The state of Georgia has an unemployment rate above the national average, at above 10 percent. The city of Atlanta has an unemployment rate in which has come close to almost 11 percent, but fell in March of 2010 to 10.4 percent. This is good news for the unemployment in Atlanta and across the state of Georgia, but how does it apply to you?
If you’re thinking of filing bankruptcy in Atlanta, you are not alone. As unemployment rises foreclosures increase, credit cards are maxed out, and many bills go unpaid. The answer to this may seem different: filing Chapter 7 bankruptcy.
Filing bankruptcy is clearly advantageous. Personal bankruptcy, which comes is Chapter 7 and Chapter 13, is about getting a fresh start financially.
Bankruptcy has been far more common in recent years because of known issues with the economy. Many Atlanta residents were forced to declare Chapter 13 in order to avoid home foreclosure. In August of 2009, a study by a counseling agency pointed out one in five people who intended to file bankruptcy planned to do so to save their homes from foreclosure.
If you file Chapter 7 or Chapter 13 in Atlanta, you must go to the Northern Georgia Bankruptcy court, which serves all city residents. Before you go there, think about the following advantages.
1-Credit Debt
Chapter 7 bankruptcy typically eliminates most credit card debt. Chapter 13 can buy you time to pay back bills.
2-Job Loss
If you lose your job in Atlanta — an unfortunate event — you may be forced to file bankruptcy for any number of reasons. If you do, understand it’s not giving up; filing is about getting a second chance and to protect you and your family.
3-Medical Bills
Medical bills can pile up over night. Chapter 7 can help with these bills.
4-Foreclosure
If you fear you’ll lose your Atlanta home, as stated earlier you are not alone. One in five Atlanta residents file bankruptcy to protect their homes from foreclosure; Chapter 13 protects your home if you can stay current on bills.
5-New Perspective
Finally, by filing bankruptcy with the Northern Georgia bankruptcy court and working with an attorney, you’ll see the fresh perspective it gives you. If you are in need of help, if you fear losing your home or everything you own, consider filing before it gets worse.
