Peter Francis Geraci A Bankruptcy Blog - Chapter 7 & 13

Improve Your Resume With Bankruptcy

Elizabeth Skubisz — Wed, 01 Feb 2012 13:15:31 GMT

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

Elizabeth Skubisz — Tue, 31 Jan 2012 18:15:08 GMT

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

Elizabeth Skubisz — Wed, 18 Jan 2012 14:08:58 GMT

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

Elizabeth Skubisz — Tue, 17 Jan 2012 19:56:31 GMT

Attorney Berning Relieves Stress

Elizabeth Skubisz — Sat, 14 Jan 2012 18:05:10 GMT

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

Elizabeth Skubisz — Thu, 12 Jan 2012 13:27:32 GMT

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!

Elizabeth Skubisz — Tue, 03 Jan 2012 13:24:28 GMT

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

Elizabeth Skubisz — Mon, 02 Jan 2012 13:35:38 GMT

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

Elizabeth Skubisz — Fri, 23 Dec 2011 21:09:55 GMT

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

Elizabeth Skubisz — Wed, 14 Dec 2011 16:19:00 GMT

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

Elizabeth Skubisz — Tue, 13 Dec 2011 13:36:50 GMT

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

Elizabeth Skubisz — Wed, 07 Dec 2011 13:39:18 GMT

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

Elizabeth Skubisz — Tue, 01 Nov 2011 15:37:08 GMT

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

Elizabeth Skubisz — Thu, 27 Oct 2011 16:53:52 GMT

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!

Elizabeth Skubisz — Mon, 24 Oct 2011 17:33:03 GMT

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

Elizabeth Skubisz — Mon, 17 Oct 2011 16:34:58 GMT

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

Elizabeth Skubisz — Wed, 05 Oct 2011 20:26:14 GMT

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.

Elizabeth Skubisz — Wed, 05 Oct 2011 15:02:45 GMT

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

Elizabeth Skubisz — Thu, 29 Sep 2011 15:38:50 GMT

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

Elizabeth Skubisz — Wed, 28 Sep 2011 19:05:23 GMT

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

Elizabeth Skubisz — Tue, 27 Sep 2011 18:39:21 GMT

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

Elizabeth Skubisz — Thu, 15 Sep 2011 15:49:33 GMT

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!

Elizabeth Skubisz — Tue, 13 Sep 2011 16:09:24 GMT

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

Elizabeth Skubisz — Thu, 08 Sep 2011 12:48:12 GMT

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!

Elizabeth Skubisz — Sat, 03 Sep 2011 13:30:22 GMT

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

Elizabeth Skubisz — Wed, 31 Aug 2011 14:59:18 GMT

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

Elizabeth Skubisz — Tue, 30 Aug 2011 16:18:02 GMT

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

Elizabeth Skubisz — Sat, 27 Aug 2011 14:45:06 GMT

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

Elizabeth Skubisz — Tue, 23 Aug 2011 18:06:01 GMT

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

Elizabeth Skubisz — Thu, 18 Aug 2011 15:08:34 GMT

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!

Elizabeth Skubisz — Mon, 15 Aug 2011 21:09:34 GMT

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

Elizabeth Skubisz — Thu, 11 Aug 2011 16:10:11 GMT

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

Elizabeth Skubisz — Tue, 09 Aug 2011 16:21:13 GMT

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

Elizabeth Skubisz — Mon, 08 Aug 2011 18:15:06 GMT

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

Elizabeth Skubisz — Tue, 02 Aug 2011 21:07:36 GMT

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

Elizabeth Skubisz — Tue, 02 Aug 2011 17:19:46 GMT

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

Elizabeth Skubisz — Mon, 01 Aug 2011 20:59:52 GMT

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

Elizabeth Skubisz — Thu, 28 Jul 2011 19:18:17 GMT

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

Elizabeth Skubisz — Tue, 26 Jul 2011 14:19:32 GMT

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

Elizabeth Skubisz — Thu, 14 Jul 2011 20:09:14 GMT

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.

