Newnan Foreclosures Continue a Downward Trend

Residents of Newnan, GA have reason to be excited. A new Times-Herald.com article shows that The Times-Herald’s foreclosure-related advertisements in its legal section are down 14% year over year and 7.8 percent month over month.

The news is positive, but mixed, as it does not include delinquent tax sales, as it is tracked separately. What is positive is that building department permits are up. From the Times-Herald.com

Newnan and the county are also building again. In 2010, Coweta County’s building department issued 237 permits for new home construction. So far this year, more than 76 permits have been issued. The city of Newnan’s building department has issued more than 40 permits for new residential construction in 2011.

Several signs are pointing towards Newnan and Coweta County recovering. Compared to other metro Atlanta communities it looks like Coweta and Newnan are going to recover quicker than neighboring counties. Businessweek has named Coweta County as the “Best Affordable Place” to live in Georgia. That said, alot of subdivisions are undeveloped and still many residents are facing foreclosure.

Bankruptcy Can Stop Foreclosure: For Newnan residents facing a possible foreclosure, bankruptcy protection, specifically filing for Chapter 13 Bankruptcy in Georgia can potentially help. Berry & Associates has 11 metro Atlanta locations, including and office staffed with Newnan bankruptcy attorneys.

Filed under: Bankruptcy News — Tags: , , — admin @ 7:09 am

Atlanta Foreclosures Starting to Slow, Drop 8 Percent

Is Atlanta rebounding in the housing market? Maybe. Signals are mixed currently, but a recent AJC news article gives some hope. 

  • January – June 2011 Foreclosure notices were 8.3 percent lower than January – June 2010 (56, 429 in 2011 compared to 61,524 in 2011).
  • While declines in foreclosure continues, new notices are still high

What does this news mean for the metro Atlanta residents? Signals are better than before. For example, more people are paying on time, which is good sign. Other signals are showing that financial institutions might be slowing the pace that they are foreclosing on as they determine how to handle the uptick in foreclosures from the last few years.

What does this mean for you?

Trying to stop foreclosure in Atlanta? If you’re facing foreclosure there are several options available both within the community and potentially through your lender. A final option that residents sometimes take is the option of filing for bankruptcy. A bankruptcy filing may help you avoid foreclosure on your Atlanta home, but this comes with several caveats.

  • Bankruptcy cannot be a Chapter 7
  • Bankruptcy must be a Chapter 13

7,374 Foreclosures: In June 2011 there were 7,374 foreclosure notices in the Atlanta region. This was the lowest in 2.5 years, and marked a 4th straight month of declines. That said, this is still a very high number.

Have a question about bankruptcy? Trying to rebuild your financial life? With 11 offices available in the metro area, there is a sure to be a local Berry & Associates office that can help with your metro Atlanta Chapter 13 bankruptcy questions and filing.

Filed under: Bankruptcy News, Economic News — Tags: , , , , — admin @ 3:56 pm

NFL Lockout Linked to Lawrenceville Pro Gym Bankruptcy

A recent WSJ article showcased a local Atlanta gym that because of the NFL lockout has caused it to file for bankruptcy protection. The Georgia Training Alliance has filed for Chapter 11 protection, showcasing how the NFL lockout has trickled down to the small business level.

Georgia Training Alliance is a 20,000 square foot gym that was known for being frequented by NFL players. The facility offers extensive power lifting equipment and features a 60 yards of field turf. About two dozen NFL players would typically pay $1,500 per week for access to the training facility during the off-season. Today the gym is quiet, both because of the uncertainty of players, especially rookies, from getting paid and the ability for players to access their team’s medical support.

David Irons Sr., owner of Georgia Training Alliance, warns that other Atlanta small business are going to be affected by the lockout. Those established on the Atlanta sports scene, including financial planners, cooks, and massage therapists are likely to continue to see business drop, if not be faced with needing to shut down.

Irons has filed for Chapter 11, which will allow his company to hold off its creditors during the NFL lockout. A July filing with the U.S. Bankruptcy Court in Atlanta showed that the company’s assets are worth less than $50,000. The company owes its creditors about $200,000.

Read NFL Lockout Blamed for Georgia Gym’s Bankruptcy

Berry & Associates offers Chapter 7 and Chapter 13 bankruptcy. The Georgia bankruptcy law firm is based in Atlanta and has 11 regional offices, including a Duluth bankruptcy office. Duluth, like Lawrenceville is in Gwinnett County.

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

Is a Home Price Double Dip Coming to Atlanta?

Nationally a home price double dip has been confirmed according to CNN Money.

