July Foreclosures Up 18%.

July foreclosures in Georgia were up over 18 percent from the same time in 2007, climbing to a total of 10,061 homes or one in every 385 in the state.

Georgia ranked sixth in foreclosures nationwide. California was first with one in every 185 homes in foreclosure. The number includes homes in various states of the foreclosure process including default notices, auction sale notices and bank repossessions, according to RealtyTrak an online firm that records property in various stages of foreclosure. The number of homes in the process also rose by 15 percent from June to July, according to the firm.

The Atlanta metro area has been hit hard by the rising number of foreclosed properties. Fulton and Dekalb counties accounted for more than three percent of the statewide total with 3,498 homes in foreclosure. In Fulton County, it amounts to one in every 193 homes. It is one in every 228 homes in Dekalb.

Homeowners are losing their properties at alarming rates. Unemployment rates are higher than they have been in 15 years. Consumers in Georgia who are facing financial crisis do have options to protect their homes and property. A Georgia bankruptcy lawyer can help them to assess their situation and decide how best to protect their assets and get out of debt.Filing for Chapter 13 Bankruptcy can protect your home from foreclosure. Consulting a qualified Georgia bankruptcy attorney can be the first step in correcting your financial woes and saving your home.

A conscientious Georgia State bankruptcy lawyer can answer your questions about bankruptcy and the protections available to you if you decide to file.

The Law Office of Berry & Associates has nine locationsconveniently located to serve you. The firm’s qualified bankruptcy attorneys can explain the Georgia bankruptcy process and help you determine which type of bankruptcy is best for you.

Filed under: Bankruptcy News, Economic News — admin @ 1:03 pm

Hard Times Ahead. Can Bankruptcy Help You Through It?

Facing hard times in the current economic climate may have you considering bankruptcy to find relief from your debt. Understanding your options in bankruptcy is an important step in securing your family’s future. Contacting a Georgia bankruptcy attorney can get you on the road to financial recovery.

Recently in the Atlanta Journal Constitution, Michael Kanell reported about the views of three Georgia economists on the economic forecast for the state and the nation over the next two years. All three said that economic conditions in Georgia would track with the national economy and would continue to slow into 2009. They all said that a turnaround that would bring growth to the gross domestic product (GDP) would not be likely until late 2009 or 2010.

That is not good news to residents of the state already struggling to pay their bills. Unemployment numbers are expected to continue to climb in the near future, meaning that if you don’t have a job it is going to be harder and harder to find one. Coping with unemployment may have already depleted your savings and have you borrowing from your future with disastrous results. Bankruptcy may be a good option to save your home, retirement savings and/or disability benefits.

Recent news about the economy has not been very encouraging. If you are already experiencing hard times, it is not likely to get better anytime soon unless you act to protect your interests and the interests of your family.

With the availability of credit shrinking, borrowing your way out of a financial emergency may no longer be an option. Keeping your head above water is now something you may have to do without the help of credit cards and payday loans. If you are having trouble making it from one payday to the next, bankruptcy could help you pay off your existing debt and get out from under crippling credit-card bills.

A qualified Georgia bankruptcy lawyer can help you determine if you should file Chapter 7 bankruptcy to free yourself from mountains of unsecured debt. An experienced attorney can explain how Chapter 13 bankruptcy can help you keep your home and get out of debt in 3 to 5 years.

Don’t fall even further behind. Contact a Georgia Bankruptcy Attorney to help you get your finances in order before the current economic crisis can drag you deeper into debt.

Filed under: Bankruptcy News — admin @ 12:55 pm

Georgia Foreclosures and Bankruptcy

Foreclosure Rates in Atlanta and Gwinnett County are Among the Highest in the U.S.

To many Georgia residents, it’s no surprise Atlanta ranked 11th in the nation among metropolitan areas for foreclosures and 2nd for bankruptcy filings in 2007. Despite a light June foreclosure sale at the Gwinnett county courthouse, it’s deemed a minor lull and not a trend.

New changes in the law require a lender who sells a loan to another company to register the change with the courthouse. This change merely delayed many foreclosure sales. What might’ve sold in June will now appear in later months.

Atlanta and Gwinnett County are not alone in the foreclosure crisis. South Georgia has also seen a foreclosure spike. Albany, in Dougherty County, had an unprecedented 31 sales in June. This kind of volume is rarely seen outside of more populous areas, like Atlanta.

Foreclosures are happening across all walks of life. Some of the Albany sales were previously owned by a church, manyGwinnett County sales were from builders, and at the other extreme, Evander Holyfield – heavyweight boxing champion – has recently had his $10 million dollar home listed for foreclosure. Thousands of Georgians have found themselves in similar circumstances, many times through no fault of their own.

If you are facing foreclosure, you have options. Thousands have found relief from foreclosure by filing bankruptcy. Discuss your case with a Georgia state bankruptcy attorney to find out if bankruptcy is right for you.

Filed under: Bankruptcy News — admin @ 9:00 am

Recent Economic Numbers Show Financial Stress in Georgia

With jobless rates at a five-year high, the credit crunch slowing consumer borrowing and personal incomes shrinking, it is no wonder that the economy is on everyone’s mind. Loosing a job, rising interest rates on adjustable-rate mortgages and not having enough money to pay your bills are adding to the stress that most people in Georgia are feeling when they think about the economy. Being backed into a corner by debt? Before your creditors foreclose on your home, you should consult with a Georgia bankruptcy attorney.

Filing Chapter 13 Bankruptcy can stop the foreclosure process. With the help of a good bankruptcy attorney, you can submit a plan to the bankruptcy court and trustee that could keep you in your home and allow you to pay the back payments due on your mortgage over a 3 to 5 year period. Bankruptcy has some stigma attached to it, but loosing your home to foreclosure will force you and your family to move, sometimes away from work, school, family, friends or your church. Hesitating to seek help if your home is in danger of foreclosure is a mistake.

According to a report from the U.S. Department of Labor, the official unemployment rate jumped to 6.1 percent nationally in August as the economy shed jobs for the eighth month in a row. Unemployment in the Atlanta Metro area has been ahead of the national rate recently.

The Federal Reserve issued a report that consumer borrowing grew by an annual rate of just 2.1 percent in July, reflecting a big slowdown in the category which includes auto loans. It is getting harder for consumers to restructure their debt in the current market. Some help on home loans is expected since the government takeover of mortgage giants Fannie Mae and Freddie Mac, but the structure that the two firms will take is yet to be seen.

The Department of Commerce reports that personal income fell by almost a full percentage point in July as consumer spending grew by a meager .2 percent. With incomes down and more people out of work, more and more Georgia families are finding it harder to pay their bills.

If they have fallen behind on their mortgage payments, a foreclosure notice could be waiting on their doorstep. The prospects for economic growth in the near future don’t look good according to the numbers reported by the government agencies. If you are struggling to make it but falling further and further behind, bankruptcy could be your best option.

If you are living paycheck to paycheck and still can’t seem to make your mortgage payment, a qualified bankruptcy attorneycan guide you through the process to a stronger financial future. Hiding from the financial crisis you are facing is not going to protect your family or your home. Getting sound advice from an Atlanta bankruptcy attorney should be the first step in tackling your money problems.

Filed under: Economic News — admin @ 2:19 pm

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