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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.
Data compiled from public sources
Peter Francis Geraci Law L.L.C. was founded in October 1977 as a solo bankruptcy practice by attorney Peter Francis Geraci and has grown into one of the largest consumer bankruptcy firms in the Midwest. Operating across Illinois, Indiana, and Wisconsin from 30+ office locations, the firm employs over 100 attorneys and staff with a combined 500+ years of bankruptcy experience. It is a law firm — not a credit repair service, debt settlement company, or lender — and its attorneys are licensed to practice in all three states it serves.
The firm's core offering is filing Chapter 7 and Chapter 13 bankruptcy petitions for individuals overwhelmed by consumer debt. Chapter 7 (liquidation bankruptcy) is structured so clients can open a file with as little as $150–$200 down and pay attorney fees in installments as low as $100 per month over six to eight paychecks. Chapter 13 (reorganization) offers biweekly plan payments as low as $95, with many attorneys willing to file upon receipt of only the court's filing fee. Exact flat-fee amounts are not published on the website and require direct consultation. Beyond bankruptcy, the firm handles personal injury, worker's compensation, medical malpractice, and birth injury cases through an affiliated practice (Geraci, Arreola & Hernandez, L.L.C.).
Geraci Law's scale is its clearest differentiator: the firm files over 10,000 bankruptcies per year and has served more than 200,000 clients since its founding. That volume translates into deep familiarity with local trustees, judges, and filing procedures across Illinois, Indiana, and Wisconsin. Clients can attend appointments in person, online, or via video, and a remote file-from-home option is available. The ClientCorner portal — accessible via web, Apple App Store, and Google Play — lets clients track case status, download court documents, communicate with attorneys, upload documents, and make payments without visiting an office.
Geraci Law's strengths are real: nearly five decades of operation, a very high Google review rating (5.0 from 732 reviews), accessible payment plans, and broad geographic coverage across three states. However, the firm's Chicago main entity is not BBB accredited and has a noted failure to respond to two complaints, which stands in contrast to its Indiana and Wisconsin locations that hold A+ BBB ratings. Exact attorney fees require a direct quote, making upfront cost comparison difficult. The firm's services are geographically limited to IL, IN, and WI, and its focus is squarely on bankruptcy — consumers seeking non-bankruptcy debt alternatives like settlement negotiation or consolidation will need to look elsewhere.\n\nConsumers considering bankruptcy should also explore alternatives. Debt relief programs may negotiate settlements for less than owed, while debt consolidation loans can simplify payments into one monthly bill. Credit counseling agencies offer free financial assessments and debt management plans. After bankruptcy, rebuilding credit through secured credit cards and credit builder loans provides a structured path back. Credit repair services can help ensure the bankruptcy filing is accurately reported and outdated items are removed on schedule. Credit monitoring services provide ongoing visibility during the multi-year recovery process.
This is state-level context for Bankruptcy Services consumers in Chicago, IL. It does not confirm that Peter Francis Geraci Law L.L.C. or this specific location is licensed.
State regulator
Illinois Department of Financial and Professional Regulation
Consumer protection
Relevant law: Illinois Credit Services Organization Act (815 ILCS 605/1 et seq.)
Registration: Required with Illinois Department of Financial and Professional Regulation (IDFPR)
Upfront fees: Listed as prohibited in the current CreditDoc state summary
Source: CreditDoc state-law summary and listed public regulator resources. Verify licensing directly with the listed state regulator before relying on a provider.
Peter Francis Geraci Law L.L.C. offers 12 services including Chapter 7 bankruptcy filing (debt liquidation), Chapter 13 bankruptcy filing (debt reorganization and repayment), Immediate stop to wage garnishments via automatic stay, Foreclosure defense and prevention of sheriff sales, Vehicle repossession prevention, and 7 more.
Peter Francis Geraci Law L.L.C. has profile signals associated with 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, Debtors who need flexible, low-down-payment attorney fee plans to access legal bankruptcy representation, Consumers who want a high-volume, experienced firm with remote filing and a mobile case management app.
Key strengths: Founded in 1977 — nearly 50 years of consumer bankruptcy experience; Files over 10,000 bankruptcies per year with 200,000+ clients served historically; 30+ office locations across Illinois, Indiana, and Wisconsin. Areas to consider: Chicago main entity is NOT BBB accredited and failed to respond to 2 complaints filed with the bureau; Exact attorney fees are not publicly listed — a direct consultation is required for pricing.
In the Bankruptcy Services category, comparable providers include Bankruptcy Center of Illinois, Benjamin Legal Services, Peter Francis Geraci Law L.L.C.. Each company has different strengths, so compare services, pricing, and consumer complaint records before deciding what to do next.
CreditDoc Profile Note
Geraci Law is best suited for residents of Illinois, Indiana, or Wisconsin who have concluded that bankruptcy is the right path and want a large, experienced firm with accessible payment plans and a proven filing volume. The main caveat is that the Chicago entity carries an unresolved BBB complaint history and does not publish its fee schedule, so consumers should get a written fee agreement before paying any retainer.
Chicago-area bankruptcy law firm specializing in Chapter 7 and Chapter 13 filings for individuals, families, and small business owners facing debt and foreclosure.
Profile signals: Illinois homeowners facing foreclosure who need automatic stay protection and repayment alternatives, Individuals with income above state median seeking Chapter 13 reorganization to protect assets over 3-5 years
Chicago-based law firm specializing in bankruptcy, foreclosure defense, and tax resolution with 35+ years of attorney experience.
Profile signals: Chicago-area individuals or small business owners facing bankruptcy and needing experienced local legal representation, Homeowners in foreclosure seeking experienced defense counsel in Illinois
One of the Midwest's largest consumer bankruptcy law firms, handling Chapter 7 and Chapter 13 filings across Illinois, Indiana, and Wisconsin since 1977.
Profile signals: Illinois, Indiana, or Wisconsin consumers facing imminent wage garnishment, active creditor lawsuits, or vehicle repossession who need immediate legal protection, Homeowners facing foreclosure or a scheduled sheriff sale who need to halt proceedings through Chapter 13
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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 high-cost 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 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 are required to stop contacting you if you request in writing.
Knowing your FDCPA rights stops abusive collection tactics. If a collector violates the law, you may have a right to 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 has obtained 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.
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 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 may be more relevant 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 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 is generally required to 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.
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.
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 is generally most useful 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.
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.
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 has obtained a judgment. They can now garnish 25% of your paycheck ($750/month on a $3,000 net salary) and freeze your bank account.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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