  • Home prices reach another new low
  • Home prices are down 5.1% in the first quarter 2011 from a year ago
  • Standard and Poor’s states this report confirms a double dip in home prices
  • Home prices are down 32.7% from its peak 5 years ago

The double dip is being observed across much of the nation, according to David Blitzer, spokesman for Standard and Poor’s. It is a little early to know how metro Atlanta will be impacted. Some counties in the metro area and North Georgia have been hit very hard with home price decreases in the last few years.

High numbers of foreclosures are flooding the market and driving down prices. This has resulted in decreases in new home construction and reductions in home prices on houses being sold that are not in foreclosure.

Foreclosure is a topic on the minds of many facing a potential bankruptcy. Contacting an Atlanta Chapter 13 attorney can help increase your chances of avoid foreclosure. He’ll explain your options, and if you qualify, he can help you file for Chapter 13 in Georgia. If this is a topic on your mind, it is important to talk to an expert and learn what you can do.

Will a double dip occur in Atlanta? Has one already occurred? In 2009 during the homebuyer tax credits a modest gain was observed. That gain has disappeared now that the homebuyer tax credits have expired. Metro Atlanta and North Georgia remain attractive places to move to, especially for those from up north, but moving here can be difficult when northern states are in such tough economic conditions. Selling a home is very difficult right now. For those that need to sell quickly, it is often happening at deep discounts. For others that are in long selling cycles they are too often facing the stress of a potential foreclosure.

Foreclosure can potentially be avoided, but you need to know your options and you need to have the right plan. For the moment, it looks like it is going to get worse before it gets better. Be as prepared as possible.

Filed under: Bankruptcy News — Tags: , , , , — admin @ 6:36 am

Berry and Associates Spotlight: Kennesaw Bankruptcy Office

Those in the northern suburbs of metro Atlanta do not need to drive into the city to consult with a Berry & Associates attorney. We have a local office in Kennesaw that handles personal bankruptcy cases, including Chapter 7 and Chapter 13 filings.

If you have an appointment at our Kennesaw office, it is easy to find at 125 Townpark Dr, just off I-575. If you have question for the Kennesaw bankruptcy attorney team or would like to schedule a free consultation, call us at (404) 425-5184.

125 Townpark Dr.
Suite 500
Kennesaw, GA 30144
Tel: (404) 425-5184

Filed under: Bankruptcy News — admin @ 2:40 pm

6 Tips on Chapter 7 Georgia Bankruptcy Eligibility

There is actually more to Chapter 7 eligibility than you might think. Did you know you can make more than the median income you may still have a chance to file bankruptcy? This only occurs when you have too little disposable income to pay back debts right. There are many more Georgia Chapter 7 bankruptcy eligibility tips in this guide. Keep reading to get further help.

Do you make more than the median income?
The first tip is one we go over quite often on Georgia Debt Law. If you make less than the median income for our state, which changes every year, then you are eligible for Chapter 7 bankruptcy. If you make more, you cannot file, unless you lack the income to pay on your debts in other ways.

Do you have disposable income?
If you have enough disposable income – income after basic expenses – to pay on some of your debts, you cannot file Chapter 7 if you already make too much money. On the other hand, if you lack the income to pay on debts but still make too much, you may still have a chance to file. Consult with an experienced Georgia bankruptcy lawyer in this situation.

What if you can’t file Chapter 7?
You still have options if you can’t file Georgia Chapter 7 bankruptcy. You can file Chapter 13 bankruptcy, where the only thing stopping you from filing is if you owe too much money (in the hundreds of thousands).

Advantages of Chapter 7
Chapter 7 bankruptcy is a liquidation where assets are sold to pay back your debts. However, few lose much when filing, especially major items like their homes. If you do it right, you can lose very few items as long as you follow the rules and list all your debts. Chapter 7 means you can discharge quite a lot of money. You might have a $100,000 medical bill eliminated by filing. You might save $50,000 on credit card bills. You might discharge enough debt to be able to pay off immediate bills or to simply buy you time to find a new residence. The situation is never good when filing, but you can come out ahead and move on.

Advantages of Chapter 13
Chapter 13 bankruptcy is a debt repayment plan, where you pay on debts over a 3-5 year period. You tend to save less money, but buy yourself some more time. If you make too much to file Chapter 7, you might find some advantages in Chapter 13. With Chapter 13, you can better protect your Georgia home from foreclosure; instead of discharging the debt you can buy time to pay on it.

Get Help with Bankruptcy
If you’re unsure of where to get started with bankruptcy, it’s time to consult with an experienced Georgia bankruptcy lawyer. Eligibility laws can be complex, and do change, so it’s important to get legal help. The first step is to find out if you’re eligible for Georgia Chapter 7 bankruptcy, and a lawyer can help you there.

Filed under: Bankruptcy News — Tags: , , , , , — jmalewitz @ 1:10 pm

Taking Advantage of Georgia Chapter 7 Bankruptcy

If you are going to file Chapter 7 bankruptcy in Georgia, you might as well do it right, and you might as well take advantage of all the benefits. This blog guide shows you how.

