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Bankruptcy may be the solution to the ills caused by underemployment Atlanta, GA

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Bankruptcy may be the solution to the ills caused by underemployment

As the economy improves from the recession of 2008, more and more people who were previously unemployed are returning to work. Although this is mainly a good thing, many are suffering from the problem of underemployment. This problem often manifests itself when a person takes a job that pays significantly less than their previous position. It can also occur in minimum wage jobs that simply do not pay enough to cover basic living expenses or do not offer benefits like health insurance.

Unfortunately a new job may do little to relieve financial burdens. Some individuals return to the work force with large amounts of credit card debt or medical bills that accumulated during unemployment. Some creditors become more aggressive once you return to work because they can garnish wages and/or money in your bank account. All of the sudden, the new wages are insufficient to cover these sudden or unexpected expenses such as medical bills.

Bankruptcy can help

For many that are drowning in debt due to underemployment, bankruptcy is the only feasible choice. Both Chapter 7 and Chapter 13 bankruptcy give the individual a fresh financial start.

Chapter 7 bankruptcy is great for people that do not have enough stable, consistent income to pay all of their debts but they have enough money to keep paying for the things they need, like a home or car. Some people are scared to file chapter 7 bankruptcy because they think they will lose their house or their car. This is not true. Individuals can keep their home and cars as long as they can afford to make payments on the mortgage and/or cars. It is a bankruptcy myth that you cannot keep paid-for items, like cars, furniture, clothing and other household items. Once the bankruptcy has been completed (which takes as little as three months), unsecured debts such as medical bills and/or credit card debts are discharged.

Chapter 13 bankruptcy is a voluntary court repayment plan. Chapter 13 is great for people that return to the workforce and need to stop foreclosure or car repossession. Due to unemployment, many people fall behind on their house payments, or car payments and just need time to catch up the past due payments. Chapter 13 is like an umbrella of protection from creditors, you have time to catch up your car and home. Similar to a Chapter 7, a Chapter 13 will wipe out or discharge a portion or all of the credit card debt or medical bills. A Chapter 13 consolidates bills into a payment plan to be repaid in full or partially over a three to five-year period. Each month, the individual makes a payment towards debts. The monthly payment amount will be affordable, as it is calculated according to income and monthly living expenses.

Bankruptcy is one part of the law that is there to help recently unemployed people or underemployed individuals who do not make enough money to pay all bills. Filing Chapter 7 or Chapter 13 bankruptcy will relieve your financial stress. If you are facing mounting debts due to underemployment, it is wise to consult with an experienced bankruptcy attorney before the problem gets worse with a job or bank garnishment. An attorney can listen to your situation and recommend a solution that will get you back on the road to financial health.

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Our Client Reviews

Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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