Atlanta Bankruptcy Law Blog

Toni Braxton's Georgia home will go into foreclosure

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, January 28, 2011.

We previously wrote about singer Toni Braxton's struggle to keep her Duluth, Georgia home despite deep debt and her filing for Chapter 7 bankruptcy protection. Recently, a bankruptcy judge denied that request and ordered that Braxton's mortgage lender be allowed to begin foreclosure proceedings on the million-dollar home.

Continue reading Toni Braxton's Georgia home will go into foreclosure...

Tags: Chapter 7, Georgia, Toni Braxton, bankruptcy, foreclosure

Consumer morale increases despite drop in housing prices

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, January 25, 2011.

Despite record numbers of bankruptcies and foreclosures and a continuing decline in housing prices throughout the country, a report released this week shows that American consumer confidence has increased to its highest reported level in eight months. Economic analysts are pleased with this development, citing improvements in the job and stock markets and general economic growth for the increase in optimism.

Continue reading Consumer morale increases despite drop in housing prices...

Tags: bankruptcy, consumer confidence, economy, foreclosure, housing market

Filing for Bankruptcy to Avoid Foreclosure, Part Two

On behalf of Gingold & Gingold LLC posted in Chapter 13 on Friday, January 21, 2011.

Earlier this week, we talked about the growing trend of filing for Chapter 13 bankruptcy protection in order to halt Georgia's fast foreclosure process. Under Chapter 13, a filer's unsecured debts, such as credit cards, are generally waived, while a three- to five-year plan to pay off mortgages and other secured debts is created, which must be approved by a bankruptcy court. However, there are still restrictions and potential consequences: if a debtor misses a payment under the plan, he may still lose his home.

Continue reading Filing for Bankruptcy to Avoid Foreclosure, Part Two...

Tags: Chapter 13, Georgia, bankruptcy, debt, foreclosure

Filing for Bankruptcy to Avoid Foreclosure, Part One

On behalf of Gingold & Gingold LLC posted in Chapter 13 on Wednesday, January 19, 2011.

When considering bankruptcy, it is important to know the various options and what each might mean for your specific situation. While Chapter 11 bankruptcy is reserved for business bankruptcies, Chapter 7 and Chapter 13 are intended for individuals who can no longer pay their bills and debts. With Chapter 7 bankruptcy, a filer forfeits their real estate and personal property such as cars to a bankruptcy trustee, who will sell it to repay creditors. To compare, a Chapter 13 bankruptcy involves the creation of a three-to five-year plan to pay back secured debts (such as mortgages) while writing off credit card and other unsecured debts.

Continue reading Filing for Bankruptcy to Avoid Foreclosure, Part One...

Tags: Chapter 13, Chapter 7, Georgia, bankruptcy, foreclosure

Bankruptcy Filings Expected to Slow in 2011

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, January 14, 2011.

Although 2010 saw a continuation of the years-long increase in the number of both business and consumer bankruptcy filings, experts and analysts are encouraged by one small indicator of progress. The growth in bankruptcy filings that has persisted over the past several years slowed significantly in the past year, with multiple months showing a drop in bankruptcies over the previous year for the first time in four years.

Continue reading Bankruptcy Filings Expected to Slow in 2011...

Tags: bankruptcy, bankruptcy filings, economy, medical bills, unemployment

Kagan Issues Bankruptcy Ruling in First Supreme Court Opinion

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Wednesday, January 12, 2011.

This week, in her first ruling of her new judicial career, Supreme Court Justice Elena Kagan delivered the opinion on the bankruptcy case of Ransom v. FIA, stating that the case boiled down to a simple, clear interpretation of the United States bankruptcy code. Kagan wrote a detailed opinion, speaking for seven other Supreme Court justices, with a lone dissenter in Justice Antonin Scalia.

Continue reading Kagan Issues Bankruptcy Ruling in First Supreme Court Opinion...

Tags: bankruptcy, car payment, creditors, deductions, unsecured debt

In Landmark Case, Court Voids Two Foreclosures

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, January 7, 2011.

Earlier today, the Massachusetts Supreme Judicial Court sent down a news-making ruling voiding the foreclosures of two local homes. According to the court, the complicated mortgage paper trail obscured the actual ownership of the homes and made it so the mortgage lenders did not hold clear titles to the properties when they instituted the foreclosures. Although this is a Massachusetts state ruling, its effect is expected to be felt in Georgia and throughout the country as homeowners fight back against alleged improper foreclosure practices.

Continue reading In Landmark Case, Court Voids Two Foreclosures...

Tags: foreclosure, foreclosure rates, housing market, lawsuit, mortgage lenders

In 2010, Job Cuts Fell to Lowest Levels in 13 Years

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Wednesday, January 5, 2011.

During 2010, experts began to predict that the United States economy was finally beginning to recover. But for the many Americans dealing with unemployment, bankruptcy and foreclosure, that recovery seemed to be moving slowly. However, according to a new private survey, progress was, in fact, made in 2010, as employers cut the fewest number of jobs since 1997. However, as job growth remained slow throughout the year, there is reason to be hesitant about declaring that the economy is recovering.

Continue reading In 2010, Job Cuts Fell to Lowest Levels in 13 Years...

Tags: bankruptcy, economy, foreclosure, job growth, unemployment

First Quarter of 2011 May See Record Foreclosures

On behalf of Gingold & Gingold LLC posted in Foreclosure on Monday, January 3, 2011.

In the last months of 2010, home foreclosure sales slowed dramatically. According to real estate experts, there were two factors responsible for this slowdown. Mortgage lenders generally halt foreclosures during the busy holiday season, so the drop in repossessions is something to be expected, more or less, every year. However, this year was especially slow due to the so-called 'robo-signing' controversy of last fall. Because of the accusations that banks were improperly handling and processing foreclosure documents, many lenders halted foreclosures as they re-examined their processes. Now, however, both the holidays and the controversy have passed, leading many experts to predict that the first few months of 2011 will be ones for the record books.

Continue reading First Quarter of 2011 May See Record Foreclosures...

Tags: foreclosure, foreclosure sales, repossessions, robo-signing, unemployment