First, Chapter 7 bankruptcy is a liquidation, where you discharge debts at some cost – you might lose some assets. Few lose much in the way of assets, and most debts can be discharged, such as medical, credit card, and mortgage debts. You may have some debts you want to continue paying on if you can afford to, such as on your mortgage, or you stand to lose assets. Chapter 7 bankruptcy is an option, but not your only option. You might consider Chapter 13 bankruptcy, where you repay debt over time and buy yourself some leeway with creditors and on your mortgage.

Second, Chapter 7 bankruptcy should only be used in certain situations. You might have a $50,000 medical debt from when you had no insurance and had to go to the hospital. You might owe $75,000 to credit card companies from a time when you had spending problems. You may be out of work and out of money, and the bills keep coming. On the other hand, if you have a smaller debt, understand that Chapter 7 bankruptcy is a big decision. You will hurt your credit, you may lose some possessions.

Chapter 7 bankruptcy is a fast process. You can be discharged of your debt in a matter of months. That huge medical bill can be gone and you can start rebuilding your credit. Chapter 13 bankruptcy takes much longer to put into effect. And you have to pay on the monies owed. If you file Chapter 13, you typically pay on the debts for 3-5 years.

If you are going to file Chapter 7 bankruptcy, file for effect. Take advantage of all that the filing will do. If you have a large medical bill coming in the mail, you should wait until you get it so you can discharge it with your filing. If you have a credit card bill coming in, perhaps a past due one, wait until you get it to file. In other words, wait until you can discharge the most debt. This is not to say you should spend money and then file, which is illegal. But you should take full advantage of the filing to save money.

Once you have completed Chapter 7 bankruptcy, it’s time to rebuild your credit. Yes, a bankruptcy will hurt your credit, and will show up on your credit report for 10 years. Therefore, you should only use it when you have to. However, it does not ruin your credit either; once you set up some accounts and start paying on your credit cards, you can slowly improve your credit score. Once you get  a better credit score, you can get a larger loan. It’s a very simple process, provided you pay your bills on time.

If you truly want to take advantage of Chapter 7 bankruptcy, it’s time to consider hiring an experienced Georgia bankruptcy lawyer. He or she can help you decide if Chapter 7 is right for you, how to file, and how you can take full advantage of it.

Filed under: Bankruptcy News — Tags: , , , , , , , , , — jmalewitz @ 3:19 pm

Common Georgia Post-Bankruptcy Problems

Whether you file Chapter 7 or Chapter 13 bankruptcy in Georgia, you may be worried about what happens after you file. You won’t be able to get a credit card. You will still owe money. You won’t be able to get a loan. You might have trouble making ends meet. Well, some of these problems have a basis in fact, but some are myths. You can always rebuild credit. You should owe little to nothing. You might have to rebuild your credit before getting a loan. And you may have to be thrifty for some time in order to get new credit cards and loans. But you can get a fresh start.

There are many pitfalls you can avoid when you file for bankruptcy help. After you file, some big decisions need to be made. If you make the right choices – and follow the advice of this guide – you can avoid many post-bankruptcy problems.

Bad Financial Planning
Just because you file bankruptcy does not mean all your problems will go away. Nor will you be able to spend money freely or ignore how you created these problems. Poor financial planning is a leading cause of second and third bankruptcies. You discharge a debt, then go and create a new one. If you can change how you spend money – and budget what you have – you stand to save a lot.

Rebuilding Credit
Another problem people have is in rebuilding credit. Some are taken advantage of by credit repair agencies. These agencies are almost always a dead end. They tend to bend the rules or flat out lie to you about how they can help. In other words, they take advantage of you. Your credit needs time to be repaired. There are no secrets. You might get a secured credit card and slowly improve your credit score. You might start spending money on cards and paying them off immediately. If you follow common sense, you can rebuild your credit.

The Wrong Credit Cards
In order to rebuild your credit, you are going to have to get some credit cards. One common problem people have is getting cards with high interest rates and then spending too much on them. Or you sign up for a plan after hearing some pitches, only to find out about monthly fees you simply should not pay or some other way to take your money. Creditors want money too. They can take advantage of you, so be careful in what credit cards you sign up for.

Using Chapter 7 Correctly
If you are going to file Chapter 7 bankruptcy, do so the right way. You stand to save tens of thousands of dollars, but this is not a get out of jail free card. Sometimes the debts are not your fault, but what you do after a bankruptcy filing can change your life. If you can save money, rebuild your credit, and budget what you have, you can get a fresh start.

