Atlanta Bankruptcy Law Blog

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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Overwhelmed by Debt

It is estimated that 8 out of 10 Americans are in debt. That is 80% of all Americans who are in debt, and most of them are carrying debt into retirement. Debt is a huge burden to many people, and the circumstances that have gotten them into financial trouble vary from medical bills to credit cards to student loans to bad investments to reduced income to divorce.

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Women Burdened by Medical Debt

Medical bills are often a huge source of financial burden to millions of Americans each year. With medical charges at an alarming rates, insurance coverage at an alarming low, and high deductibles – many people find that they have unwittingly incurred a huge debt that they cannot pay. Evidence shows that women are more likely to be crippled by medical debt than men.

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Job Loss and Bankruptcy

Most people never imagine that they will ever face bankruptcy, yet unexpected job loss can bring this unfortunate circumstance front and center. Understanding how to handle bankruptcy after job loss can benefit you for years to come.

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Defaulting on Student Loans

For years, student loans have been a sort of rite of passage for college age students. In order to afford a college degree, the government has allowed college students to use student loans to pay for multiple years of college education. While this is seemingly helpful for young adults who do not have the means to pay for college education, it does put them in a precarious situation upon graduating from college – or not graduating.

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