The Complete Book on Bankruptcy

By respected consumer bankruptcy attorney

Peter Francis Geraci J.D.

Chapter 1
How to have a Stress-Free Bankruptcy

Chapter 2
What is Bankruptcy

Chapter 3
What causes people to need Banruptcy Relief

Chapter 4
What is the procedure?

Chapter 5
When you should consider Chapter 7 or Chapter 13 plans?

Chapter 6
What can Bankruptcy do for you?

Chapter 7
Common Misunderstandings about Bankruptcy

Chapter 8
Is Bankruptcy Bad?

Chapter 9
What does Bankruptcy cost?

Chapter 10
Can I file without my spouse?

Chapter 11
Does my Employer know if I file Bankruptcy?

Chapter 12
Do I lose anything?

Chapter 13
Does Bankruptcy "Ruin my Credit"

Chapter 14
Can I keep bills off my bankruptcy

Chapter 15
Bills or property in somone else's name or posession

Chapter 16
What about the Credit Union?

Chapter 17
Co-Signors

Chapter 18
What about my car?

Chapter 19
What about my House?

Chapter 20
When do creditors stop bothering me?

Chapter 21
What are Cross-collateralization Agreements?

Chapter 22
Joint Accounts with Parents

Chapter 23
When do I stop paying creditors?

Chapter 24
Gas, Electric & Phone Bills

Chapter 25
Bankruptcy & Divorce, Alimony & Child Support

Chapter 26
What Bankruptcy won't solve

Chapter 27
Chapter 13 Debt repyament Plans

Chapter 28
Will I be able to get credit again?

Chapter 29
Bill Consolidation Loans

Chapter 30
Bill Consolidation

Chapter 31
Wage Assignments, Deductions and Levies

Chapter 32
Student Loans

Chapter 33
Can I get rid of Taxes

Chapter 34
NSF Checks, Traffic & Parking Tickets

Chapter 35
Surrendering Real Estate & Time Shares

Chapter 36
Business Bankruptcy

Chapter 37
Professional Persons

Chapter 38
Do you ever "Not Get" a Discharge?

Chapter 39
About Geraci Law LLC and Peter Francis Geraci

Chapter 40
Who is the best Bankruptcy lawyer near me?

Chapter 41
What if I need a Bankruptcy lawyer near me?

CHAPTER #37 PROFESSIONAL PERSONS

I represent a good number of doctors, dentists, lawyers, and other professionals. Just because you have a professional degree, you are not immune from money problems. Many professionals spend years in school, get out in their middle twenties or later in life, and find that their first job just pays living expenses. They may have large student loans, and big charge card bills. Especially if they set up their own practice, money may be tight for quite a few years.

Professionals often have tax problems, and student loan problems. If none of the above problems have prevented any bankruptcy relief, taxes and student loans can be paid with no interest over as long as five years in a Chapter 13 Plan. The limit for such debt is currently no more than about $1.3 million in secured debt, and $325,000 in unsecured.

Bankruptcy means your Series 7 license may be revoked. Other professional licenses usually are not affected. The exception is if you are a CROOK and are trying to use bankruptcy to discharge fraud, and lie on your petition.

We also see professionals who have had to change employment or move to another state, and have been out of work, or people who owe a lot of income taxes because of mismanagement of their professional practice.

Professionals who are salaried use the same rules as any other working person. But professionals who have their own practices, being self-employed, often have several specific problems.

First, the income may not be sufficient to propose a repayment plan that creditors will accept, or that will do the debtor any good.

Second, the income may not be sufficiently steady to propose a Chapter 13 Debt Repayment plan that will be accepted by the Court, the Trustee or the creditors.

In the two situations above, the only way left to get rid of debt is under Chapter 7. If the professional practice has no resale value, the debtor will be allowed to keep it. If there are no assets, such as receivables, property, or paid for equipment, the professional can continue to practice after a Chapter 7, with no effect on the professional license.

Third, professionals may have too much income to do a Chapter 7, or too much debt to reorganize under a Chapter 13, due to the debt limits that are revised yearly.