Filed under: Bankruptcy News — Tags: , , , , , , , , , , , — jmalewitz @ 5:57 pm

When to File Chapter 13 Bankruptcy in Atlanta

Atlanta residents are in an area hit by one of the toughest recessions in recent memory. More Georgia homes are going into foreclosure than most other states – at about 1 in every 250 homes every month. These numbers can be scary, but you do have options, namely to file bankruptcy or to sell your home. Which option is better? It depends. This guide can help you decide when to file Chapter 13 bankruptcy as an Atlanta resident.

When to File Chapter 7
Chapter 7 bankruptcy is an option on the table, but it may not be the best for you. It depends on whether you truly want to save your home or or. It also depends on what you make and what you owe. Chapter 7 discharges your debt almost completely, at the cost of certain assets. You might lose your home or car, for example. If you continue paying outside the bankruptcy on certain possessions – called affirming the debt – you may keep them. If you have no income, owe a lot, and simply have no way of avoiding foreclosure, you may consider starting over and clearing the slate with a Chapter 7 filing.

When To File Chapter 13
Chapter 13 bankruptcy can be much better when you have an income and your home is in danger of foreclosure. Technically you can protect your home by filing Chapter 13. If you have enough of an income to continue paying on debts, you can protect all your assets here. You set up a debt repayment plan to pay back your monies owed over 3-5 years, stopping all collections, including any foreclosure, against you. If you file on time, you can save your home. If you have a job, this is a good option. If you have the income to continue paying off debts, and have a home, it can save you financially.

How Chapter 13 Bankruptcy Works
Chapter 13 bankruptcy is debt repayment plan, where you buy time to pay on certain debts and protect your property. It is not a magic pill; there are rules. You must have an income. You must pay on what you want to keep. And you must continue paying for several years. It costs you more money than Chapter 7, but you stand to save more assets.

How Georgia Foreclosure Works
If you file Chapter 13 bankruptcy prior to the foreclosure process beginning, you can save your home. If you wait too long, they may still be able to take your home. The secret is to file before the foreclosure papers are filed. So when you know you are not going to be able to pay, it’s time to consider filing bankruptcy.

Who Can Help?
If you’re unsure how to protect your Atlanta home from foreclosure, that’s okay. You simply need to consult with an experienced bankruptcy lawyer. It’s his or her job to help you understand how this process works, how you can protect your home, how you can protect other assets, what rules you have to follow, and how you can move on.

Filed under: Bankruptcy News — Tags: , , , , , , , — jmalewitz @ 1:04 pm

Important Georgia Foreclosure and Bankruptcy Laws

If you’re trying to avoid foreclosure or considering bankruptcy, you have many options and some decisions to make. First off, how can you avoid foreclosure? Technically you can use bankruptcy to avoid a foreclosure. You can also sell your home or use a short sale to avoid foreclosure. Foreclosure laws vary from state to state, so if you’re unsure about the process, it’s time to consult with an experienced Georgia bankruptcy attorney or real estate expert. To get you started, let’s go over the basics of Georgia foreclosure and bankruptcy laws.

The Power of Sale
In Georgia foreclosure, you can lose a home by either judicial or non-judicial means. The power of sale is important here too. The “power of sale” is the term used when the owner of the property signs a document explaining that by defaulting on the mortgage the home can be sold to pay off the balance. In a non-judicial foreclosure, there is a power of sale in effect. In a judicial foreclosure, no power of sale has been signed, so the foreclosure will go through different means. If there is no power of sale – with a judicial foreclosure – a lawsuit will be filed to gain the power to foreclose on a property.

Chapter 7 Bankruptcy
Technically you may be able to use a Chapter 7 bankruptcy filing in Georgia to avoid a foreclosure. While Chapter 13 is usually far more effective, Chapter 7 can be used to discharge other debts, while you affirm certain debts such as on your home and car. To be eligible for Chapter 7, you must not make too much money, the average median income for Georgia. If you are unsure about this, contact an experienced Georgia bankruptcy lawyer.

Chapter 13 Bankruptcy
If you own a Georgia home, Chapter 13 bankruptcy is the most useful strategy to save it from foreclosure. You might have fallen behind on payments, but want to keep it. You may owe too much debt and have recently lost some of your income. You may have no other place to live if you lose your home. If you can afford to make some payments, and if you file before the foreclosure is started, you can keep your home.  It’s important to file before the foreclosure process has started. If you wait until weeks before they are to take your home, it’s too late. If you take action early, file some form of bankruptcy and speak to a lawyer, you may save some money.

Your Right to a Georgia Lawyer
Finally, if you want to avoid foreclosure, it’s time to consult with some legal help, and that means working with an experienced bankruptcy lawyer. A lawyer can best explain your options. Bankruptcy may be best. You may save more with a short sale. You may want to simply leave the home. If you want to keep your home, a lawyer can be invaluable.

Filed under: Bankruptcy News — Tags: , , , , , , , , — jmalewitz @ 12:53 pm


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