Atlanta Bankruptcy Law Blog

Why are student loans still nondischargeable in bankruptcy?

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, April 27, 2012.

In a recent survey of bankruptcy lawyers in Georgia and throughout the U.S., more than 80 percent of respondents stated that they have seen an increase in clients with student loan debt in recent years. However, this growing number of student loan debtors are unlikely to garner any significant relief from the bankruptcy process, due to a federal law that prevents the discharge of student loan debt in bankruptcy.

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

Many Atlanta children are affected by foreclosure

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, April 24, 2012.

In recent years, there have been countless reports on the effects of the foreclosure crisis on homeowners and renters, especially those in Georgia and the other hardest-hit states. However, few reports have focused on one of the largest and most seriously-affected groups of people: the children who are forced to move out of a home or rental property after it is foreclosed upon and repossessed.

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Tags: Georgia, children, foreclosure, renters, repossessions

Bankruptcy vs. debt settlement: which is better?

On behalf of Gingold & Gingold LLC posted in Chapter 13 on Friday, April 20, 2012.

If you are deep in debt and don't anticipate your financial situation getting any better in the near future, you may be exploring your options for getting rid of your debt and starting over. Obviously, a Chapter 7 or Chapter 13 bankruptcy filing is one of these options. But, due to the common misconceptions about bankruptcy and a variety of other reasons, many people choose to work with a debt settlement company to repay their debt and get back on solid ground.

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Tags: Chapter 13, Chapter 7, bankruptcy, debt, debt settlement

Report: Mounting student loan debt may harm housing market

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, April 18, 2012.

With ever-increasing tuition costs and high student debt amounts, it is no surprise that fewer recent college graduates are finding themselves a financial position to buy a home than members of previous generations. But now, financial analysts are saying that the mounting student loan debt and resulting inability to make large-scale purchases could cause significant damage to the already-struggling housing markets in Georgia and throughout the country.

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Tags: housing market, student loan debt, student loans

Report: Federal program is not meeting goals

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, April 13, 2012.

A new report from a federal watchdog has found that a federal program aimed at helping homeowners in Georgia and other high-foreclosure states is not on target to meet its goals. The Department of Treasury is defending the program, however, stating that states are using the funds to help people who are struggling financially, thereby fulfilling its overall goal.

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Tags: TARP, foreclosure, mortgage lenders, mortgage modification

Why are professional athletes prone to bankruptcy?

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Wednesday, April 11, 2012.

Earlier this week, it was announced that former professional football player and current television analyst Warren Sapp had filed for bankruptcy. In doing so, Sapp joins a growing list of former professional athletes who have been forced to file for bankruptcy after retiring from their team. This has led many to wonder: why is bankruptcy such a common occurrence among retired pro athletes?

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Tags: Chapter 7, Warren Sapp, bankruptcy, professional athletes

Income tax considerations for cancelled credit card debt

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Wednesday, April 4, 2012.

If your credit card debt has been canceled or forgiven, you likely (and understandably) think that you will no longer have to deal with it. Unfortunately, that may not be the case. Under federal income tax filing guidelines, credit card debt that been eliminated through cancellation or forgiveness is considered taxable income.

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Tags: bankruptcy, credit card debt, creditors, foreclosure, taxes

Georgia ranks in the top five states for foreclosure filings

On behalf of Gingold & Gingold LLC posted in Foreclosure on Monday, April 2, 2012.

Although the state saw a slight drop in foreclosure filings from January to February, Georgia currently has the fourth-highest rate of foreclosure filings in the country.

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Tags: Atlanta, Georgia, foreclosure, foreclosure rates, robo-signing