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Can you file for bankruptcy while living at home? Atlanta, GA

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Can you file for bankruptcy while living at home?

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In the years during and since the economic recession, many recent college graduates and other Atlanta young people have found themselves somewhere they likely never thought they would be: back at home, living with their parents. Several factors are behind the recent trend of twenty- and thirty-somethings living at home, namely a high unemployment rate and increasing student loan burdens.

However, just because you have a free or inexpensive place to live does not mean that all of your financial troubles will be automatically solved. For example, if you racked up several thousand dollars in credit card debt during college and are unable to find a job after graduation, you probably won’t able to make those payments. As such, bankruptcy may be a good option for you, allowing you eliminate that debt and make a fresh start.

So what are the potential issues with and ramifications of filing for bankruptcy while living with your parents?

For the most part, living at home does not change the bankruptcy process in any way. You will be asked to repay any debts that you can, and your other obligations will be discharged – with the exception, of course, of student loans, which are nondischargeable in bankruptcy.

Your parents will not be affected by your bankruptcy filing. Their credit score, property and debt will remain intact, with the possible exception of any of your debts on which they have co-signed.

You will still get a living expenditure budget to pay for your living expenses and household items. The court does not expect your parents to allow you to live for free or to feed and clothe you. As such, you will probably be able to move out on your own during the bankruptcy process, if you desire and are able to do so.

Source: Beat My Debt, “Declaring bankruptcy while living with parents,” James Falla, July 9, 2012

At our Georgia bankruptcy firm, we help young people who are dealing with debt as discussed above. To learn more, please visit our bankruptcy page.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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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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