Atlanta Bankruptcy Law Blog

Most Georgia parents support adult children financially, part two

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Thursday, May 26, 2011.

As we discussed earlier this week, approximately 60 percent of parents now provide financial support for their adult children. Certainly, college graduates and other twenty- and thirty-something adults face unique difficulties in this economy, with a dismal job market and increasing student loan debts. However, financial experts have expressed concerns that this practice could end up harming both parents and children in the long run.

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Tags: bankruptcy, college graduates, economy, retirement accounts, student loans

Most Georgia parents support adult children financially, part one

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Monday, May 23, 2011.

Last week, we wrote that college graduates are one of the fastest-growing groups of bankruptcy filers in the United States. Due largely to the struggling job market, mounting college costs and student loan bills, and high credit card use among young people, college grads now make up 55 percent of bankruptcy filers in the U.S.

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Tags: bankruptcy, college graduates, credit card debt, student loans, unemployment

College grads are increasingly likely to file for bankruptcy

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Thursday, May 19, 2011.

Despite the financial and employment benefits that typically come with a college degree, recent statistics report that college graduates now make up approximately 55 percent of bankruptcy filers in the United States. Therefore, this means that those who complete more years of schooling are now at a higher risk for bankruptcy, despite having average salaries that are over 100 percent higher than individuals who do not earn college degrees.

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Tags: Chapter 13, bankruptcy, college graduates, credit card debt, student loans

Gas prices cut into consumer spending

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Monday, May 16, 2011.

Although retail sales numbers increased last month for the tenth straight month, several details about that jump are giving economists pause. The increase was the smallest such rise in nine months, and was largely composed of spending at gasoline stations instead of at retail stores. This means that cash-strapped consumers are spending their money on necessities, such as gas, groceries, and house and car loans, rather than luxuries like clothing, household furnishings, and appliances or other big-ticket items.

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Tags: bankruptcy, consumer spending, credit card debt, gas prices, retail sales

Retirement accounts are on the rise

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Thursday, May 12, 2011.

During times of financial crisis, many people take things one day at a time, focusing on paying this month's bills and buying necessities for right now. In addition, when faced with debt, many people in Georgia and throughout the country choose to take money out of their 401(k) and other retirement accounts in order to make ends meet.

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Tags: 401(k), bankruptcy, recession, retirement accounts

Cash for Keys program could prevent foreclosures

On behalf of Gingold & Gingold LLC posted in Foreclosure on Monday, May 9, 2011.

In the ongoing efforts to decrease the number of foreclosures in Georgia and throughout the country, government officials and mortgage lenders are working together to implement a program that could offer relief for millions of distressed homeowners. The program, titled "Cash for Keys", would allow homeowners in danger of foreclosure the option of simply giving their home back to the bank and walking away.

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Tags: Cash for Keys, foreclosure, homeowner, mortgage lenders, robo-signing

New agency will crack down on debt collectors

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Thursday, May 5, 2011.

Being in debt is stressful. Not only is there the impending threat of repossession, foreclosure, and ruined credit, but debtors also have to deal with the constant telephone calls from creditors and collection agencies. Many debtors simply stop answering their phones or opening their mail, scared of what will be on the other end. And when the calls and letters get to be too much, debtors seek relief through bankruptcy or a similar measure.

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Tags: Consumer Financial Protection Bureau, Fair Debt Collection Practices Act, bankruptcy, debt, debt collector

Celebrity chef files for Chapter 7 bankruptcy

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Tuesday, May 3, 2011.

Last month, we wrote about the automatic stay, a useful bankruptcy tool that immediately halts all creditor claims, collections and lawsuits at the moment of a bankruptcy filing. Most often, such a stay fulfills a legitimate need of the bankruptcy filer: to suspend creditor claims, giving the debtor the time and freedom to get his finances in order while also avoiding foreclosure and other financial consequences.

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Tags: Chapter 7, automatic stay, bankruptcy, creditors, lawsuit