One of the Midwest's largest consumer bankruptcy law firms, handling Chapter 7 and Chapter 13 filings across Illinois, Indiana, and Wisconsin since 1977.
Editorially reviewed by Harvey Brooks
Peter Francis Geraci Law L.L.C. was founded in 1977 by Peter Francis Geraci as a solo bankruptcy practice in Chicago and has grown into one of the largest consumer bankruptcy firms in the Midwest. With 30+ local offices across Illinois, Indiana, and Wisconsin, 100+ attorneys and staff, and more than 500 years of combined bankruptcy experience, the firm has served over 200,000 clients over its 45-year history. The firm is certified by the Illinois Supreme Court as a Continuing Legal Education (CLE) provider — a distinction typically held by law schools and professional associations, not individual practices — reflecting the firm's depth of institutional expertise.
The firm exclusively handles consumer (individual) bankruptcy under federal law. Chapter 7 bankruptcy — a liquidation proceeding that can discharge most unsecured debt — is available with attorney fees payable in installments as low as $100 per month. Chapter 13 bankruptcy — a court-supervised repayment plan that can halt foreclosure and sheriff sales — is structured so that attorney fees are folded into the plan, often allowing cases to be filed with no money down, starting from approximately $95 biweekly. Both filings trigger an automatic stay, immediately halting wage garnishment, creditor harassment, vehicle repossession, utility shutoff, and most lawsuits. Free consultations are offered by phone, virtually, or in-person at any of their 30+ offices, including Saturdays. Personal injury cases — serious accidents, work injuries, wrongful death — are handled through a related sister firm, Geraci, Arreola and Hernandez, L.L.C.
What distinguishes Geraci Law is sheer scale combined with local accessibility. Filing over 10,000 bankruptcies per year, the firm has operational systems more akin to a high-volume institution than a typical attorney's office, including a proprietary ClientCorner online portal for document uploads, attorney messaging, and case status tracking, plus a free mobile app on iOS and Android offering budget tools and vehicle valuations. Their 5.0/5 Google rating from over 1,300 reviews is exceptionally strong for a law firm handling adversarial legal matters. Pricing is structured to be accessible to financially distressed consumers — installment-based attorney fees deliberately lower the barrier to filing.
For consumers in genuine financial crisis, Geraci Law offers real, legally enforceable relief that debt settlement companies cannot match — the automatic stay and court-supervised process provide immediate creditor protection. The key limitations: BBB complaint records for the Chicago entity cite difficulty obtaining refunds after paying consultation deposits without proceeding, suggesting refund policies are informal and inconsistent. More importantly, bankruptcy is a permanent federal legal proceeding that remains on credit reports for 7 to 10 years and is not appropriate for consumers with manageable debt loads. Exact attorney fees are not disclosed publicly and are only discussed during consultation. Consumers outside Illinois, Indiana, and Wisconsin are not served.
Yes. Peter Francis Geraci Law L.L.C. is a registered company headquartered in Chicago, IL, founded in 1977. They hold a NR rating with the Better Business Bureau.
Peter Francis Geraci Law L.L.C. plans start at Free per month with no setup fee. No money-back guarantee is offered.
CreditDoc Diagnosis
Peter Francis Geraci Law is genuinely best suited for consumers in severe, acute financial distress who need the enforceable legal protection of federal bankruptcy — particularly the automatic stay, which stops garnishments, foreclosures, and creditor actions faster than any debt settlement program can. The primary caveat is that bankruptcy is a permanent federal court proceeding with a 7-10 year credit history impact, meaning it is not appropriate for consumers with manageable debt loads or those seeking a reversible, lighter-touch financial solution.
Chicago-based bankruptcy law firm filing Chapter 7 and Chapter 13 cases across Illinois, Indiana, and Wisconsin. One of the Midwest's largest consumer bankruptcy practices.
Best for: Illinois, Indiana, or Wisconsin residents unable to repay unsecured debts like credit cards, medical bills, or payday loans, Individuals facing imminent wage garnishment, foreclosure, vehicle repossession, or creditor lawsuits
Chicago bankruptcy law firm offering Chapter 7 and Chapter 13 filings, foreclosure defense, and debt relief legal services with $0 down for qualifying clients.
Best for: Illinois residents facing wage garnishment, foreclosure, or repossession who need immediate legal intervention, Individuals with overwhelming unsecured debt (medical bills, credit cards) who qualify for Chapter 7 discharge
Chicago foreclosure defense law firm representing Illinois homeowners in court and negotiations with lenders. Offers loan modifications, short sales, and multiple legal exit strategies.
Best for: Illinois homeowners who have received a foreclosure notice and need licensed legal representation in court, Cook County residents who are behind on mortgage payments and want to negotiate directly with their lender through an attorney
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
When you fail to repay a loan according to the agreed terms — usually after 90-180 days of missed payments. It's the point where the lender gives up on collecting normally.
Default triggers severe consequences: credit score drops 100+ points, the debt may be sent to collections, you could be sued, and your wages or assets could be seized.
Example
You miss 4 consecutive car payments. The lender declares your loan in default, repossesses your car, sells it at auction for $8,000, and you still owe the remaining $5,000 (called a deficiency balance).
A federal agency created in 2010 to protect consumers from unfair financial practices. They write rules, supervise financial companies, and handle consumer complaints.
The CFPB is your most powerful ally against predatory lenders. Filing a complaint with them gets a response from the company within 15 days — companies take CFPB complaints seriously.
