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Bankruptcy vs. Debt Consolidation Atlanta, GA

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Client Reviews

Bankruptcy vs. Debt Consolidation

Ira and Jamie Gingold

It seems that everywhere we look, someone we know is having financial struggles. While some months it feels that the economy is turning around, other months and other news reports reveal the exact opposite. Bankruptcy and Debt Consolidation are popular debt management strategies that are utilized by roughly one million people each year in the United States. Is one strategy better than another to help you find the financial relief you need now with the least detriment to your financial future?

It is important to understand the differences between Bankruptcy and Debt Consolidation. Let’s look at Bankruptcy first:

  • Bankruptcy allows you to eliminate your debts or to restructure your debts through a supervised repayment plan.
  • With Bankruptcy you get the protection of the automatic stay, which prohibits creditors and collectors from engaging in collection activity against you. This stops harassing phone calls, lawsuits, repossessions, garnishments, and foreclosures.
  • You get a fresh start through Bankruptcy.
  • However, those who file bankruptcy will also endure a negative impact on their credit rating, and most people who file are unable to receive credit cards or loans while Bankruptcy is on their record. This impact can last for seven to ten years.
  • Bankruptcy is public record. That means that an employer, nosy neighbors, family members, and friends will be able to search and find out that you have filed for Bankruptcy.

Let’s take a look at Debt Consolidation:

  • Debt Consolidation is not a matter of public record, and you can therefore protect your reputation and credit rating.
  • Debt Consolidation allows an easy payment plan. It will consolidate your debts into one payment at one interest rate – making it much more convenient and cost effective in the long run. Most people who choose Debt Consolidation will obtain a more manageable monthly payment with a lower interest rate.
  • During Debt Consolidation periods, you are able to maintain access to credit. However, continued use of credit cards will only get you into more debt, and this continued use can cause the cancellation of credit altogether.
  • With Debt Consolidation, there is the chance that any property you use as collateral could be lost if you default on your loan payments.
  • People must also understand that the IRS can consider money saved from Debt Consolidation income, and you would have to pay taxes on that money.

At Gingold & Gingold, LLC, we are expert bankruptcy attorneys who have your best interest at the forefront of everything that we do. We can help you determine which strategy is best for your financial situation – both now and for the future. If you have creditors calling and you cannot make your payments, please call Gingold & Gingold, LLC today.

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Jamie L. Gingold, PC
    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!

    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.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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