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Most Georgia parents support adult children financially, part one Atlanta, GA

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Most Georgia parents support adult children financially, part one

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Last week, we wrote that college graduates are one of the fastest-growing groups of bankruptcy filers in the United States. Due largely to the struggling job market, mounting college costs and student loan bills, and high credit card use among young people, college grads now make up 55 percent of bankruptcy filers in the U.S.

Because of the increasing challenges to this generation of college graduates, it should come as no surprise that over half of parents in Georgia and throughout the country now provide financial support to their adult children. According to a recent poll of 1,074 non-students between the ages of 18 and 39 and their parents, 59 percent of parents fund their adult children in some way.

Experts say that this number is not surprising. Currently, the unemployment rate among 20- to 24-year-olds is above 14 percent, and for 25- to 29-year-olds it remains above 10 percent. In addition, the average college student now borrows over $20,000 for college, which is nearly double the average amount borrowed less than 20 years ago.

Of the parents surveyed, 50 percent reported that they help their adult children with housing, and 48 percent said they help with living expenses. In addition, 35 percent and 28 percent offer help with insurance and medical bills, respectively. In return, three-fourths of children surveyed said that they contribute to the household finances, whether through buying groceries, paying utility bills, or contributing to the mortgage or rent. Over 40 percent of children also stated that they help out around the house in non-financial ways, such as by cleaning, cooking, or caring for children or other relatives.

While it is certainly understandable that parents want to help their struggling children, it could ultimately have detrimental effects on both parties, experts say. We will examine these risks in our next blog post.

Source: Forbes, “Nearly 60% Of Parents Provide Financial Support To Adult Children,” Jenna Goudreau, 20 May 2011

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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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