Atlanta Bankruptcy Law Blog

How does wage garnishment affect your credit report?

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.

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Tags: wage garnishment

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 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.

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Tags: Chapter 7, Chapter 7 bankruptcy, filing for Chapter 7

My kid's in college on a 529 plan, will bankruptcy affect it?

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.

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Tags: Chapter 7, Chapter 7 bankruptcy

Cancer diagnosis increases bankruptcy risk

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.

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Tags: Chapter 13

Loan modification offer leads to wrongful foreclosure by bank

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, May 28, 2013.

A bus driver and father of three says that Wells Fargo bank began foreclosure proceedings on his home despite the fact that he was completely up to date on his payment schedule.

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Tags: foreclosure, homeowner

Survey reveals regret among students over loans

On behalf of Gingold & Gingold LLC posted in Chapter 13 on Thursday, May 23, 2013.

A recent survey by Wells Fargo Bank showed a surprising amount of regret among college graduates, many of whom said that they would be in a better financial situation today if they had chosen to go right to work instead of attending college and taking out student loans.

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Tags: credit card debt

Supreme Court clarifies bankruptcy misconduct definition

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Monday, May 20, 2013.

The United States Supreme Court recently weighed in on an issue that has been creating confusion in the bankruptcy courts since the 1841. The meaning of the term "defalcation" has a similar meaning to willful fraud, according to the recent decision about when a debt is eligible or not eligible for discharge in a bankruptcy proceeding.

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Tags: Chapter 7

Avoid tax liens by coming clean

On behalf of Gingold & Gingold LLC posted in Liens on Thursday, May 16, 2013.

When Atlanta residents encounter tough economic times, it can be difficult to find the funds to pay for basic expenses or to stay current on bills. For some, this means figuring how which payments can wait and which cannot and trying to prioritize and pay off the most urgent bills. Many people make the mistake of thinking that taxes are not a particularly urgent bill, believing what they have heard second hand or from a friend that the IRS is slow to react and may never notice a year of a missing income tax return.

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Tags: garnishment, income, wage garnishment

Student debt may be slowing down economic recovery

On behalf of Gingold & Gingold LLC posted in Wage Garnishment on Monday, May 13, 2013.

Federal regulators at the Consumer Financial Protection Bureau are continuing to work on solutions for the growing student debt crisis, which experts say could have a long-term impact on economic growth and the financial health of the country. There is more than $1 trillion in outstanding student loans in the United States, about 15 percent of which is held by private banks. One suggestion in the recent CFPB report is to create a program that allows borrowers to refinance private debt with public loans.

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Tags: wage garnishment

Many home buyers confused about mortgage terms

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, May 10, 2013.

A recent survey by the popular real estate site Zillow found that about one-third of the time, homebuyers have incorrect information about how to choose a mortgage and what the different terms or a mortgage agreement are. For example, many people don't know that APR stands for annual percentage rate. Another example is the availability of mortgages with varying levels of down payments. 31 percent of people buying homes are under the false impression that it is impossible to get a mortgage that requires a down-payment of less than five percent.

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Tags: foreclosure, homeowner

Banks under fire for loan modification failures

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, May 7, 2013.

A state-level Attorney General is says he will file a lawsuit against the nation's largest and most powerful banks if they do not come into compliance with the recent settlement agreement over unfair foreclosure practices.

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Tags: foreclosure, homeowner

Appeals courts differ on inherited assets in bankruptcy

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Tuesday, April 30, 2013.

When Georgia residents are considering filing for bankrutpcy under either Chapter 7 or Chapter 13, it is crucial to consider the impact the filing will have on all of one's assets. A big part of the bankruptcy process is reorganizing assets and figuring out the best way to pay off creditors or discharge debts. When this is happening it can seem like payment-hungry creditors will take anything they can find to satsify a debt.

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Tags: Chapter 7