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Bankruptcy increases among college graduates Atlanta, GA

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Bankruptcy increases among college graduates

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Although bankruptcy has become more common in Georgia and throughout the United States, there are still several common misconceptions about bankruptcy and the people who file for it. Many believe that the only people who need the protections of bankruptcy are those who are unemployed or living in poverty. But according to a new study, that is not the case.

The study, which was conducted by the Institute for Financial Literacy, found that the number of college graduates who filed for bankruptcy has increased significantly in recent years. Specifically, people holding a bachelor’s degree accounted for 13.58 percent of bankruptcy filings in 2010, which is a 21 percent increase from the 11.2 percent of filings in 2006.

In addition, the study found, more than 28 percent of filings in 2010 were made by people who attended college but who did not attain a degree. Researchers believe that this group; may be the most at risk for the kind of financial difficulty that necessitates a bankruptcy filing. “This…is because they have all the burdens of school related debt and none of the rewards of an actual degree,” the study stated. In addition, because student loans are not dischargeable in bankruptcy, they may remain in deep debt even after filing for bankruptcy.

Certainly, bankruptcy is most common among those in poverty – about 40 percent of filings were made by people making less than $20,000 per year. However, the number of filers making over $60,000 per year increased by 67 percent from 2006 to 2010.

Further, the number of filings by married people also increased in 2010, when more than 60 percent of filings were made by adults who were married. From these and similar statistics, it is apparent that the face of bankruptcy is changing significantly in the post-recession economy. As such, you should not feel embarrassed or ashamed to contact an Atlanta bankruptcy attorney to discuss your options.

Source: Wall Street Journal, “Marriage, College, Job Won’t Ward Off Bankruptcy,” Eric Morath, Sept. 13, 2011

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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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