Example
A debt collector calls your workplace after you told them to stop. You file a CFPB complaint online. Within 15 days, the collection agency responds and agrees to stop. The CFPB tracks complaint patterns across all companies.
A time limit (typically 3-6 years, varies by state) after which a creditor can no longer sue you to collect a debt. The debt still exists, but they lose the legal power to force payment.
Knowing your state's statute of limitations prevents you from being tricked into paying debts that are legally uncollectable. Beware: making a payment can restart the clock.
Example
You have a $3,000 credit card debt from 2019. Your state has a 4-year statute of limitations. In 2024, a collector calls demanding payment. The statute has expired — they cannot sue you.
A federal law that limits what debt collectors can do. They can't call before 8am or after 9pm, can't harass you, can't lie, and must stop contacting you if you request in writing.
Knowing your FDCPA rights stops abusive collection tactics. If a collector violates the law, you can sue for up to $1,000 per violation plus attorney fees.
Example
A collector calls your workplace 3 times after you told them not to. That's 3 FDCPA violations. You hire a consumer attorney (free — they get paid by the collector). The collector settles for $3,000.
A court order that requires your employer to withhold part of your paycheck and send it directly to a creditor. Usually happens after a creditor sues you and wins a judgment.
Federal law limits garnishment to 25% of disposable income. Some states have lower limits. Student loans and taxes can be garnished without a court order.
Example
You owe $8,000 on a defaulted credit card. The bank sues, gets a judgment, and garnishes your wages. On a $3,000/month net paycheck, they take $750/month until the debt is paid.
The percentage of your monthly gross income that goes toward paying debts. Lenders use it to judge whether you can afford another loan payment.
Most lenders want DTI below 36% for personal loans and below 43% for mortgages. Above that, you're considered overextended and likely to be denied.
Example
You earn $5,000/month gross. Your debts: $1,200 mortgage + $300 car + $200 student loans = $1,700/month. DTI = 34%. A new $400/month loan would push you to 42% — risky for lenders.
Combining multiple debts into one single loan with one monthly payment, ideally at a lower interest rate. It simplifies repayment and can reduce total interest.
Consolidation works best when you get a lower rate than your existing debts. But it doesn't reduce what you owe — and extending the term can mean paying more total interest.
Example
You have: $5,000 at 22% (credit card), $3,000 at 18% (store card), $2,000 at 25% (payday loan). A $10,000 consolidation loan at 11% saves you ~$2,100 in interest over 3 years.
Negotiating with creditors to accept less than the full amount you owe — typically 40-60 cents on the dollar. Usually done after you've already fallen behind on payments.
Settlement can save thousands, but it severely damages your credit (settled accounts show for 7 years) and the IRS may tax the forgiven amount as income.
Example
You owe $15,000 on a credit card and negotiate a settlement of $7,500 (50%). You save $7,500 but: your credit drops 100+ points, the account shows 'settled' for 7 years, and you may owe taxes on the $7,500 forgiven.
When a creditor declares your debt a loss after 180 days of nonpayment and removes it from their books. But you still owe the money — they just stop expecting to collect it themselves.
A charge-off is one of the most damaging entries on your credit report and stays for 7 years. The debt is usually sold to a collection agency who will pursue you for it.
Example
You stop paying your $4,000 credit card. After 180 days, the bank charges it off and sells the debt to a collector for $800. The collector now contacts you demanding the full $4,000 (they profit from what they collect above $800).
When an unpaid debt is transferred or sold to a third-party collection agency that specializes in recovering the money. Collection accounts appear on your credit report for 7 years.
Even a $50 collection account can drop your score 50-100 points. Some newer FICO models (FICO 9) ignore paid collections, but many lenders still use older models.
Example
An old $200 gym bill goes to collections. It appears on all 3 credit reports and drops your 720 score to 640. Paying it helps with newer scoring models but under FICO 8 (still widely used), a paid collection still hurts.
A type of bankruptcy that wipes out most unsecured debts (credit cards, medical bills) by liquidating non-exempt assets. It stays on your credit for 10 years.
Chapter 7 gives you a fresh start but at a steep cost: 10 years on your credit, difficulty getting loans, and you may lose assets. Income must be below your state's median to qualify.
Example
You have $45,000 in credit card debt and earn $35,000/year. Chapter 7 erases the debt. You keep exempt property (basic car, household items). Your score drops to ~500 but you're debt-free.
A type of bankruptcy where you keep your assets but follow a court-approved 3-5 year repayment plan to pay back some or all of your debts. Stays on credit for 7 years.
Chapter 13 is better than Chapter 7 if you have a home or assets you want to keep. It can stop foreclosure and let you catch up on mortgage payments over 3-5 years.
Example
You're 3 months behind on your mortgage and have $30,000 in credit card debt. Chapter 13 stops foreclosure and puts you on a 5-year plan: you pay $600/month to catch up on the mortgage and pay 40% of the credit card debt.
A court ruling that says you legally owe a specific amount to a creditor. It gives the creditor power to garnish wages, freeze bank accounts, or place liens on your property.
Judgments are enforceable for 10-20 years (varies by state) and can be renewed. They give creditors far more collection power than a simple unpaid debt.
Example
A credit card company sues you for $8,000 and wins a judgment. They can now garnish 25% of your paycheck ($750/month on a $3,000 net salary) and freeze your bank account.
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