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Will I lose everything by filing bankruptcy? Atlanta, GA

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Will I lose everything by filing bankruptcy?

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Mounting debt can mean mounting worries and fears for people across Georgia. One source of this anxiety stems from the fact that many people do not understand what their relief options are and how the different options can achieve different goals. 

For example, people struggling with debt may inaccurately assume that if they file for bankruptcy, they will lose their cars, homes and other assets. The fact is that some people do lose assets when filing bankruptcy. However, state laws allow people, in most cases, to keep their home and car from being repossessed. For people who want to hold on to all their personal property — including a home and car — and repay debt instead of wiping it out, Chapter 13 could be the more appropriate route to pursue.

Chapter 13 bankruptcy is different from Chapter 7 in that is does not eradicate debt. It allows a person to repay debt by developing a payment plan that a person can afford. Some debts may be wiped out in Chapter 13, but for the most part, the debts will be repaid. This means that people will be able to retain their assets and personal property.

Filing Chapter 13 bankruptcy can provide people with an almost immediate sense of relief. Not only will there be a manageable plan in place to pay back debt, but filing will also put a stop to any foreclosure and repossession actions. Creditors will also have to stop calling to collect debt or threaten legal action.

In order to make Chapter 13 work and emerge in a stronger financial standing, people will need to make sure they do not incur more debt and make it their top priority to keep up with regular payments. If a person falls behind on these and other financial obligations, the courts may convert the Chapter 13 bankruptcy into liquidation, putting a person’s assets at risk.

The misconception that filing bankruptcy means losing everything may be why some people shy away from the option. But with legal support and a better understanding of how bankruptcy laws can work and protect people, Georgia residents can take control of their finances and work toward a better, more secure future.

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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