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Understanding both sides of filing Chapter 7 bankruptcy Atlanta, GA

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Understanding both sides of filing Chapter 7 bankruptcy

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Filing for bankruptcy protection can provide consumers in Atlanta with an enormous sense of relief. It can wipe out debt, make it easier to pay bills and put a stop to the harassing and distressing stream of calls from debt collection agencies.

These are all certainly upsides of pursuing bankruptcy as a way to deal with unmanageable debt. However, it is important to note that considering or pursuing this option should not be done lightly. People must recognize that there are some drawbacks that come with bankruptcy filings; failing to also take these into account when considering your options could end up working against you.

Declaring bankruptcy will have an impact on your short-term and long-term financial situation, particularly if you file Chapter 7 bankruptcy.

In the short-term, declaring bankruptcy will typically mean that you will lose your credit cards and many assets, excluding your car and home in many cases. It can be extremely difficult to get a mortgage or other type of loan after declaring bankruptcy, so it will be important to have a handle on your immediate living situation. Additionally, because bankruptcy will generally not discharge debts from student loans, alimony or child support, there will still be bills that have to be paid.

The long-term impact of declaring bankruptcy may not seem as harsh or immediate as the short-term impact, but it can be significant. A bankruptcy can negatively affect your credit score for as long as 10 years after filing. If you file Chapter 7 bankruptcy, you will not be able to do so again for six years, even if there is a disaster.

However, just like there are short-term and long-term drawbacks of pursuing Chapter 7 bankruptcy, there can also be short-term and long-term benefits. Every situation is different so it can be crucial to discuss your individual financial circumstances with an attorney in order to determine if Chapter 7 bankruptcy may be a good idea or if another option for debt relief may be more appropriate.

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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Our Client Reviews

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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