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Types of Debt Atlanta, GA

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Types Of Debt

Understanding How Different Debts Are Handled In Bankruptcy

There are many types of debt that can drive people into bankruptcy, and each type must be handled differently when filing bankruptcy. The guidance of an experienced bankruptcy lawyer is needed to make sure you are taking the right steps to deal with your specific debts.

At Jamie L. Gingold, PC, GingoldBankruptcyLaw.com (Formerly practicing with Gingold & Gingold LLC), our attorneys — Ira D. Gingold, who has been a bankruptcy lawyer since 1971 and Court-appointed Bankruptcy Trustee from 1971-2013, and Jamie L. Gingold, who has practiced bankruptcy, business and real estate law in Georgia since 2001 — have the experience to help clients find solutions to problems with all types of debt, from credit cards to mortgage loans.

Helping Clients With Different Types Of Debts

Debts fall into two general categories: secured debts, which are backed by property that can be taken by the lender if you do not make your loan payments, and unsecured debts, which are not backed by any assets. Some of the most common types of debt that cause people in Georgia to file bankruptcy include:

  • Credit card debts : Credit card balances are unsecured debts. They can be wiped out permanently in Chapter 7 bankruptcy and reduced or eliminated in Chapter 13.
  • Medical bills : Many bankruptcies are the result of medical debts, either directly or through medical expenses that were paid on credit cards. Medical bills are also unsecured debts.
  • Student loans : Student loans are unsecured debts but are hard to wipe out in bankruptcy. However, filing bankruptcy can help many people manage their student loans.
  • Tax debts : Unpaid taxes can also be unsecured debts, but only old or “stale” tax debts can be wiped out in bankruptcy. However, back taxes can be paid in a Chapter 13 voluntary court repayment plan.
  • Home loans: A mortgage or home equity loan is a secured debt. Bankruptcy offers several options for people who have fallen behind on their home loans to avoid foreclosure.
  • Auto loans: An auto loan is a secured debt backed by the vehicle. In bankruptcy, it is often possible to stop repossession and get your car payments current or even wipe out car loans that you cannot afford to keep.

Contact Our Debt Relief Law Firm

At Jamie L. Gingold, PC, GingoldBankruptcyLaw.com (Formerly practicing with Gingold & Gingold LLC), our attorneys are committed to helping clients relieve their stress about debt and make a fresh financial start. To schedule a free initial consultation, please contact us today at (678) 915-2634 or by e-mail.

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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 an

    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 trepida

    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 pl

    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 deb

    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

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

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