Atlanta Bankruptcy Law Blog

Donnan facing new bankruptcy claims from SEC

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Saturday, March 31, 2012.

There have been new developments in the bankruptcy case of former University of Georgia football coach Jim Donnan. Court documents filed earlier this month indicate that the Securities and Exchange Commission has asked a bankruptcy judge to reject Donnan's plan to repay some of his creditors and also intends to file a claim against him for as much as $13 million, for alleged violations of federal securities laws involving a Ponzi scheme.

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Tags: Ponzi scheme, assets, bankruptcy, creditors

Student loan collectors threaten debtors with wage garnishment

On behalf of Gingold & Gingold LLC posted in Wage Garnishment on Tuesday, March 27, 2012.

The recession has been hard on many in Georgia -- workers whose jobs simply disappeared, people whose property values have plummeted, families who have had to walk away from their homes and communities. It has also been hard on college graduates, many of whom had to borrow significant sums of money to pay for the ever-increasing cost of higher education -- only to enter one of the worst job markets this country has ever seen.

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Tags: Fair Debt Collection Practices Act, debt collector, student loan debt, wage garnishment

Bankruptcy case forces NBA star to sell championship ring

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, March 23, 2012.

Former professional basketball player Antoine Walker has reportedly found a buyer for his National Basketball Association Championship ring, which he was forced to put on the market as part of his bankruptcy case. Walker will reportedly receive $21,500 for his championship ring, which he earned in 2006 while playing for the Miami Heat.

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Tags: assets, bankruptcy, bankruptcy filings, debt

Part of Georgia's foreclosure fraud settlement may be diverted

On behalf of Gingold & Gingold LLC posted in Foreclosure on Monday, March 19, 2012.

Five major mortgage lenders recently reached a $25 billion foreclosure fraud claims settlement with a committee of attorneys general from several states. Georgia Attorney General Sam Olens was not a member of that committee but accepted the deal nonetheless. Although Georgia's share of the settlement will total $815 million, more than $100 million of that money may not be used to benefit the state's struggling homeowners or victims of foreclosure fraud.

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Tags: distressed homeowners, foreclosure fraud, foreclosure rates, mortgage fraud, mortgage lenders

Saying yes to foreclosure, walking away when it makes sense

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, March 16, 2012.

Oversized mortgages, a downsized economy, and sloppy or outright fraudulent lender practices have led to an enormous increase in home foreclosures over the last five years. But as scary as it might be to think about losing a home to foreclosure -- the fear of foreclosure for many Atlanta homeowners can be worse than foreclosure itself. In some situations, in fact, walking away is the only choice that makes any sense.

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Tags: bankruptcy, foreclosure, loan modications, mortgage lenders, refinancing

Property debts will likely be eliminated in bankruptcy

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Tuesday, March 13, 2012.

As the housing and job markets have struggled to recover, many Georgia residents have had to make the difficult decision to file for bankruptcy and let their homes go into foreclosure. As such, many of our bankruptcy blog readers may have questions about the relationship between these two legal processes. Specifically, will a homeowner who has filed for Chapter 7 bankruptcy be held responsible for the property taxes and related debts on their foreclosed home?

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Tags: Chapter 7, bankruptcy, foreclosure, homeowner

Can you eliminate income tax debt in bankruptcy?

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Wednesday, March 7, 2012.

Last week, we wrote about several forms of debt that are generally nondischargeable in bankruptcy, including student loans, secured debt and family court obligations. Today, we will discuss one debt form that also has very tight restrictions governing when it can and cannot be discharged: federal and state income tax debt.

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Tags: bankruptcy, debt, income tax debt, taxes

Some debt cannot be eliminated in bankruptcy

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Friday, March 2, 2012.

Although a Chapter 7 or Chapter 13 bankruptcy is a good option for eliminating debt and providing the filer with a fresh start, it is not always the best solution for every financial problem. As with most legal remedies, whether you should seek bankruptcy protection depends largely on your specific situation.

Continue reading Some debt cannot be eliminated in bankruptcy...

Tags: Chapter 13, Chapter 7, bankruptcy, debt, student loans