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!