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Debunking common bankruptcy myths, part one Atlanta, GA

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Debunking common bankruptcy myths, part one

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Although bankruptcy has grown increasingly common in Georgia and across the country, it is still largely misunderstood as a frightening, life-changing, shameful process. Of course, bankruptcy can be intimidating, and it will probably change your life in some way. Shameful, however, it is not: bankruptcy is often the product of a major life event that results in unmanageable debt, and very rarely do filers not make every possible effort to pay that debt before filing for Chapter 7 or Chapter 13.

That is just one of the common myths about bankruptcy. In an effort to bring greater understanding and awareness to the process, its causes and its consequences, we will tackle a few more below.

  • Myth: I will never get credit again. Fairly soon after your bankruptcy process is complete, you will begin getting credit card offers in the mail. However, they will probably be from subprime lenders that charge high interest rates, so they are probably best to avoid. In general, a bankruptcy will be on your credit report for up to a decade. However, companies will gradually extend credit to you again, especially if it is for secured debt.
  • Myth: My spouse and I both have to file for bankruptcy. This is not necessarily true. In many cases, just one spouse will have a significant amount of the couple’s debt load in their name only, and therefore only that person will need to file for bankruptcy. However, if both spouses are liable for the debt, the couple should probably file for bankruptcy together.

We will continue to discuss common bankruptcy myths next week.

Source: MSN Money, “12 myths about bankruptcy

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
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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!

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    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.

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    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.

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    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.

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    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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