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Debunking common bankruptcy myths, part two Atlanta, GA

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Debunking common bankruptcy myths, part two

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Last week, we began a discussion of common bankruptcy myths that are prevalent among potential bankruptcy filers in Atlanta and throughout the U.S. Unfortunately, these myths often obscure the true purpose and effect of a personal bankruptcy filing, which is to help people get out of debt and get a fresh financial start. Hopefully, with greater awareness of the bankruptcy process, fewer people will be too intimidated to file.

Below, we will continue to debunk common bankruptcy myths.

  • Myth: If I file Chapter 7 bankruptcy, all of my debts will be wiped out. There are certain types of debt, such as student loans, child support and alimony and (in most cases) tax debt that cannot be discharged in bankruptcy.
  • Myth: If I file bankruptcy, I will lose everything I own. This is a big one. People often put off filing for bankruptcy over fear that they will be forced to give up all of their belongings. However, most state bankruptcy laws contain exemptions that protect certain assets, such as your home, retirement accounts, your car (up to a certain amount), clothing and household goods. If you have a mortgage or car loan, you will most likely be able to keep your home or car as long as you are making regular payments.
  • Myth: All of my friends will know that I’ve filed for bankruptcy. In most cases, the only people who know about a bankruptcy filing is the filer, his or her bankruptcy lawyer and creditors and the court. Bankruptcy cases are public legal proceedings, but very few newspapers actually publish the names of people who file, especially in larger metropolitan areas.

If you have any additional questions about possible bankruptcy myths, it may be a good idea to contact an experienced bankruptcy attorney.

Source: MSN Money, “12 myths about bankruptcy

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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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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