Atlanta Bankruptcy Law Blog

Underemployment

While the recession of 2008 is over and many Americans are finding work again, underemployment has become a significant factor. Many workers have been forced to accept a job with a salary that cannot sustain their lifestyle.

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Burdensome Student Loans

When most people think of “debt,” they typically think of consumer debt, car loans, and home mortgages. However, student debt is the second biggest debt sector in the United States, reaching $1 trillion. In fact, student debt is the only debt sector to massively grow since the crash of 2008.

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Mid-Year Financial Review

With 2017 half way over, now is a great time to check in and review your finances. Millions of Americans make New Year’s resolutions each year, and while losing weight and/or getting “in shape” will probably always rank as the number one resolution, getting finances under control is also a popular goal.

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Stop Job Garnishment Through Bankruptcy

Debt is a very difficult situation for people to find themselves in. When people find themselves trapped in extreme debt, there are often unexpected and severe consequences that come down the pike. One of these is known as job garnishment, where creditors can garnish your paycheck – withhold a portion of your earnings to repay creditors.

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Bankruptcy and a Second Mortgage

A second mortgage is a loan taken out to borrow money against your first mortgage. This process can be done for a variety of reasons: consolidating debts, financing home improvements, to avoid property mortgage insurance, and others. Second mortgages tap into the equity in your home that you have built up over time.

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Basics of Bankruptcy

Many people view the word “bankruptcy” as a very bad word. Granted, the decision to file bankruptcy is not an easy one, nor is it one that should be made lightly. However, bankruptcy can be an excellent choice for families that need to get on a better financial track and provide a fresh start for the future.

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Secured Vs. Unsecured Debt

Filing for bankruptcy is a huge decision, one that cannot be made lightly. There are many different factors to think through that will affect your present situation and your future. One of the most important factors to examine is all of your debts.

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Bankruptcy Among Senior Citizens

While most people do not look forward to growing older, most would actually say that they do look forward to less financial strain once they retire. People generally assume that they will work hard for 30+ years and then meet retirement with welcome arms.

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Strategic Default

Buying a home is almost always viewed as an investment that should gain value over time. For most people, a home is the largest purchase that they will ever make in their lifetime, and they are generally willing to make a large investment. A home is a large piece of property, after all. However, the economy in the United States is still categorized as “unstable,” and the return on any investment is never guaranteed.

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Watch Out For Debt Relief Scams

As 2016 draws to a close, debt relief services are already gearing up to provide assistance to those drowning in debt. Overspending on holiday gift giving often puts people over the edge in their financial struggles, and they see the opportunity to regain control over their finances in the New Year. Unfortunately, there are many scams out there that are just waiting to prey upon those who seek fast and easy way out of debt. The truth is, many debt settlement companies do little, if anything, to improve the financial situation of those who are in significant debt.

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Avoid Holiday Debt

The holiday shopping season is underway, and come Black Friday, “can’t miss deals” will be everywhere. Whether you have a large family or a small one, a large bank account or a modest one, avoiding holiday debt is a challenge for most Americans.

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Bankruptcy Alternatives

If you are in a financial situation to where you are considering filing for bankruptcy, it is essential that you explore all of your other options first. While bankruptcy is an appropriate choice for some, it should always be the last resort. There are alternatives to bankruptcy that are highly successful for many people, and knowing what these alternatives are allow you to make the best decision for your financial future.

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