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

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Filing for Bankruptcy to Avoid Foreclosure, Part Two

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Earlier this week, we talked about the growing trend of filing for Chapter 13 bankruptcy protection in order to halt Georgia’s fast foreclosure process. Under Chapter 13, a filer’s unsecured debts, such as credit cards, are generally waived, while a three- to five-year plan to pay off mortgages and other secured debts is created, which must be approved by a bankruptcy court. However, there are still restrictions and potential consequences: if a debtor misses a payment under the plan, he may still lose his home.

However, many Georgia residents are resorting to Chapter 13 as a way of halting the speedy foreclosure process and keeping their home, at least in the short-term. In Georgia and throughout the United States, a Chapter 13 bankruptcy filing will create an automatic court-ordered injunction to halt a foreclosure, regardless of the circumstances.

Even if the bankruptcy does not ultimately go through, the filer now has more time to sort out the situation. But homeowners need to remember that it does not mean they are protected from foreclosure forever, says Georgia State University law professor Jack Williams. “It’s like a time out. Like a game of freeze tag,” he said. “You’re safe, but only for a period of time.”

Georgia bankruptcy attorneys agree, stating that homeowners need to assess all of their realities and discuss their options with a debt counselor or bankruptcy attorney before making the decision to file for Chapter 13 bankruptcy. “If you’re upside down on the mortgage, the first question to ask yourself is: Is it worth it to stay in the property?” said attorney Michael Rethinger. “I see plenty of people trying to hold onto homes that aren’t worth it.”

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

Posted on behalf of Gingold & Gingold

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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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