Atlanta Bankruptcy Law Blog

Student Loan Debt on the Rise

Students attending college may have financed a portion of their higher education through a student loan or other forms of borrowing because of the high college tuition prices. About 54% of college students took on some debt, including student loans, for their education. Year after year more students are finding themselves with student loan debt after graduation. Student loan debt has been on the rise and doesn’t look like the debt is decreasing. Student loans are the second-largest credit debt in the U.S. behind mortgage loans.

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HOA Fees and Bankruptcy: Are they covered?

Homeowners Association (HOA) fees are collected from residents in a residential community to assist with the upkeep and community improvements. On average they go up in cost every year and are collected monthly or yearly and could put you in financial jeopardy. Did you know you have options if you are facing foreclosure or are struggling to pay your HOA fees because of financial hardships? There are two options when filing for personal bankruptcy- Chapter 7 and Chapter 13. Each of these handles HOA fees differently. The attorneys at Gingold & Gingold, LLC, are a phone call away to assist you with any questions you may have regarding your HOA fees and bankruptcy.

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Bankruptcy and Child Support

Whether a parent is paying child support or receiving it, they might wonder how a possible bankruptcy could affect their responsibilities or ability to care for their children. Perhaps this question is based on a common misconception in which filing for bankruptcy relieves a parent of their duty to pay child support.

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Secured vs. Unsecured Debt

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.

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Are You Facing a Foreclosure?

As a quintessential part of the American dream, purchasing a home is an exciting time for couples and families. For young families, in particular, signing the first mortgage contract is proof that they are growing up and taking on adult responsibilities. Yet, as life would have it, hardships make it difficult to stay on top of payments from time to time. In some cases, an unforeseen circumstance might result in several missed payments. When this happens, a bank considers the mortgage contract breached.

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Are You Still Underwater On Your Mortgage?

While it has been over a decade since the burst of the housing bubble, many homeowners across the Atlanta-metro area continue to experience the devastation of not being able to pay off their mortgages by selling their homes. As such, these homeowners are considered “underwater” on their mortgages.

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Are You Having Trouble Making Chapter 13 Bankruptcy Payments?

For those seeking to take charge of their debt through filing chapter 13 Bankruptcy, the chapter 13 plan is the crux of their bankruptcy case, as explained by NOLO. Yet, completing a repayment plan in this case is difficult. For instance, suppose an individual is faced with a financial emergency, serious health issue or other unforeseen circumstance that causes them to fall behind on their payments. What options are available for debtors having trouble making their chapter 13 Bankruptcy payments?

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Your Assets After Bankruptcy

Upon filing for bankruptcy and establishing a “bankruptcy estate,” individuals often have questions regarding which assets are exempt from being liquidated. More importantly, however, they wonder about future assets and those obtained after their bankruptcy filing.

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Are You Overwhelmed With Medical Debt?

For individuals with chronic illness or pain, the heavy cost of medical care is something that they are all too familiar with. Yet, for those who are seemingly healthy, charges for a single accident or emergency can reach up to five figures!

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Is Applying For Joint Credit A Good Idea?

Whether two individuals are getting married, co-signing on a mortgage or allowing a child to become an authorized user on a credit card account, Investopedia explains that individuals apply for joint credit for a variety of reasons. Simply put, this allows people to share responsibility for repaying a debt, and applying for joint credit allows one individual to obtain something that they couldn’t qualify for on their own. This is because “joint credit” is based upon combined income, assets and credit histories of those that apply. Yet, because combining financial interests will affect all parties’ credit scores, those applying for joint credit should proceed with caution.

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Bankruptcy For High Income Earners

Without question, filing bankruptcy for high-income earners comes with challenges, as individuals are often told that they do not meet qualifications, particularly for chapter 7 Bankruptcy. Unfortunately, fees associated with filing chapter 13 Bankruptcy are significantly higher than filing chapter 7.

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Rebuilding Credit After Bankruptcy

Many believe that bankruptcy marks the end of one’s financial life. Yet, the truth is—bankruptcy establishes a fresh start so that individuals and families can move forward and make better choices for the future. In fact, it’s possible to rebuild your credit after bankruptcy when you apply the right strategies early on.

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