Gingold & Gingold LLC
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Atlanta Office Gingold & Gingold LLC 1718 Peachtree St NW #385
Atlanta, GA 30309

Phone: (404) 685-8800
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Cumming Office Gingold & Gingold LLC 327 Dahlonega Street
Suite 1901A
Cumming, GA 30040

Phone: (770) 887-2979
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Dallas Office Gingold & Gingold LLC 201 W Memorial Dr
Dallas, GA 30132

Phone: (770) 443-1864
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Douglasville Office Gingold & Gingold LLC 6716 E Broad St
Douglasville, GA 30134

Phone: (770) 920-1939
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Duluth Office Gingold & Gingold LLC 3675 Crestwood Pkwy #204
Duluth, GA 30096

Phone: (678) 689-2102
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Atlanta Bankruptcy Law Blog

Study highlights challenges of debt and young age

It is easy to be jealous of the fame and talent of professional football players; their potential fortunes are also something to envy. People often assume that all that money comes with a happy life free from financial woes. However, these athletes face the same money problems that people all across Georgia deal with every day.

In fact, a recent study by the National Bureau of Economic Research estimates that roughly 15.7 percent of NFL players have filed for bankruptcy protection after retiring from the league. While this may sound quite high, the number is actually similar to one group of people outside the league: young people.

Student Loan Debt Surpasses Credit Card Debt

Education has always been sold as a key toward upward economic mobility. As more and more people followed that advice and pursued higher education, the number of people carrying heavy student loan burdens has increased to the point where the total value of student loans is now greater than the value of credit card debt. 

The Washington Post reports that Americans currently hold $870 billion in student loans and only $693 billion in credit card debt. With student loan debt surpassing credit card debt, we may witness a new era of debt difficulties for Americans. When people have become overwhelmed by debt in the past, bankruptcy has always been an option to help people secure a fresh start. 

Being hounded by creditors? Know some basics of the FDCPA

If you are dealing with debt, there is a very good chance that you are being called and sent letters from creditors demanding payment. These communications don't necessarily happen as soon as you have missed a payment or two, but it can soon seem like every call or letter you receive is from a collections agency.

People in this situation are often very frustrated, stressed out and scared. Collections agents can be very aggressive, unsympathetic, demanding and even rude when they are trying to collect debt, and these tactics can be effective; they can also be unlawful in some cases. If this sounds like a position you are currently in, you should understand a few basic protections that you have when it comes to interactions with creditors.

What is credit counseling, and do I need it?

Filing for bankruptcy protection is not necessarily as simple as filling out a few forms and submitting them to the courts. In fact, there are several steps a person needs to complete before he or she even files bankruptcy-related paperwork.

One of these steps is to complete credit counseling, which, in conjunction with debtor education courses, is required if a person wants to pursue bankruptcy. Knowing what these courses are and what purpose they serve can help you get a better idea of what to expect if you are considering bankruptcy as a means of discharging or repaying debt.

Can I Refinance My Home After Chapter 13 Bankruptcy?

In the past several years, many people have been able to take advantage of low interest rates on home loans to help reduce their monthly financial obligations. People who have previously filed for bankruptcy protection under Chapter 13 may be wondering if there is any way they can improve their financial situation further by refinancing their homes. 

While having a bankruptcy on your credit report presents a challenge to securing refinancing, it does not preclude homeowners from being able to refinance. When seeking refinancing, lenders will apply many of the same conditions to homeowners who have a bankruptcy on their record as to those that do not. Understanding how to position yourself so that you can take advantage of low interest rates can call for the help of a skilled bankruptcy attorney who can help ensure you take all the right steps to maximize the benefit you receive from refinancing.

Homeowners staying in their home even after missed payments

If you have fallen behind in your mortgage payments or have received a notice of foreclosure, you could be extremely concerned about whether -- and when -- you'll have to move. In some cases, homeowners or renters will just move out, assuming they have no other option or as a way to just move forward.

In other cases, homeowners stick around and try to hold on to their homes. In some cases, this can mean filing for bankruptcy protection, which can put a stop to foreclosure efforts. However, there are other ways that people have found to stay in their homes and it all boils down to time.

Dealing with credit card debt now can prevent future stress

If you ask just about anyone around you if they have a credit card, the answer will almost certainly be yes. People carry credit cards for emergencies, large purchases, secured transactions or because they are simply used to buying something on credit and paying for it later.

Unfortunately, credit card use is so ubiquitous that is may not seem like that big of a deal when you fall behind on payments or rack up huge balances. However, the truth is that credit card is a very serious problem that can lead to years of financial struggle and penalties. In order to prevent some of the worst damage from being done, people who are dealing with outstanding credit card balances can speak with an Atlanta attorney sooner, rather than later.

Are there limits to how much of my wages can be garnished?

If you owe money to creditors, one option they have to get that debt repaid is through a process called wage garnishment. Creditors may pursue this option if you have not responded to other types of request for payment, though they will still need a court order to intercept money paid by your employer.

This can be a very serious situation and one that you may want to resolve with the help of an attorney. In many cases, the amount of wages that are garnished can be enough to put considerable strain on your life and the financial support you provide for your family. However, it is important to understand that there are state and federal limits on wage garnishment. Knowing these limits can help you understand your situation and why you will want to know what options you have to stop or prevent wage garnishment.

Understanding both sides of filing Chapter 7 bankruptcy

Filing for bankruptcy protection can provide consumers in Atlanta with an enormous sense of relief. It can wipe out debt, make it easier to pay bills and put a stop to the harassing and distressing stream of calls from debt collection agencies.

These are all certainly upsides of pursuing bankruptcy as a way to deal with unmanageable debt. However, it is important to note that considering or pursuing this option should not be done lightly. People must recognize that there are some drawbacks that come with bankruptcy filings; failing to also take these into account when considering your options could end up working against you.

Is Chapter 13 right for you?

If you have reached a financial crossroads and are earning an income but unable to get out from under mounting debt, then you may be considering your options for filing for bankruptcy protection. If you are in this situation, the first thing you need to know is that you are not alone. Millions of people across the U.S. seek out debt relief in the form of bankruptcy.

The second thing you need to know is that you have a number of options when it comes to bankruptcy. For example, if you are more interested in repaying your debt than you are in having it completely discharged, you may want to consider Chapter 13 bankruptcy.