride in the title.

Because of some bad luck, she lost her job and now is on unemployment. She called the credit card company to ask for help. The lovely woman on the phone closed her account, reduced her credit line and demanded payment.

Thirty years of timely payments and when she called the only helped offered is an inevitable hit to her credit report. If the amount of debt she had on the card was close to the limit, she will now be charged high penalties because of the lower credit limit.

When you have debt, listening to financial advisors like Suze Orman does not get you out of debt. Talking to your creditors is not easy when you owe thousands and have reduced income. The Geraci Chapter 7 solution will eliminate all of her debt so she can start rebuilding.

Understanding that your creditors do not care about you is the first step to rebuilding. Your creditors want payment and if you are unable to do so, the valued customer title will change drastically.