REAL Solutions to Foreclosure

Elizabeth Skubisz — Wed, 13 Jul 2011 17:54:31 GMT

My grandmother reads the financial section of the paper for anything related to debt and bankruptcy. Apparently after weeks of research, she came to the conclusion that articles about foreclosure do not mention bankruptcy. I saw her recently and was given a stack of news articles related to foreclosure help and she was right. Not one journalist thought to contact a bankruptcy attorney as a source.

Most of the articles are wishy-washy and talk about contacting your mortgage company to ask for a loan modification. A particular favorite was the Chicago Tribune’s “Taking the Fear out of Foreclosure.” The author tells homeowners not to worry and there is help available. I do not think the author is behind on their mortgage because homeowners should worry!

Once a foreclosure judgment is entered, crossing your fingers will not save your home. It’s time to be proactive and look at ways to actually protect yourself and your property.

In the “Taking the Fear” article, the author writes, “Even years into the housing crisis, they still don’t have the manpower with the training and experience to handle the onslaught. So be patient – and keep trying and trying to reach your lender.”

This would be wonderful advice if there was no such thing as foreclosure. The more patient you are and the more you try to reach your lender, the more you get behind on your mortgage payment.

Another popular tip from the news media is to apply for a loan modification. If you know anyone who has applied for a modification, then you understand it is not the seamless process portrayed by the media.

Loan modifications are rarely successful. Mortgage companies want current documents and will routinely deny modification applications if the most recent paystub is not sent in. On average, a definitive answer will take at least eight months. Its eight months to get caught up on if you are denied for a modification.

More often than not, the people I speak to can afford their regular monthly mortgage payment. It is the thousands of dollars in late fees and penalties that they struggle to get current on. These people should be reading articles in the Trib about the wonder of a Chapter 13 bankruptcy.

A Chapter 13 will STOP the foreclosure. I do not want to provide the vague, useless information that most of these articles provide. If you are in foreclosure and you can actually afford your mortgage, then file a Chapter 13.

A filed case with an experienced law firm like Geraci Law will prevent the same ol’ song and dance of deferred payments and forbearance agreements. If you were denied for a modification and receive the disheartening alternatives to foreclosure packet, do not feel defeated. A Chapter 13 will save your home.

Consumer Debt Increases

Elizabeth Skubisz — Tue, 12 Jul 2011 19:31:45 GMT

A report done by the Federal Reserve said consumer debt rises for the eighth straight month. Credit cards are the reason for the spike. According to analysts, more consumers are using credit cards to pay for necessities.

The problem is when the bill comes in; the user pays only the minimum payment. If you spend $400 on groceries and only pay the $20 minimum payment, you are living beyond your means. Your debt will quickly spiral out of control and with high interest rates; the $400 balance can turn into $600, then $800, etc.

The CARD Act passed in 2009 requires creditors to explain minimum payments. If you look at your statement, you should see two figures. The first shows how long it will take you to pay off your debt making only the minimum payments. Another amount should show how much you will pay in interest over three years of minimum payments.

Credit is NOT an extension of your income. You can quickly get into the cycle of using your income to make minimum payments and using your credit because your income is gone. Staying current with your minimum payments while charging necessities each month does not get you anywhere.

Your solution is to file a bankruptcy! A bankruptcy eliminates all of your credit card debt. You cannot use the plastic while in a bankruptcy and are forced to live within your means. Take a minute and think how much you spend on minimums. My guess is the money is more than enough to fill up your gas tank – even at $4.00 per gallon.

Happy Fourth of July

Elizabeth Skubisz — Mon, 04 Jul 2011 13:37:01 GMT

Bankruptcy is as American as apple pie and fireworks on the 4^th of July. Bankruptcy is one of our country’s oldest laws and has helped citizen and patriots find debt relief. Many great political figures in American history filed a bankruptcy. This proves debt and bad luck can happen to the greatest of Americans. Happy 4^th of July!

Abraham Lincoln

When Lincoln was in his early twenties, he and a friend decided to open a general store. Neither believed the store would close and purchased all supplies on credit. The store eventually closed and Lincoln ’s partner died leaving him with a large bill. He filed a bankruptcy and became one of our country’s greatest presidents.

Thomas Jefferson

When President Jefferson left the White House, he left with close to $20,000 in debt (this number is not adjusted with inflation). Jefferson has been considered to be one of the most influential thinkers of his time and he filed multiple times. He understood the importance of bankruptcy law in protecting debtors. In 1809 at a debate regarding amending the Bank Bill, Jefferson said,

“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks], will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."

