Interesting question, isn’t it? In my experience, there is a broad spectrum of people filing bankruptcy in Atlanta. But the people at FancyStats.com have created a graphic with demographic data showing that the average person who filed bankruptcy in 2008 was a married Caucasian, between 35-44 years old, with a high school diploma, who made less than $30,000 a year.
I think you can find more diversity in the numbers than that, so I included their graphic so you can make a decision for yourself.
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Economists are predicting that the unemployment rate will drop dramatically in Atlanta in by the second quarter of 2010. I would like to think they know what they are talking about, but I recently read that foreclosures on retail properties and commercial developments are on the rise.
Defaults on these loans will affect the ability of other businesses in the area to secure financing in order to keep growing, which may result in slower recovery than expected. I think that the recovery should be on the way, but if you are scraping by now thinking that you can wait until the recovery in summer next year, you need to prepare for the possibility that you will have to declare bankruptcy.
Come in for a free evaluation of your current situation and see if bankruptcy can help you get your debt under control. It may seem like a drastic step, but you must remember that bankrupcty is not a personal failure. Bankruptcy allows you to clear the burden that the is causing you stress and help you start fresh with the assets you need to begin a life without debt.
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Treasury Secretary Tim Geitner and Federal Reserve Chairman Ben Bernanke have been saying that the numbers show that the recession is over and that the economy is on the upswing. Little comfort in Georgia, where according to a report in today’s Atlanta Journal-Constitution, unemployment seems to be pegged at 10.1 percent and incomes remained flat.
People are still struggling to pay their bills and keep their heads above water here in Atlanta. (Now that we have had some rain we can talk about being underwater again.)
Most experts will tell you that recovery in the numbers that show the economy is improving precede the recovery in incomes for most families by 6-9 months. That means that Georgia families will continue to struggle to pay their credit card bills and keep up on mortgage payments.
Clearing unsecured debt and getting a fresh start can take part of the burden off you and your family. Schedule a free consultation to see how filing bankruptcy can help.
In an interesting case that reflects how families can let perceived slights and disagreements build into public brawls.
The three surviving children of the late Martin Luther King Jr. and the late Correta Scott King have agreed to allow the court to appoint a third-party custodian to manage King Inc, the corporation that controls the use of their father’s papers, intellectual property and materials.
Dexter King, who serves as president of the company, told reporters that he would maintain that position but would allow the custodian to manage the “family business”.
His siblings, Bernice King and Martin Luther King III filed suit last year alleging that they had been shut out of decisions made about the company. They accused Dexter of mishandling the affairs of the company and their late mother’s estate after her death in 2006.
The settlement comes just as the case could have gone to a jury trial that could have been lengthy and possibly embarrassing for the family.
A full story on the settlement can be read in the Atlanta Journal Constitution.
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I read an article on Forbes.com yesterday written by Stephane Fitch that provides some good information for those who are seeking to lower their house payment in order to stay in their home.
Now some may say that the Making Home Affordable program is a waste of taxpayer money, but the since it is out there, people in need should take advantage.
The first thing you have to know if you want to participate is what percentage of your gross monthly income goes toward paying your house payment. The number includes payments on the principal, interest, taxes and insurance on your home. If it isn’t greater than 31 percent, you are out of luck and need to find another way to ease your financial burden. Maybe filing bankruptcy will help?
If you made it through the first test, then you have to find out if Fannie Mae or Freddie Mac, the government-backed mortgage holders, own your mortgage. You can do this by visiting the Web sites of each lender and enter information about your home.
Once that is determined, get ready for the negotiations with the bank that is servicing your mortgage. While Fannie Mae or Freddie Mac own your mortgage, they count on the banks that service the mortgages to handle the paperwork involved in the process and decide which homeowners qualify.
Each case will be treated differently. If your house payment is more than 31 percent of your monthly income, the bank will use other costs that you have to determine if you can still make the payment if the interest rate is lowered.
You have to already be behind on payments to be considered by most banks. They will take into consideration how much savings you have, income prospects over the next nine months to one year, and other monthly expenses that you incur.
It isn’t likely that they are going to approve a modification if you are spending a large percentage of your income on health club memberships and private school tuition. It will be a subjective and sometimes humiliating look at your financial situation.
Of course, a report in the Wall Street Journal today says that some lenders are starting to write off principal when modifying troubled mortgages. It says that 10 percent of the modifications approved in the second quarter of this year involved principal reduction.
What you have to remember is that there are lots of options out there. It is also important to remember that these are business transactions. You have every right to use all the tools and programs available to you to save your home. And remember, you can still file bankruptcy to prevent foreclosure on your home.
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