Atlanta Bankruptcy Law Blog

Average medical school graduate has $183k in student loan debt

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, September 28, 2012.

In a recent survey of medical students in Georgia and across the U.S., the respondents listed the cost of medical education and their resulting student loan debt as the biggest challenge for med students. With an average student debt load of nearly $200,000, this finding is not terribly surprising. That doesn't mean that it is any less taxing on med school graduates, however.

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

Atlanta man pleads guilty to foreclosure scheme

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, September 26, 2012.

An Atlanta man may be facing jail time after pleading guilty to racketeering charges in connection with an alleged foreclosure scheme. The man told the court that he was influenced by a group of sovereign citizens, who believe that they each make up their own individual sovereign nationality and are therefore immune to local, state and federal laws.

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Tags: Georgia, foreclosure, foreclosure fraud

Can you file for bankruptcy while living at home?

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, September 21, 2012.

In the years during and since the economic recession, many recent college graduates and other Atlanta young people have found themselves somewhere they likely never thought they would be: back at home, living with their parents. Several factors are behind the recent trend of twenty- and thirty-somethings living at home, namely a high unemployment rate and increasing student loan burdens.

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Tags: bankruptcy, college graduates, debt, student loan debt, unemployment

Reaffirming a car loan after Chapter 7 bankruptcy

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Wednesday, September 19, 2012.

If you are dealing with unmanageable debt, Chapter 7 bankruptcy may be an excellent way for you to eliminate that debt and get back on your financial feet. However, there are a few drawbacks to a Chapter 7 filing. Your credit score may take a hit, and it will probably take some time for it to recover. In addition, if you have any secured debt such as a car loan, you may have to give up the car or other item that is securing that debt in order to have the debt forgiven.

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Tags: Chapter 7, bankruptcy, car payment, debt, loan modications

Georgia poverty report shows slight improvements

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, September 14, 2012.

According to a new Census Bureau report on household income and poverty, the economic situation in Georgia has improved, slightly, in recent years. However, Georgia residents remain in far worse financial situations than they were before the economic recession, due largely to the stagnation of industries such as construction and the sluggish recovery of the housing market.

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Tags: Georgia, debt, economy, poverty, recession

Foreclosure notices continue to decline in Atlanta

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, September 12, 2012.

Continuing the downward trend, the number of foreclosure notices filed in the Atlanta metro area once again fell this month. Now, analysts are working to identify the cause of the continuing decline, with many hoping it means that the worst of the foreclosure and housing crisis has come and gone in Atlanta.

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Tags: Atlanta, foreclosure, home prices, housing market, underwater mortgage

Medical debt drives Atlanta women into bankruptcy

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Saturday, September 8, 2012.

According to recent data from the Commonwealth Fund, a non-profit that advocates for health care reform, more than a quarter of women in Georgia and across the U.S. had trouble paying their medical bills in 2009-2010. That is more than double the rates in any of the 10 other countries studied, indicating that medical debt is driving more U.S. women into difficult financial situations than in other similar nations.

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Tags: Chapter 13, Chapter 7, bankruptcy, medical bills, medical debt

In 2000s, middle class saw declines in income, net worth

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Wednesday, September 5, 2012.

The first decade of the 2000s was hard on the middle class, according to a new study from the Pew Research Center. During those 10 years, both median income and median net worth fell for middle class households, and the middle class itself shrunk. The reasons for these declines are the common culprits behind so many of the lasting negative effects of the economic recession: unemployment, underemployment, the loss of home equity and underwater mortgages.

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Tags: debt, middle class, recession, unemployment