Peter Francis Geraci’s Answers

Peter Francis Geraci

Chicago Bankruptcy Attorney.

Contributor Level 10
  1. Debtors rights for chapter 13 being dismissed due to non payment, can I change to chapter 7

    Answered over 5 years ago.

    1. Peter Francis Geraci
    2. Gregory Charles Dow
    3. Gregory J. Jalbert
    3 lawyer answers

    Your attorney is the first person you should consult for these answers! Your options may include: (1) Modify your existing Chapter 13 before it is actually dismissed (2) Convert to Chapter 7 (3) File Chapter 13 or Chapter 7 after your Chapter 13 is dismissed (4) Deal directly with your mortgage company if your Chapter 13 fails. Realize that multiple Chapter 13 filings have special rules, and that you hopefully have an experienced attorney representing you that can properly guide you at...

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  2. Credit Card Debt Statue of Limitations

    Answered over 5 years ago.

    1. Marcus Louis Schantz
    2. Peter Francis Geraci
    3. Kevin Lee Linder
    3 lawyer answers

    The statue of limitations may be governed by Texas law. But it starts on the last date of activity on the account. Her credit report will include the account's date of last activity. The statute of limitations can be restarted by making a payment, promising a payment, entering into a payment agreement or making a charge on the account. When the clock restarts, it restarts from zero again. Sounds like this is a small debt and your daughter is not a candidate for bankruptcy. She should file...

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  3. Can I "avoid" my second mortgage if it was not reaffirmed in my chapter 7 bankruptcy that was discharged in June

    Answered almost 6 years ago.

    1. Peter Francis Geraci
    2. Lesley Abigail Hoenig
    3. Brett D Weiss
    3 lawyer answers

    Bankruptcy only elminates your personal liability. Bankruptcy does not eliminate liens on property, unless a proceeding in banrkuptcy results ina court order "avoiding the lien" You evidently did not discuss this with your bankruptcy attorney. Generally, there is no procedure under Chapter 7 to "avoid" a consensual lien, which is what a second mortgage is. Under Chapter 13, motgages that are entirely or partially larger than the value of the property after the other prior liens are taken...

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  4. IL state law regarding payday loans and debt collection, will filing for bankruptcy stop collection process

    Answered almost 6 years ago.

    1. Peter Francis Geraci
    2. Mazyar Malek Hedayat
    3. Andrew Joseph Miofsky
    4. Brett D Weiss
    4 lawyer answers

    Jackie, don't ever give anyone on the phone your debit card number. Realize that payday loans probably already have your bank account information, so you will have to close that account if you don't want a deduction to hit. Or you can notify your bank in writing "do not accept ACH requests from...." You can't file Chapter 13 unless you have sufficient regular income to pay your regular living expenses, and some left over for a Chapter 13 payment to your creditors. Payday loans don't even...

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  5. Bankruptcy and Foreclosure

    Answered over 4 years ago.

    1. Peter Francis Geraci
    2. Andrew Daniel Myers
    2 lawyer answers

    Your mother is liable for her debts. Her signature on the first mortgage makes her liable on her debt. Your bankruptcy will not discharge your mother's liability. Since she co-signer your mortgage debt, she will be listed as a co-signer in your bankruptc on that debt. This affects her credit, and so does letting your house go to foreclosure. She will be sued as a defendant in the foreclosure suit. You might want to contact a broker about a short sale to avoid foreclosure. As a practical...

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  6. Can I include the debt from my short sale in my Chapter 7 Bankruptcy?

    Answered over 2 years ago.

    1. Stephen Nathan Doan
    2. Peter Francis Geraci
    3. Robert Parkinson Taylor
    4. Gary D. Bollinger
    4 lawyer answers

    Yes. Definitely list the deficiency on the short sale. Debt discharged in bankruptcy is not generally taxable debt cancellation income, but whether or not your have to pay tax anyway is something you can get advice on by going to a local IRS service office, pulling a number, and discussing it with an IRS rep, so after you file, if you are going to anyway, take your bankruptcy petition with you and the IRS will help you file your return. First, see your bankruptcy attorney, because you may...

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  7. Can I file for chapter 7 bankruptcy with a co-debtor on a large consumer loan

    Answered almost 6 years ago.

    1. Peter Francis Geraci
    2. Brett D Weiss
    2 lawyer answers

    Bankruptcy law permits you to file for relief on debts that you co-signed. Of course, your banrkuptcy will not discharge your father's obligation. You should talk to your father and explain your situation to him. Sometimes, we have found that Dad is in bad shape and both of you should file. We have actually had cases where the son has come in, and has never spoken to Dad, and after speaking to Dad, he comes in to file a related case because he is overloaded with debt. This answer does...

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  8. My car was repossessed and the car was sold off do I need to pay the creditor the difference

    Answered almost 6 years ago.

    1. Peter Francis Geraci
    2. Peter Robert Stone
    2 lawyer answers

    In most states, after the vehicle is sold you will receive a statement from the finance company showing the amount received, any other charges, and your payoff on the loan after those credits. This may be how you know you owe a little over $6,000.00. You are liable for this amount to the finance company. You should get in touch with the finance company to have them send you a statement so that you can pay it. You may be receiving calls from someone at the finance company who is poorly...

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  9. What is a co-signer's rights if the primary debtor is not making the car payments

    Answered almost 6 years ago.

    1. Peter Francis Geraci
    1 lawyer answer

    Generally, if you just co-signed the debt, you have no rights in the car itself. If you are a co-BUYER, and are joint on the title, you have an equal right to possession and use of the vehicle. However, there are many problems you need to discuss with a local attorney: 1. In many states, even if it is your property, you cannot simply go and grab it. You may have to file a lawsuit for replevin or detinue in court and get a judge to order the vehicle turned over to you. 2. You may...

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  10. Debt collection law in WA state, creditors right to call debtor at work, fair debt collection practices act

    Answered almost 6 years ago.

    1. Peter Francis Geraci
    2. Brett D Weiss
    3. Margery Ellen Golant
    4 lawyer answers

    You should have a pen and paper handy at work. Get the number the collector is calling from if you have caller ID. Say "Oh, I'm glad you called. I have something to send you. What is your name, agency, address, and who are you collecting for." Then say "My employer does not allow calls at work. This is notice under the Fair Debt Collection Practices Act to stop calling me at work. If you call me again I may report you to the FTC" Note any future calls. Each call carries a possible...

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