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

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.

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.