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Understanding Bankruptcy Atlanta, GA

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Understanding Bankruptcy

judge gavel on a pile of banknotes

With nearly one million bankruptcies reported on an annual basis across the United States, it’s safe to say that Americans are overwhelmed with debt. While some assume that one’s debt is the result of irresponsibility, this is not always the case, nor is it that simple. From credit card debt to medical debt, loss of wages or divorce, there are numerous circumstances that lead one to explore the idea of filing for bankruptcy. Thus, while it may appear devastating on paper, there are some instances in which bankruptcy brings welcome relief to those that truly want to better their situation.

To best understand the idea of bankruptcy, let’s begin with a simple definition of what it means to be “bankrupt.” In short, individuals are considered bankrupt when they cannot pay their debts, whether the money owed is personal or business-related. Therefore, filing for bankruptcy is a process by which individuals attempt to pay their outstanding debts. With that in mind, however, there are several types of bankruptcies. Consider the following:

Chapter 7 Bankruptcy: While there are income restrictions to file for Chapter 7 Bankruptcy, those that can file will have their assets (property, vehicles and more) liquidated. Essentially, this means that assets are turned into cash, which is then used to pay creditors. In return, the debt is eliminated. However, a Chapter 7 Bankruptcy does not include school loans, child support and taxes.

Chapter 13 Bankruptcy: When individuals do not meet income restrictions to file for Chapter 7 Bankruptcy, filing Chapter 13 Bankruptcy is usually their best bet. This type of bankruptcy includes a payment plan of sorts, which may be 3-5 years to pay off one’s debts. In essence, Chapter 13 Bankruptcy is for those that have some income left at the end of the month in which to make payments.

While there are other types of bankruptcies available (Chapter 11, Chapter 12 and Chapter 9), the above-mentioned types are most common. Even so, the best way to determine which options are best for you is to speak with a qualified bankruptcy lawyer that will give your case the focused attention it deserves.

Personal And Welcoming Service When You Cannot Pay Your Debts

At Gingold & Gingold, LLC, we’ve dedicated our firm to helping individuals throughout Georgia find the right bankruptcy solutions for their circumstances. When you call us, you’ll experience personal and welcoming service that will put you at ease. To speak with us in a private, confidential consultation, call or email today.

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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