Ulysses S. Grant

After leaving office, President Ulysses S. Grant filed a bankruptcy after a trip around the world. The trip depleted his life savings and to earn it back, he invested in a fraudulent bank. Grant ultimately was required to pay back a large loan using Civil War memorabilia.

Mark Twain

Before becoming an acclaimed author, Mark Twain tried to open his own publishing house. He invested his money into a typesetting machine and was relying on the return from the invention. Reality hit and the typesetting machine was never completed and Twain ultimately filed a bankruptcy. After the bankruptcy, Twain was determined to stay out of debt and began writing novels to pay the bills.

Hit One Out of the Park with Bankruptcy!

Elizabeth Skubisz — Tue, 28 Jun 2011 15:28:08 GMT

Baseball is America ’s past time. Teams like all Americans are struggling during the economic downturn. Players by contract are making millions, but revenue has dropped and has forced many teams into bankruptcy.

Most recently, the Los Angeles Dodgers filed for bankruptcy protection. The reason cited is a significant drop in attendance and mismanagement by owner Frank McCourt. Unsecured creditors include players and the Chicago White Sox (both teams share a spring training facility). The filing comes after attempts at refinancing a loan against the stadium’s parking lot and applications for additional loans.

Ultimately McCourt and the Dodgers were out of options. McCourt rejected a multi-billion TV deal last week and is hoping a federal judge will approve $150 million in financing for a better media contract. Whether or not a media contract will improve the standings for the Dodgers is hard to predict. The Dodgers are currently 9 games back and playoff potential looks grim.

Last year, the Texas Rangers filed for Chapter 11 protection. Hall of Fame pitcher Nolan Ryan purchased the team at auction. After bankruptcy filing, the Rangers reached the World Series for the first time. Hockey franchise Pittsburgh Penguins filed for bankruptcy protection twice and have gone on to win 3 Stanley Cups.

Now a bankruptcy filing will not guarantee you a championship. The Chicago Cubs filed for protection in 2009 and the curse was not discharged. But whether you own a professional sports franchise or if you are a common lay person, post-bankruptcy is about rebuilding. The Texas Rangers created a plan and stuck to it. You cannot expect as an individual to maintain the same lifestyle post-bankruptcy.

You make payments on time; you save money and who knows you could be drinking champagne from the Stanley Cup?

Forbes Blogger Failures

Elizabeth Skubisz — Thu, 23 Jun 2011 18:53:08 GMT

A recent blog entry from Stephen J. Dunn for Forbes entitled, “Consumer Bankruptcies Do More Harm than Good” sparked controversy from bankruptcy attorneys and people in debt. I wanted to address the problems with Mr. Dunn’s narrow-minded entry.

“Most consumer bankruptcies are pointless”

Dunn’s argument is creditors rarely sue or call people who owe. He cites the Fair Debt Collection Practices Act stating, “[A] creditor must, at the request of a consumer, stop contacting the consumer about a debt.” Clearly Mr. Dunn has never spoken to someone in debt. Creditors frequently contact debtors from dawn until dusk. When the debtor fails to reply, the creditor will sue the person.

If it was as easy as asking a creditor to stop calling, why would anyone pay bills? If lawsuits happen rarely, then why not charge up debt? It’s shortsighted to believe it is that easy. In this economy, loss of income makes it increasingly difficult to stay current with payments. Single moms with kids struggle to put food on the table and instead of providing them with debt relief (through bankruptcy), Mr. Dunne would rather these people do what?

There is an entire study dedicated to the stress caused by debt. Dr. Paul Lavrakas of Ohio State University found debt can cause stress leading to severe anxiety, ulcers, digestive tract problems and eventually heard problems.

If creditors “rarely sued” debtors, garnishments would not be an issue. The county circuit courts would be empty of creditors’ attorneys. Mr. Dunn is so misinformed it’s frightening.

“The debtor is subject to criminal prosecution for willfully false statements made therin”

Yes, Mr. Dunn if someone commits fraud (outside of bankruptcy also) they will be subject to criminal prosecution.

