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Secured vs. Unsecured Debt Atlanta, GA

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Secured vs. Unsecured Debt

judge gavel on a pile of banknotes

When prioritizing debt repayment, it is important to understand the differences between secured and unsecured debt, as everything owed by an individual will be placed in one of these categories.

The Balance explains that secured debts are just that—they are “secured” by an asset such as a house or car. This means that if a borrower becomes delinquent on the payment of a secured debt, the lender can place a lien on the asset and move toward repossessing it. On the contrary, a bank cannot claim any assets when individuals fall behind on paying unsecured debts. Even so, they can hire a third party or debt collector to try to get individuals to pay. They may also sue an individual or request the court to garnish their wages. In effect, a person’s delinquencies may also be reported to the credit bureau.

When people are strapped financially, they might opt to only pay some bills, while others turn to bankruptcy. In either case, it’s important to understand how different debts are handled in the context of bankruptcy. Credit card debts are the most common form of debt that lead to bankruptcy in Georgia. As unsecured debts, credit card balances are permanently wiped out in Chapter 7 bankruptcy, and are reduced in Chapter 13 bankruptcy. Medical bills and student loans also top the list of debts leading to bankruptcy. Both are classified as unsecured debts, and bankruptcy offers a way to manage them effectively.

As mentioned, home and auto loans are secured debts. When individuals fall behind on their mortgage payments, bankruptcy provides several options to help them avoid foreclosure. Similarly, when a person is delinquent on their auto loan, bankruptcy can help stop the repossession process and help individuals catch up on their payments.

From credit cards to mortgage loans, Attorneys Ira D. Gingold and Jamie L. Gingold have the experience to help clients find solutions to problems with all types of debt, secured and unsecured. Most of all, they are committed to helping individuals make a fresh financial start.

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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