Peter Francis Geraci A Bankruptcy Blog - Chapter 7 & 13

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!

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.

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.

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. 

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.

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.

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.