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Study highlights challenges of debt and young age Atlanta, GA

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Study highlights challenges of debt and young age

Ira and Jamie Gingold Bankruptcy Attorneys in Atlanta GA

It is easy to be jealous of the fame and talent of professional football players; their potential fortunes are also something to envy. People often assume that all that money comes with a happy life free from financial woes. However, these athletes face the same money problems that people all across Georgia deal with every day.

In fact, a recent study by the National Bureau of Economic Research estimates that roughly 15.7 percent of NFL players have filed for bankruptcy protection after retiring from the league. While this may sound quite high, the number is actually similar to one group of people outside the league: young people.

People between the ages of 25 and 34 (including those who make millions in the NFL and those who do not) face enormous financial challenges for a number of reasons.

To begin with, they often don’t have the financial planning and money management experience that older adults have acquired. It is not uncommon for a young person to have just one bank account; adding credit cards, savings account and other financial resources can complicate matters and make it difficult for a person to know what to do or what they have.

Many people in this demographic are just out of college and are working in low-paying jobs that don’t allow for saving. If they do come into significant amounts of money, as professional athletes often do, they may not have the maturity to consider thoughtfully how they will spend their money. More often than not, it is easier to buy things they’ve always wanted than to continue with their same standard of living.

There are also considerable expenses at a young age. There may be student loans to start paying off, mortgages on a first home, kids, child support payments and credit card bills to pay. For many people, including athletes, there can also be extensive medical bills to consider.

Each of these factors can affect how a young person manages finances, and it is easy to make a mistake or decision that may not be in their best interests in the long run. Over time, these choices can pile up and create a very difficult situation from which it can be difficult to recover. Those who have found themselves in this predicament can get help seeking debt relief by speaking with an attorney.

Source: Fortune, “16% of retired NFL players go bankrupt, a report says,” Daniel Roberts, April 15, 2015

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

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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