Gingold & Gingold LLC
Getting a Fresh Start
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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

What options are available for people with underwater mortgages?

A home is an extremely important asset to people all across Atlanta. For most homeowners, a house is the single most expensive thing they own and it can be a source of great pride and comfort.

However, a home can also be the source of considerable stress and anxiety. Upkeep and repairs can be quite expensive, but it is the mortgage payments that many people struggle with the most. Thanks to factors including a volatile housing market and the economic recession, there are thousands of Atlanta residents who are currently underwater on their mortgage. This means that they owe more than a home is worth. If you are in this upsetting situation, you should understand what options you have to resolve your mortgage issues.

When sources of debt are numerous, consider bankruptcy

If you are buried under unmanageable debts, you may undoubtedly be stressed and scared about the future. Looking at the total amount of money you owe can be extraordinarily overwhelming and knowing where you should begin to deal with that debt can seem impossible.

In this situation, it can be crucial to take a step back, try to relax and remember that you can get help dealing with debt. An attorney can help you figure out your options by taking a look at all the different sources of debt and identifying a relief plan that can help you regain control over your financial situation. Recently, for example, former TV actor and musician David Cassidy opted to file for bankruptcy in order to "reorganize" his financial life.

Know your options if you are being harassed by creditors

Being in debt is stressful enough for any person struggling financially in Atlanta; being harassed and abused by creditors can make the situation even worse.

Creditors will use a number of different tactics to get people to pay debts. In many cases, creditors comply with the rules set by the Fair Debt Collection Practices Act, but there are certainly instances when they bend or completely break these rules. People who feel they are being harassed by creditors can take action to stop the harassment and protect themselves and their rights.

Buried under debt? Seeking help can be crucial

Your personal finances are a private matter. You probably don't go around discussing your earnings, investments, bills and debts with people unless you are very close to them. When your financial outlook is not so good, you are even less likely to openly talk about money.

However, the stress and anxiety of financial strain can take a serious stroll on you if you try to keep everything inside and avoid dealing with debts. In these situations, reaching out for help from someone who is objective, will not judge you and understands the debt management resources available can prove to be greatly beneficial. 

Report: Wage garnishment for debts has doubled since 2007

Financial strain takes a toll on Georgia families every day. As people try to recovery from the economic recession, debt continues to make this very difficult. In some cases, people learn that their wages will have to be garnished to repay debts, which only makes the pursuit of financial stability that much more of a challenge.

According to a recent report by ProPublica, the number of people having their wages garnished because of consumer debt has nearly doubled over the past seven years. Employees are seeing their paychecks diminished by creditors, whether a person's debt stems from credit cards, unpaid loans or medical bills. 

Debt issues start early for many young people

We have mentioned in previous blogs that debt is not typically something that accumulates all at once. People often struggle with a number of different financial challenges over the course of several months or years before money woes ultimately become unmanageable. 

However, while debt doesn't usually happen all at once, it does start affecting people's lives early on. In fact, debt can start accumulating for many people before they even get their first job. 

Signs you may want to consider filing bankruptcy

Money problems don't typically develop overnight. They often start small with a missed bill or unexpected expense. However, that one small issue can turn into a very big problem that seems to take over a person's life when fines, penalties and missed payments stack up.

There are many people who deal with financial struggles on a regular basis. Every month, they try to figure out how to pay a mortgage, credit card bills, utilities and other expenses, but there is simply not enough money to cover everything. For some people, these issues are short-term or isolated events; for others, there seems to be no end in sight to the financial strain. 

Facing foreclosure? What you need to know

There are millions of people in the U.S. who are trying to deal with overwhelming stress stemming from debt, unemployment and unpaid bills. A seemingly constant stream of calls from creditors combined with the penalties of falling behind on payments only make matters worse.

In the midst of all these financial concerns, the threat of losing a home in foreclosure proceedings can be too much for a person to handle. Foreclosure is a serious action that can turn a person's world upside down, and it is often a top priority for people in economic distress to protect that one asset. In order to prepare for or try to avoid foreclosure, it can be crucial to understand how the process works and what options may be available for keeping a home.

How to get a fresh start financially in 2015

With the new year comes the opportunity for a new beginning and a fresh start. If you didn’t feel good about your finances in 2014, now is the perfect time to implement new strategies to get back on the right track.

For some Georgia residents, that may mean taking steps like creating a budget, increasing your savings and beginning paying off debt. In fact, the personal finance website WalletHub.com recently shared some excellent resolutions that can make the new year friendlier on your wallet. 

Do not be ashamed or embarrassed by debt

It can seem like people share everything with the world these days. We only need to look at Facebook or Twitter to read about where people eat dinner, how much they like or dislike their job, difficulties they are having with their kids or how they are redecorating their bathroom. 

But one topic that we rarely read about or share with others is debt. People don't like to talk about problems with debt; in fact, many people will go to great lengths to hide or ignore financial problems. In many cases, people do this because they don't want others to think of them as financially irresponsible. But while you may not want to share your financial struggles with an entire social network, you may want to seriously consider discussing them with an attorney.