Atlanta Bankruptcy Law Blog

Survey: homeowners pay credit cards before mortgages

On behalf of Gingold & Gingold LLC posted in Foreclosure on Thursday, April 28, 2011.

Consumers who have both credit card and mortgage debts are increasingly likely to pay the credit card bill first, according to a recent report from the credit reporting agency TransUnion. This occurs, despite the risk of foreclosure, because of the relative speed at which consumers see negative consequences from the nonpayment of credit card and mortgage bills.

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Tags: credit card debt, credt card defaults, foreclosure, mortgage, repossessions

Baseball player charged with bankruptcy fraud

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Monday, April 25, 2011.

Former major league baseball player Lenny Dykstra has been charged with federal fraud crimes in relation to a 2009 bankruptcy filing. According to prosecutors, the 48-year-old embezzled over $400,000 worth of personal property and real estate by either hiding, destroying or selling it, without first notifying a bankruptcy trustee, as is required by bankruptcy law.

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Tags: Lenny Dykstra, assets, bankruptcy, bankruptcy fraud, trustee

Atlanta's credit card debt is above the national average

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Thursday, April 21, 2011.

As the recession drags on, Americans are being forced to make difficult choices. Facing continuing unemployment and stagnant home values, many people in Georgia are using what money they have to make mortgage, car loans, and student loan payments, often having little money at the end of the month to buy groceries and other necessities. Because of this, the average amount of credit card debt remains high in Atlanta and other cities throughout the country.

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Tags: Atlanta, Georgia, credit card debt, housing market, unemployment

Stop garnishment and debt collection with an automatic stay

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Tuesday, April 19, 2011.

The automatic stay is one of the most valuable tools of U.S. bankruptcy protection. Under federal bankruptcy law, as soon as a debtor files for Chapter 7, Chapter 13 or another form of bankruptcy, the automatic stay goes into effect. This means that all debt collection, garnishments, evictions, foreclosures, utility shut-offs, repossessions, and certain lawsuits will come to a halt for the duration of the bankruptcy proceeding.

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Tags: Bankruptcy Abuse Prevention and Consumer Protection Act, automatic stay, bankruptcy, creditors, wage garnishment

Tips for repairing credit after a bankruptcy

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Thursday, April 14, 2011.

Bankruptcy has become a reality for a large number of Georgia residents, largely due to high unemployment rates, falling home values, and consumers who are spending more than they can afford in their new financial reality. Although bankruptcy can damage a filer's credit score, financial experts say that even those who experience extreme fiscal challenges can rebuild their score over time.

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Tags: bankruptcy, credit card debt, credit report, credit score, debt

Common myths about Chapter 13 bankruptcy

On behalf of Gingold & Gingold LLC posted in Chapter 13 on Monday, April 11, 2011.

Many Georgia residents decide to file Chapter 13 bankruptcy as a sort of tactical move, seeking to relieve their debt and to avoid foreclosure. Chapter 13 bankruptcy allows individuals to repay creditors over a course of three to five years, and it is available to anyone with an income. Therefore, it can be a highly valuable tool for getting out of debt.

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Tags: Chapter 13, Chapter 7, bankruptcy, debt, means test

Mortgage modification suit leaves homeowners in limbo, part two

On behalf of Gingold & Gingold LLC posted in Foreclosure on Thursday, April 7, 2011.

Earlier this week, we began a discussion of mortgage modifications and the often complicated roles of mortgage servicers and trustees in the mortgage process.

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Tags: foreclosure, mortgage, mortgage modification, mortgage servicer, trustee

Mortgage modification suit leaves homeowners in limbo, part one

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, April 5, 2011.

In the recession, many people have been put through the financial wringer who, quite simply, don't deserve the hand they have been dealt. A vast majority of people affected by the recession acted responsibly, worked hard to pay their bills on time, but simply could not make ends meet. Many of these people resorted to alternative measures in a desperate attempt to avoid bankruptcy or foreclosure, but in the end found themselves unable to do so.

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Tags: foreclosure, mortgage, mortgage modification, mortgage servicer, trustee

Unemployment rate drops in March

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, April 1, 2011.

Last month, the United States economy added 216,000 new jobs. This gain followed the 194,000 new positions added in February. The two subsequent months of fairly significant improvement have caused the nationwide unemployment rate to drop to 8.8 percent, which is a full percentage point down from November 20101 and the lowest it has been in two years.

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