There are some basic statistics on who’s filing for bankruptcy. The average filer is about 38, about half who file are couples, women file alone more than men, filers are actually better educated than most others, the majority have lost a job, and almost half have had major health problems. The numbers point out this isn’t only happening to one group, but to many. Both single men and women are filing, but a small percentage more are single women. Though job loss is a prime reason in many cases, the key result of many Chapter 7 bankruptcies in Atlanta and Georgia is a serious health problem which leads to medical bills.

That may all be a lot to swallow. Unfortunately, we are not quite through all of it, but in Georgia and other states jobs are starting to be created. More jobs mean more income which in turn means a better economy. Still, filing for bankruptcy is far from giving up. In fact, it’s about stepping up, deciding you want to rebuild, and taking the advantages.

What are the main advantages of Chapter 7 bankruptcy?

Medical Bills
If you got sick or someone you love got hurt, and you had no insurance, it’s very common to have tens of thousands in medical bills. Many have no medical coverage, and going to the emergency room or staying in a hospital for weeks can empty your checking account quickly. Chapter 7 bankruptcy can eliminate this debt in a matter of months.

Credit Card Bills
Just like medical bills, credit card debt can be discharged with a Chapter 7 bankruptcy. Many Atlanta residents had no problem with credit card payments until they lost jobs or were hurt. If you owe more money than you can ever pay, Chapter 7 bankruptcy is very smart.

Mortgage Debt
The bad news is you may lose your home in a Chapter 7 bankruptcy. The good news is that you can either negotiate to keep it or file for bankruptcy and discharge any debt you have. If you discharge the debt, you will likely lose the home and have to find a new residence. You do get some time before that happens. If you decide you want to file bankruptcy and keep your house, you can negotiate with the creditor and make payments on it.

No Job
If you have no job, Chapter 7 bankruptcy is very smart. You have little to no income coming in, so you rarely can pay on debts. Chapter 7 can discharge them and give you a fresh start. When you start working again, your paychecks can be used for something other than credit, medical, and mortgage debt.

It’s Cheap
Finally, it costs you a fraction of the amount for an Atlanta Chapter 7 bankruptcy than your debts actually are. You hire an experienced lawyer, and that does cost you money. You need an experienced bankruptcy lawyer who can make your case for Chapter 7 case successful. They cost about $1,000 to $2,000. Then you pay a court fee of $299. That’s it. You can have $50,000 in debt and be free of it for a fraction.

Alpharetta-based Equity Depot released the numbers in a report today, according to a post by Henry Unger in his “The Biz Beat” on the Atlanta Journal Constitution’s Web site.

I guess the brief slowing in January’s numbers was the calm before the continuing of the storm that is devastating neighborhoods across Atlanta.

If you are continuing to struggle to pay your credit card debt and keep food on the table for your family, you could benefit from a free consultation with a bankruptcy attorney.

To keep you head above water, are you paying debt, with more debt? That is one of the top warning signs that your debts are controlling you instead of you controlling your debt.

Barry Bramlett, president of Equity Depot, told the Atlanta Journal Constitution that fewer residential properties were involved in the December notices and that commercial real estate, including hotels, office space and manufacturing sites, are on the rise.

“Maybe we have reached the apex, but it is still unbelievable, in my opinion,” Bramlett said when describing the numbers.

The Obama Administration has promised that homeowners who need help staying in their homes, will get the help through mortgage modifications, but few have seen this help in the year since plans were announced.

Bankruptcy filings continue to climb as people look for any way possible to keep their home and stop foreclosures.

Once the homeowner is in the trial modification, they must stay current on their new mortgage payment for three months they can apply to turn the trial into a permanent modification.

A story about the issue in the Wall Street Journal, one mortgage servicing company in has 39,000 borrowers who are up to date on their trial payments, but only around 500 have received permanent modifications. It almost seems the pace is slower than getting the modification in the first place.

My guess is that many of these homeowners are facing collection calls and foreclosure notices waiting to get a trial modification on their mortgage.

I don’t think that bankruptcy would be right for all of these homeowners fighting to keep their homes, but it could be a solution that is much quicker and easier than this drawn out process that has no guarantee of success.

Filing bankruptcy will stop foreclosure on your home. It will clear some of your debts and might help to free up some income that could then be used to make the payments on your home.

Bankruptcy may sound like a drastic step, and it may be. But it helps to stop creditors from harassing you for payments you can’t make. It can give you the help you need to start your life fresh, free of the obligations that have you trapped in a downward spiral.

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.

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.

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.

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.

Cleaning up after a flood is a long, strenuous process that is likely to take a financial toll on the entire metro area. Lost time at work, missing financial documents, and trying to get by with no insurance in the current economic climate may end up costing Atlanta residents more than they can afford.

If your financial situation was close to the edge, the rising flood waters may have swept you under already. If you need help recovering your financial stability, you should consider filing bankruptcy.

The Georgia Insurance Commissioner has offers some tips on recovering from the flood that are on the Atlanta Journal Constitution’s Web site.