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Filing for Bankruptcy to Avoid Foreclosure, Part One Atlanta, GA

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Filing for Bankruptcy to Avoid Foreclosure, Part One

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When considering bankruptcy, it is important to know the various options and what each might mean for your specific situation. While Chapter 11 bankruptcy is reserved for business bankruptcies, Chapter 7 and Chapter 13 are intended for individuals who can no longer pay their bills and debts. With Chapter 7 bankruptcy, a filer forfeits their real estate and personal property such as cars to a bankruptcy trustee, who will sell it to repay creditors. To compare, a Chapter 13 bankruptcy involves the creation of a three-to five-year plan to pay back secured debts (such as mortgages) while writing off credit card and other unsecured debts.

For homeowners who wish to remain in their home, Chapter 13 is usually a better option, as it allows a filer to maintain ownership of assets such as homes and vehicles. Recently, many Georgia homeowners have begun to take advantage of the guarantees of Chapter 13 bankruptcy in order to stave off foreclosure and to keep their homes.

In Georgia, foreclosures happen at lightning speed. A foreclosed home is often sold on the courthouse steps mere weeks after the homeowner learns of the foreclosure, leaving them with little time and even fewer options. In order to buy themselves more time and to potentially keep their home, homeowners are now commonly resorting to Chapter 13 bankruptcy to place a short-term halt on the foreclosure process as they assess their options.

According to Doug Erickson of consumer credit counseling service CredAbility, approximately 20 percent of the clients he sees cite foreclosure as the primary reason for their bankruptcy filing. “The problem we find is that people wait too long to get help. They don’t come to us when they are two or three months behind, but they come when they are six months behind or there is a foreclosure sale scheduled in two weeks,” he said. “Because of that, bankruptcy is the most immediate answer, the most immediate cure. However, it’s not necessarily the best cure.”

We will continue our discussion of this topic later this week.

Source: Atlanta Journal-Constitution, “Bankruptcy as a means of halting foreclosure, for a moment”, Katie Leslie, 18 January 2011

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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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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    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.

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