“A creditor can challenge the dischargeableability of a debt.”

Creditors have rights just like consumers. This shows the importance of hiring a skilled bankruptcy attorney. Peter Francis Geraci, Geraci Law attorneys are able to win adversary proceedings on behalf of clients. Bankruptcy is not a simple process but neither is ignoring ringing phones and lawsuit summons.

I, like Mr. Dunne, am not an attorney. I cannot provide legal advice. But, I am fortunate enough to understand that millions of Americans with debt have found relief with a bankruptcy discharge. I also understand not to believe everything you read on Wikipedia – my corrections to the author:

-A chapter 13 plan can go for three – five years, NOT three-four.

-Chapter 7 and Chapter 13 are BOTH consumer bankruptcies.

To read the atrocity, please click here.

Something Nice By Geraci Attorneys

Elizabeth Skubisz — Wed, 22 Jun 2011 16:00:47 GMT

After a bankruptcy petition is filed, a person is required to attend a 341 Meeting of Creditors. The 341 is scheduled a couple of weeks after a case filing and can take up to 3 hours. Your attorney will be there to help you through the process.

If you are working, scheduling time off of work can be difficult. A client had taken time off of work to come to the 341 Meeting. However, the client had the date wrong and would have to take additional time off of work.

The client’s Geraci attorney, Jason Shimotake, spoke to the trustee and the client’s case was heard the same day. Instead of a wasted trip and wasted vacation time, attorney Shimotake was able to help the client.

Another client’s 341 Meeting was misdocketed. If the client had missed the 341 Meeting, the case would have been dismissed. Attorney Sharon Hunt came to the client’s rescue and contacted him to explain the situation. The client was able to come to court and keep his case open. Attorney Hunt represented her client and now he will receive his discharge.

Attorneys Hunt and Shimotake, like all Geraci attorneys, took the extra minute and solved the problem. Small things by Geraci attorneys mean big rewards for Geraci clients. Shimotake’s client was able to save a vacation day and Hunt’s client was able to save his case.

David Foster Wallace gets bankruptcy wrong, in a couple really annoying little ways...

Attorney Justin Storer — Tue, 21 Jun 2011 19:59:53 GMT

I just finished reading “The Pale King,” David Foster Wallace’s recent novel. It was... good. Not great, merely good. It’s frustrating because the notes and addenda clearly indicate that it could’ve been something really phenomenal if Wallace hadn’t died (the circumstances of which the book avoids mentioning), but instead, it’s really just a hodgepodge of vignettes and set pieces.

“The Pale King” centers on an IRS tax return examination center in Peoria, Illinois. It’s mostly stories about some of the examiners who work there. Some are funny, some are sad, some have little lessons, some look towards kind of a theme, one is memorably creepy, Cronenberg-style. Many are dense with jargon, tax code minutiae, and finance esoterica. And that brings me to my point, which is that, for a novel substantially about government policy and regulation, “The Pale King” totally fumbles on bankruptcy.

It’s a couple (literally, a couple) terribly minor errors. Bankruptcy is referenced only twice. On page 207 of the current edition, one examiner, Chris Fogle, says his mother wound down her feminist bookstore by way of a Chapter 13. Chapter 13 is exclusively for individuals who need the ability to repay their debt at a rate they could afford. Chapter 13 can stop foreclosure and garnishment and is super-great for lots of people – but it can’t wind down a business. As Fogle’s soliloquy isn’t exactly to-the-point – if his mom did her own chapter 13, he would’ve taken half a dozen extra words to say so – I’d chalk it up to a technical error on Wallace’s part. Especially considering:

On 265, David Foster Wallace (there’s a character by that name in the book, who is not the real David Foster Wallace) notes that the IRS is leasing a building from the proprietary trustees of a corporation that “vanished into the protections of UCC Ch. 7 in the mid-1970s.” And, well, no. A corporation can file a chapter 7 bankruptcy (whether they always should is a different matter; an S-corp or an individual’s d/b/a can often just be allowed to fade into the ether) but the UCC isn’t bankruptcy and UCC chapter 7 is actually a set of proposed regulations involving warehouse receipts and bills of lading.

