Atlanta Bankruptcy Law Blog

Georgia bill would allow use of 401(k) to pay mortgage debt (two)

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

Earlier this week, we wrote about the HOME Act, a bill that was recently proposed in the Georgia legislature. Under the act, homeowners would be able to withdraw money from their 401(k) to pay down mortgage debt and hopefully avoid foreclosure or similar financial consequences. Opponents of the bill, however, claim that taking money from secure retirement accounts does not guarantee that homeowners will be able to save their homes from foreclosure at the expense of their financial futures.

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Tags: Georgia, foreclosure, homeowner, retirement accounts

Georgia bill would allow use of 401(k) to pay mortgage debt (one)

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, October 26, 2011.

Recently, two members of the Georgia legislator proposed a bill that would allow homeowners to take money from their 401(k)s and other retirement accounts in order to pay down some of their mortgage debt. The stated goal of the bill is to help Georgia homeowners avoid default or foreclosure, but analysts are questioning whether using retirement funds for this purpose will cause greater financial harm in the end.

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Tags: foreclosure, homeowner, retirement accounts

Student loan debt is now outpacing credit card debt

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Monday, October 24, 2011.

As the economy struggles to get back on track, both the government and the media seem to be focusing almost exclusively on mortgage and credit card debt as the overwhelming causes of bankruptcy and foreclosure and obstacles to recovery. Little has been said about student loans, however, which is troubling. In a personal bankruptcy, most forms of debt can be discharged or minimized in some way, with one major exception: student loans. This means that student loans can continue to burden Georgia residents for years or even decades, causing major hardship and possibly resulting in serious financial consequences.

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Tags: bankruptcy, credit card debt, student loan repayment, student loans

Actor files for bankruptcy after falling victim to mortgage fraud

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Wednesday, October 19, 2011.

A prominent American actor has filed for bankruptcy after predatory lending practices left him with a mortgage loan that he could not afford and mortgage payments he was unable to make. Now, the actor owes nearly $50,000 in bills and unpaid taxes, which he will likely attempt to resolve during his bankruptcy proceedings.

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Tags: Armand Assante, bankruptcy, mortgage, mortgage fraud, predatory lending

Neighbors maintain foreclosures to protect property values

On behalf of Gingold & Gingold LLC posted in Foreclosure on Monday, October 17, 2011.

Although foreclosure notices are down by nearly 12 percent in the Atlanta metro area year-to-date, many people are still dealing with foreclosure in the region. In fact, foreclosure notices jumped up by 16 percent from September to October in metro Atlanta, which means that housing market recovery is still far from a reality in Georgia.

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Tags: Atlanta, foreclosure, homeowner, housing market

Rapper is unable to avoid Chapter 7 liquidation

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Friday, October 14, 2011.

After working closely with a bankruptcy trustee to raise the funds necessary to repay creditors and exit bankruptcy without being forced to liquidate his assets, it appears that rapper Young Buck may soon have to begin placing his belongings up for sale. After a proposed contract renegotiation with the rapper's record label failed to gain approval from label executives, Young Buck's Chapter 11 bankruptcy will likely now become a Chapter 7, or liquidation, filing.

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Tags: Chapter 11, Chapter 7, bankruptcy, liquidation

Incomes fell more after the recession ended

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

In June 2009, when economists declared that the recession had ended, many households in Georgia and across the U.S. believed that there were better times ahead. However, according to a new study by two former Census Bureau officials, that was not the case. After the recession ended, household incomes continued to fall, and they did so at a faster rate than during the economic downturn, leading to continuing high rates of bankruptcy and foreclosure throughout the country.

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Tags: bankruptcy, economy, recession, unemployment, unemployment rate

Hiring increases in September, but unemployment remains stagnant

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, October 7, 2011.

In a rare instance of good news about the economy, the U.S. Department of Labor announced this week that the country added 103,000 jobs in September. In addition, the Labor Department revised its job estimates for July and August, stating that there were actually about 127,000 and 57,000 jobs added in July and August, respectively, instead of the earlier reports of 85,000 and zero.

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

Study: Foreclosure can harm your health

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, October 4, 2011.

It is undisputed that foreclosure can wreak havoc on your finances, your living situation, and many other areas of your life. But did you know that a foreclosure can also cause significant damage to your health?

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Tags: foreclosure, foreclosure rates, health, homeowner