Atlanta Bankruptcy Law Blog

Music stars who have filed for bankruptcy

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Monday, May 14, 2012.

If you're dealing with debt, you have probably had this thought: "If only I had more money, all of my debt problems would disappear." However, as evidenced by the many movie stars, professional athletes and musicians who have filed for bankruptcy, that is not necessarily the case.

Continue reading Music stars who have filed for bankruptcy...

Tags: bankruptcy, debt, divorce

Rebuilding your credit after bankruptcy

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Friday, May 11, 2012.

One of the most common reasons that Georgia residents resist filing for bankruptcy is the fear of what such a filing will do to their credit score. And that fear is not unfounded: bankruptcy generally causes your credit to drop, especially if it is a Chapter 7 filing which involves the discharge of your unsecured debts.

Continue reading Rebuilding your credit after bankruptcy...

Octomom files for Chapter 7 bankruptcy

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Tuesday, May 8, 2012.

Nadya Suleman, the woman who became famous after she gave eight additional siblings to her six children by having octuplets in 2009, has reportedly filed for bankruptcy.

Continue reading Octomom files for Chapter 7 bankruptcy...

Tags: Chapter 7, bankruptcy, debt, foreclosure, trustee

Study: College students lack financial literacy

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, May 4, 2012.

Despite the efforts of the federal government to reduce the availability of credit cards to college students, credit card use has skyrocketed among young people in Gainesville and across the state and country. And according to a recent study, members of this demographic are severely lacking in knowledge about credit cards and the impact of credit card debt on their financial future.

Continue reading Study: College students lack financial literacy...

Tags: college students, credit card debt, debt, student loan debt

Federal judge files for Chapter 7 bankruptcy

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Wednesday, May 2, 2012.

In news reports and even on our Atlanta bankruptcy blog, it often seems that the only people who file for bankruptcy or let their home go into foreclosure are people who are in relative poverty or are dealing with the loss of a job, medical expenses or some other costly circumstance. However, that is not the case. The economy has had a negative impact on people with a wide range of financial means, from the entry-level office worker who is laid off during downsizing to a federal judge who can no longer keep up with his mounting debt.

Continue reading Federal judge files for Chapter 7 bankruptcy...

Tags: Chapter 7, bankruptcy, debt, mortgage

Why are student loans still nondischargeable in bankruptcy?

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Friday, April 27, 2012.

In a recent survey of bankruptcy lawyers in Georgia and throughout the U.S., more than 80 percent of respondents stated that they have seen an increase in clients with student loan debt in recent years. However, this growing number of student loan debtors are unlikely to garner any significant relief from the bankruptcy process, due to a federal law that prevents the discharge of student loan debt in bankruptcy.

Continue reading Why are student loans still nondischargeable in bankruptcy?...

Tags: bankruptcy, student loan debt, student loan repayment, student loans

Many Atlanta children are affected by foreclosure

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, April 24, 2012.

In recent years, there have been countless reports on the effects of the foreclosure crisis on homeowners and renters, especially those in Georgia and the other hardest-hit states. However, few reports have focused on one of the largest and most seriously-affected groups of people: the children who are forced to move out of a home or rental property after it is foreclosed upon and repossessed.

Continue reading Many Atlanta children are affected by foreclosure...

Tags: Georgia, children, foreclosure, renters, repossessions

Bankruptcy vs. debt settlement: which is better?

On behalf of Gingold & Gingold LLC posted in Chapter 13 on Friday, April 20, 2012.

If you are deep in debt and don't anticipate your financial situation getting any better in the near future, you may be exploring your options for getting rid of your debt and starting over. Obviously, a Chapter 7 or Chapter 13 bankruptcy filing is one of these options. But, due to the common misconceptions about bankruptcy and a variety of other reasons, many people choose to work with a debt settlement company to repay their debt and get back on solid ground.

Continue reading Bankruptcy vs. debt settlement: which is better?...

Tags: Chapter 13, Chapter 7, bankruptcy, debt, debt settlement

Report: Mounting student loan debt may harm housing market

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, April 18, 2012.

With ever-increasing tuition costs and high student debt amounts, it is no surprise that fewer recent college graduates are finding themselves a financial position to buy a home than members of previous generations. But now, financial analysts are saying that the mounting student loan debt and resulting inability to make large-scale purchases could cause significant damage to the already-struggling housing markets in Georgia and throughout the country.

Continue reading Report: Mounting student loan debt may harm housing market...

Tags: housing market, student loan debt, student loans

Report: Federal program is not meeting goals

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, April 13, 2012.

A new report from a federal watchdog has found that a federal program aimed at helping homeowners in Georgia and other high-foreclosure states is not on target to meet its goals. The Department of Treasury is defending the program, however, stating that states are using the funds to help people who are struggling financially, thereby fulfilling its overall goal.

Continue reading Report: Federal program is not meeting goals...

Tags: TARP, foreclosure, mortgage lenders, mortgage modification

Why are professional athletes prone to bankruptcy?

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Wednesday, April 11, 2012.

Earlier this week, it was announced that former professional football player and current television analyst Warren Sapp had filed for bankruptcy. In doing so, Sapp joins a growing list of former professional athletes who have been forced to file for bankruptcy after retiring from their team. This has led many to wonder: why is bankruptcy such a common occurrence among retired pro athletes?

Continue reading Why are professional athletes prone to bankruptcy?...

Tags: Chapter 7, Warren Sapp, bankruptcy, professional athletes

Income tax considerations for cancelled credit card debt

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Wednesday, April 4, 2012.

If your credit card debt has been canceled or forgiven, you likely (and understandably) think that you will no longer have to deal with it. Unfortunately, that may not be the case. Under federal income tax filing guidelines, credit card debt that been eliminated through cancellation or forgiveness is considered taxable income.

Continue reading Income tax considerations for cancelled credit card debt...

Tags: bankruptcy, credit card debt, creditors, foreclosure, taxes