I’m a fan of Wallace’s fiction and in love with his nonfiction - so it sits unwell for me that he botched something I know very well. Some of the book is clearly fiction (the IRS’ Peoria location does not have an edifice designed to look like a giant form 1040) but actual legal errors bring up a whole host of questions about Wallace’s rigor, whether there are other technical errors when he discusses tax law and regulations, his copyeditor’s research, and just how finished the beloved writer’s “final novel” might have been. And maybe his characters are unreliable narrators and everything was just as he intended. And maybe I’m way too concerned over a work of fiction and should just go ahead and relax. But I really want to know.

All Debt, No Savings.

Elizabeth Skubisz — Tue, 21 Jun 2011 13:42:23 GMT

A recent study down by www.bankrate.com found only 24% of Americans has a six-month emergency savings account and 24% have no savings at all. With the unemployment rate starting to increase again, saving becomes more and more important.

If you or your significant other were to lose your job, think about how you would stay current with the mortgage payment or rent? How would you put food on the table? If you have other debt like credit cards, are you willing to fall behind on a car payment to stay current with your Visa bill?

These are questions you should ask yourself if you do not have savings. With over $10,000 in debt, minimum payments are wasted. Your payment goes primarily to interest and you are paying the creditors to call you if you are late.

Filing a bankruptcy will eliminate your debt so you are able to save. Instead of wasting good money on minimum payments every month, you can put the money into an interest-bearing savings account. So, if you were to lose your job, you would have a comfortable savings account to rely on until you found other employment.

In these shaky, economic times saving becomes more and more important. Look at your own financial situation and see if you are able to survive six months without income. You never know what is going to happen with your income or health and should be prepared for a financial emergency. If you are making minimum payments and still have a large debt balance, call Peter Francis Geraci, Geraci Law for your bankruptcy options.

To read the report by www.bankrate.com, please click here.

Geraci Attorneys Save a Car!

Elizabeth Skubisz — Tue, 21 Jun 2011 12:36:39 GMT

A common reason for Chapter 13 bankruptcy filing is to protecting a vehicle from repossession. When a car is repossessed, the owner has approximately 20 days to either pay the balance in full with penalties or file a bankruptcy to keep the car.

After a bankruptcy is filed, an automatic stay must be sent to the financer as proof of filing. An automatic stay in a Chapter 13 will prevent the financer from auctioning the vehicle. It is crucial for an attorney to provide the financer with proof of filing to protect the vehicle before the vehicle is sold.

A client came into a Wisconsin branch and met with Geraci attorney Andrew Golanowski. His electricity was going to be disconnected and his car had been repossessed the night before. Attorney Golanowski was able to file his case the same day to stop the auction of the car and keep the lights on.

After the case was filed, notice was sent to the vehicle financer to stop the auction. However, the creditor claimed the car was about to be sold. Another experienced Geraci attorney Joseph Blaha contacted the financer and the auction company and discovered the financer confused which company was selling the car. Attorney Blaha stopped the sale and the client was able to drive home and turn on his lights.

Without the help of Geraci attorneys Blaha and Golanowski, this client would have been left without light and a vehicle. It is the extra step by Geraci attorneys that makes your bankruptcy experience a happy one.

Geraci Attorneys Provide Great Options!

Elizabeth Skubisz — Tue, 21 Jun 2011 12:30:36 GMT

An Indiana woman came to Castleton office and met with Attorney Lacey Stier. The client wanted to file a Chapter 7 to eliminate debt. The client had fallen behind on her minimum payments and was beginning to struggle with her mortgage. Before her appointment, the woman believed she was coming into a Geraci office to start a Chapter 7 bankruptcy filing.

After speaking with attorney Stier, the client decided to file a Chapter 13 bankruptcy. By reviewing her options with a Geraci attorney, the client will be able to keep her home, her vehicle, and pay an affordable monthly payment on other debt.

The client was also advised by Stier - pending an appraisal - will be able to strip her second mortgage and lower the interest on her vehicle by 12 percent! After meeting with a Geraci attorney the client has a better plan for getting out of debt.

Without meeting with an experienced Geraci attorney, she would have never known her options. If you would like a mini-consultation or to schedule an appointment with an experienced attorney for your options, please give Peter Francis Geraci, Geraci Law a call.