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Understanding debt consolidation Atlanta, GA

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Understanding debt consolidation

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Borrowers who are having trouble paying their bills have more likely than not thought about debt consolidation and wondered if such a magical, seemingly simple solution could be the way out of financial hardship. Debt consolidation can be a very helpful tool, eliminating a variety of high interest rates and a complex web of creditors and creating a simplified plan to pay off debt. However, this magical option can still be risky, since as many Atlanta readers already know, there is no easy way out of mounting unpaid bills.

One tool that many people consider when they want to consolidate their debt is a home equity line of credit. For people who are dealing with high interest rates on credit cards, a home equity line could pay off those debts and transfer them to a line of credit with a lower interest rate. However, the interest rate is lower because unlike credit cards, home equity loans are secured by collateral. That means that if a borrower falls behind on payments again, they are subject to foreclosure.

This is why it is so important to be absolutely sure that it is possible to make payments on both the original mortgage and a home equity line as well as keeping up on regular financial obligations before going ahead with that type of debt consolidation method. No one wants to get into a situation where they are forced to forfeit some of their assets, but with the wrong debt consolidation tools that may wind up being the case. Instead, it can be helpful to consult with trusted debt management and bankruptcy specialists to find the best solution that will not put the family or the home at risk.

Source: KLTV, “Eight facts about debt consolidation” Andrew Housser, March 25, 2013

More information about debt consolidation as it compares to bankruptcy can be found on our website.

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Jamie L. Gingold, PC
    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!

    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.

    Julie T.

    I contacted getting old and getting old regarding some old tax debt and credit card debt that I needed to address and had been putting off. miss Irving in the office was very very nice and put me at ease. I met with Jaime Gingold. She was very nice and explained the procedure to me and what would be left owing to the Internal Revenue Service and the State of Georgia after my case was done. My case has now been completed and I am on my way to a new start. Thank you Gingold and Gingold for all of your help.

    Anna T.

    Amazing! Outstanding!! They went over and beyond..I would recommend them to anyone needing a lawyer!!

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