Where Will You Live if You Give Up Your House?
Helping Clients Understand Their Housing Options After Bankruptcy
If you are living in a home you can no longer afford, you may eventually find that the best way to get your finances back on track is to file bankruptcy, let your house go and find a more affordable place to live. This obviously raises the question of where you will live after giving up your house.
At the law firm of Jamie L. Gingold, PC, GingoldBankruptcyLaw.com (Formerly practicing with Gingold & Gingold LLC), we are committed to helping our clients use the bankruptcy process to obtain a fresh financial start. This often involves advising clients on their options for finding better, more affordable housing for themselves and their families.
Comparing the Housing and Rental Markets in the Atlanta Metro Area
Historically, many people believed that renting a house or apartment meant throwing money away, whereas buying a house or condominium meant saving money. In the wake of the housing crisis, however, the opposite is true for many families in the Atlanta metro area.
If your home loan is underwater or your lender has raised your rates or added penalties to the amount you owe, you may be throwing money away by paying your mortgage.
On the other hand, the rental market in the metro area is currently very advantageous. Not only have many new apartment buildings been built, but many condominiums and houses have been converted into rentals, putting many rental housing options on the market.
Of course, many people would still prefer to own than to rent, and our attorneys can advise you on your options for buying a new home after filing bankruptcy. We have found that our clients are able to get better loans after bankruptcy than they had before.
Experienced Bankruptcy Attorneys · Douglasville, Cumming, Dallas
Our firm is made up of two experienced and dedicated Georgia attorneys: Ira D. Gingold, who has been a bankruptcy lawyer since 1971 and Court-appointed Bankruptcy Trustee from 1971-2013, and Jamie L. Gingold, who has been practicing bankruptcy, real estate and business law since 2001.
To discuss your concerns about where you will live if you file bankruptcy, contact us today at (678) 915-2634 or by e-mail to schedule a free initial consultation.