Economists Declare “Recession Is Over!” Where is the recovery?

I keep reading news reports like one in the Journal Constitution today that says even two Georgia economists say the recession is over. They claim though that the recovery will be slow and painful.

Not much good news in that for Atlanta residents facing foreclosure and layoffs. If you are facing financial difficulty, you should talk to an experienced bankruptcy attorney about your options to eliminate your debts.

An Atlanta bankruptcy lawyer can help you determine if you are a candidate for Chapter 7 bankrutpcy, or if you will have to file a Chapter 13 case to stop foreclosure on your home.

A bankruptcy attorney can also explain how debt elimination programs work, and help you if you choose to take that course of action.

Filed under: Economic News — Tags: , , , , , — Rob @ 6:16 am

Job Losses Continue To Rise, Expect More Bankruptcies

Georgia’s Labor Department reported Thursday that jobless claims in the state surged 81 percent in January over numbers for January 2007. The department’s numbers indicated that 120,139 people in the state filed for unemployement benefits.

Experts expect that the rise in jobless rates will result additional bankruptcy filings.

“Consumers are under great financial stress, with no immediate end in sight,” said Samuel J. Gerdano, American Bankruptcy Institute (ABI) executive director, in an article in the Dallas Morning News. “We expect the upward spike in personal bankruptcies to continue in 2009.” 

According to the ABI, consumer bankrupcy filings rose 33 percent in 2008 over numbers from the previous year. A poll conducted by the ABI predicted that bankruptcy filings would jump at least 35 percent over the 1 million consumer bankruptcies filed in 2008.

If job losses continue to mount, the spike will likely be in Chapter 7 bankruptcy that will clear most unsecured debt. Without income to make payments on a Chapter 13 repayment plan, there is little chance that consumers in the Atlanta metro area would qualify.

 


Filed under: Bankruptcy News — Tags: , , , , — Rob @ 12:15 pm

Qualifying For Chapter 7 Bankruptcy

If you are considering filing bankruptcy in Atlanta, you need to know that you have to qualify in order to file a Chapter 7 case under the rules set by the  Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 .

Understanding the rules of the bankruptcy process can be complicated and confusing. It is best to speak to an Atlanta bankruptcy attorney if you are considering bankruptcy.

Your household income is used to determine if you qualify for Chapter 7 bankrupcty or if you would have more disposable income available to payoff a portion of your debt.

First compare your income to the median income for your area. Below is the median income for Georgia as determined by the U.S. Census Bureau as of October 2008.

  1. One person –  $39,253 
  2. Two persons – $52,055
  3. Three persons – $59,668
  4. Four Persons - $68,908

If your household income is less than the median income, you will automatically qualify for Chapter 7 bankruptcy in Atlanta. If it is higher, there are quantifiers that could still qualify you for Chapter 7 protections. Speak to an Atlanta bankrutpcy lawyer to find out if you qualify for Chapter 7 bankruptcy.

 


Filed under: Bankruptcy News — Tags: , , , , , — Rob @ 2:08 pm


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