Atlanta Bankruptcy Law Blog
On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, June 28, 2013.
Although the housing market may be improving, many families here in Atlanta are still struggling and this is evidenced by the number of foreclosed and vacant homes in the area. A recent news report published by USA Today states that one in five homes nationwide that are in the foreclosure process have been abandoned by homeowners. Atlanta is among the cities with the most vacant homes.
Continue reading Atlanta stands among cities with the most abandoned homes...
On behalf of Gingold & Gingold LLC posted in Chapter 7 on Wednesday, June 26, 2013.
Many Atlanta families who were once financially secure may have experienced an ovewhelming debt load caused by a sudden medical expense. These families are not alone. A recent study has found that the biggest cause of personal bankruptcy filings in the U.S. is now medical debt. In fact, this year alone medical bills were expected to cause about 1.7 million American families to file for bankruptcy protection.
Continue reading Study: Medical debt is the number one cause of bankruptcy...
On behalf of Gingold & Gingold LLC posted in Chapter 7 on Friday, June 21, 2013.
For older Atlanta residents who are struggling to pay all of their bills and stay current on debt, one of the main concerns they have when considering bankruptcy is their retirement savings. Particularly for those who are already retired and living on a fixed income, filing for bankruptcy to restructure debt can be a scary proposition if it means risking the loss of those important savings that you need to stay afloat.
Continue reading How does bankruptcy impact retirement savings?...
On behalf of Gingold & Gingold LLC posted in Chapter 13 on Wednesday, June 19, 2013.
Recently released data shows that younger people are being more mindful of their money and more wary of consumer debt. At the end of 2012, 16 percent of people aged 18 to 29 did not have a credit card in their wallet. A survey in 2007 showed that only eight percent of people in this age range did not have at least one credit card, indicating a reluctance towards consumer debt for the younger generation.
On behalf of Gingold & Gingold LLC posted in Chapter 7 on Friday, June 14, 2013.
In a previous post we discussed Grammy Award-winning singer Dionne Warwick's financial troubles and the fact that she recently filed for bankruptcy because of a mounting tax debt. As we noted earlier, it can be difficult or impossible to discharge tax debt during bankruptcy except in very special circumstances.
Continue reading In tax debt bankruptcy case, parties dispute company ownership...
On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, June 12, 2013.
A nonprofit organization has partnered with some of the nation's biggest banks to help put military families in empty foreclosed homes. As many are aware, one of the byproducts of the lagging economy is that many homes that have fallen into foreclosure remain empty for a period of months or years as banks are slow to process and less people are purchasing these homes. At the same time, it is clear that many families in need would gladly take an opportunity to live in one of these homes as a way to get a fresh start.
Continue reading Nonprofit helps put veterans in previously foreclosed homes...
On behalf of Gingold & Gingold LLC posted in Wage Garnishment on Monday, June 10, 2013.
One of the main concerns that people have when they are behind on loan payments or have past-due credit card balances is how the situation will affect their credit scores down the road. In some cases borrowers can see a way out or have already begun proactively pursuing a solution like a loan modification before they have fallen into default, and in that situation the process may not have a major impact on someone's credit score.
Continue reading How does wage garnishment affect your credit report?...
On behalf of Gingold & Gingold LLC posted in Chapter 7 on Saturday, June 8, 2013.
College education 529 plans and treatment during Chapter 7 bankruptcy were the topic of our recent post. This is the second part of the two-part post. The first discussed why a 529 plan is beneficial and the first "beneficiary" test used to determine if the funds can be excluded from the bankruptcy estate. In this post, we discuss the second major consideration.
Continue reading My kid's in college on a 529 plan, will bankruptcy affect it? II...
On behalf of Gingold & Gingold LLC posted in Chapter 7 on Thursday, June 6, 2013.
Giving their children the best opportunities in life is something that parents strive to do in Atlanta, Georgia. This often includes saving for college, and savvy parents often do this through a 529 plan that maximizes the money under certain tax advantages. This type of plan allows the funds to be treated as "completed gifts" by the Internal Revenue Service.
Continue reading My kid's in college on a 529 plan, will bankruptcy affect it?...
On behalf of Gingold & Gingold LLC posted in Chapter 13 on Tuesday, June 4, 2013.
Receiving a serious medical diagnosis raises all kinds of difficult questions for Georgia residents. Along with concerns about health and family, there are also many issues to work through in terms of finances, insurance, and ability to work. These issues can have such a profound impact that a serious illness actually increases the risk of declaring bankruptcy.
Continue reading Cancer diagnosis increases bankruptcy risk...