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Bankruptcy Alternatives Atlanta, GA

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Bankruptcy Alternatives

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If you are in a financial situation to where you are considering filing for bankruptcy, it is essential that you explore all of your other options first. While bankruptcy is an appropriate choice for some, it should always be the last resort. There are alternatives to bankruptcy that are highly successful for many people, and knowing what these alternatives are allow you to make the best decision for your financial future.

Liquidating Assets – Coming up with (legal) means to obtain quick cash has saved many people from having to file for bankruptcy. Selling a car, selling stocks or bonds that have a significant value, or selling a boat or other type of recreational equipment that can quickly bring in substantial cash gives you money in hand. Liquidating your assets allows you to have money to pay off your debts quickly and easily. While it is often difficult to part with certain things, it is better than losing them altogether through bankruptcy. 

Debt Counseling / Credit Counseling – First, it is essential that you do your research and choose a legitimate company that offers free debt counseling to consumers who want to get out of debt. Second, it is essential that you are committed to getting out of debt, otherwise this option will not work. Debt or Credit Counseling works with you to create a debt management plan. With this plan, you make regular payments to the credit counseling company, and they then make payments on your behalf to the creditors. This option provides convenience, typically lowers credit card interest rates, waives late fees and over limit feeds, and it stops collection activity.

Debt Settlement – Those with a severely delinquent debt may be able to find success in negotiating with creditors to pay less than you actually owe. This allows you to save money. However, the disadvantage to this option is that your credit report will show that you paid less than what you owed (what debt you actually incurred). In many cases, you will also pay taxes on the forgiven amount because it would be viewed as revenue. This option is not for the weak at heart because debt settlement companies often charge high fees and offer no guarantees. 

Debt Consolidation Loan – A debt consolidation loan lumps all of your debts into one loan in order to eliminate the hassle of paying several creditors. People who have equity in their home often take out a home equity loan to repay unsecured debts. However, this is a risky option because if you do not pay your loan, you can lose your home.

Lifestyle Changes – Often the most successful bankruptcy alternative is one that many people choose to ignore. Lifestyle changes require you to make sacrifices now in order to promote success in the future. Live within your means; sell your over-sized home for one you can easily afford and use money from your sell to pay off debts; start a strict budget and stick to it; learn to live with just one car in your family; forgo vacation. You cannot keep living the same lifestyle and expect to miraculously get out of debt. It takes commitment and will-power to keep a tight rein on your spending, and it takes making tough choices now to help you avoid bankruptcy. 

If you have questions about bankruptcy, Gingold & Gingold, LLC, offers a free initial consultation to learn more about your specific situation. We can advise you whether bankruptcy is right for you or if an alternative solution is the ideal choice.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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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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