Peter Francis Geraci A Bankruptcy Blog - Chapter 7 & 13

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!

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!

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.

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!

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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