• 391,000 Initial Unemployment Claims Filed in the Week that Ended 9/24/11
• 428,000 Revised Claims Filed in the Week that Ended 9/17/11
• 37,000 Less Initial Unemployment Claims 9/24/11 versus 9/17/11
• Economist Forecasted 419,000 Initial Unemployment Claims for 9/24/11

Other updated stats include continuing claims such as people that are filing for the second week and up until the time that benefits currently run out, which is 99 weeks. Continuing claims decreased by 20,000 to 3,729,000 for the week the ended on 9/17/11, which is the most recent available data. Among those not currently receiving unemployment benefits are about 14 million people in the U.S.

How does Unemployment Affect Bankruptcy Claims?
You would think that as unemployment went up, claims for Chapter 7 bankruptcy and Chapter 13 bankruptcy would increase too. Not always. In fact, many creditors are putting less pressure on consumers, which is slowing the expected bankruptcy rate. For example, home foreclosures have been slowed. Also, for those that have limited financial resources, the ability to pay to file for bankruptcy is lower.

As the economy turns around and consumers have more assets to lose. For example home prices have been rising now for four months straight. It is the increased risk of losing assets such as a home that has many Georgia bankruptcy lawyers expecting that bankruptcy claims, such as Chapter 13 will increase in the near future.

3 Million Unfilled Jobs, 14 Million Unemployed
Current data shows that there are 3 million jobs in the U.S. that are unfilled. Many employers are reporting that they cannot find workers with the proper skills for these jobs. With about 14 million people unemployed in the U.S., it is going to take alot of jobs to turn around the unemployment rate. Until then, millions of Americans are going to continue struggling financial. Many of them will consider either a straight bankruptcy (Chapter 7) or a Repayment Plan (Chapter 13) as an option.

Unemployment is one of the top reasons people seek information about bankruptcy. If you have questions about bankruptcy, contact Berry & Associates. We have 10 offices located throughout the Atlanta area. Call 404-235-3328 or 1-800-414-3328 to discuss getting a free consultation.

Question: Does a person with $100,000 in credit card debt benefit more from Chapter 7 or Chapter 13 bankruptcy?

Answer: Depends. More information is needed to fully answer this question. It really depends on a person’s income, relative to their other assets and debts. There are some that could repay $100,000 in credit card debt over time, but these examples are more rare than frequent. A Chapter 7 or “straight bankruptcy” can be a good option for a person with limited assets and limited means of repaying. In these cases it might be easier to “walk away” because you don’t have alot to lose and cannot repay the debt even over the course of a few years. If you have 3-5 years to repay the debt, then working with a bankruptcy lawyer on a “repayment plan,” which is formally known as a Chapter 13 might be a good option. For those that have a higher means and want to protect certain assets such as a home, Chapter 13 can be a plan worth researching in more detail.

This example is not uncommon, but is higher than the average person filing for bankruptcy in Georgia. Many people file for bankruptcy with far less credit card debt than the example of a person with $100,000 worth of credit card debt. People typically have other debts other than credit card debt that result in them pursuing a potential bankruptcy filing. Depending on your income level and ability to repay, $50,000, even $25,000 worth of debt may be enough to consider either Chapter 7 bankruptcy or a Chapter 13 repayment plan.

Contact Berry & Associates for Free and Learn about Credit Card Debt Bankruptcy Options:

Think your credit card debt is high enough for a potential bankruptcy? As you learned in this entry you don’t need $100,000 in credit card debt to benefit from bankruptcy protection in Georgia. To explore what options exist and what is the right option for your situation, contact Berry & Associates. Wither 10 metro Atlanta bankruptcy offices available, we have experience lawyers at a local office near you.

Common Examples of Chapter 7 Exempt Property:

• Single car or truck (up to a certain value)
• Essential clothing
• Essential household items
• Essential home appliances
• Basic furniture
• Certain jewelry (including wedding rings) >> value is limited
• Tools required to perform your professional job**

** A computer may qualify as exempt property, including as a tool potentially.

In the above examples you’ll notice that there is alot of potential judgment that needs to occur to determine what is exempt and who must be sold. Having a skilled lawyer that is familiar with the bankruptcy code will help ensure you keep as much personal property as possible. Chapter 7 is a great opportunity for a fresh start, but that does not mean you shouldn’t focus on maintaining as much personal property as possible. Remember when discussing the personal property that you own with your lawyer to be open and honest. Your lawyer is there to help you and the more information you provide him, the better work he and his team will be able to you.

Related: Read about Chapter 7 Debts that can be Discharged.

For additional questions or to speak to a Georgia Chapter 7 bankruptcy lawyer, contact Berry & Assocaites. With over 10 offices located throughout metro Atlanta there is sure to be an office near your home.

Chapter 7 Debts that CAN be Discharged

• Credit card bills
• Collection agency bills
• Rent (past due amounts)
• Signature loans (personal loans that are unsecured debt)
• Student loans (non-federally insured only)
• Past due utility bills

Chapter 7 Debts that CANNOT be Discharged

• Income taxes (individual) that are unpaid and assessed within the last 5 years
• Federal income taxes (filing no return or fraudulent return only)
• Luxury good credit card purchases within the last 60 days of filing (for amounts over $1,075, including services)
• Student loans (federally insured only)
• Alimony and child support
• Drunk driving conviction debts

Secured Debt (ex. Cars & Mortgages):
For those with secured debt such as a car loan or mortgage. You must decide if you want to keep the property. If yes, you must reaffirm the debt to take it out of bankruptcy. Make sure you discuss your goals for any collateral debt such as a car loan or mortgage with your Georgia Chapter 7 lawyer.

Contact Berry & Associates for questions about Chapter 7 debts that can be discharged. Berry & Associates maintains offices in 10 locations throughout metro Atlanta.

When the doctor comes in and informs you that you have breast cancer, it’s a whirlwind of emotions. Sometimes going from having cancer to being cancer free can be shorter than the time you financially recover from the diagnosis.

Not only do you have the obvious expenses of doctor and specialist visits co-pay, cost of the chemotherapy and radiation sessions, and the cost to and from the hospital, but you also have other cost that still encompasses your care, but might not be covered. If you have insurance, and depending on your insurance coverage, you could be writing a check to the hospital for your co-payment for treatment 3 to 5 times a week, depending on your cancer treatment. If you’re on a fixed income, this additional cost can be a huge impact on to your family budget. Also, maybe you’re already living paycheck to paycheck and you’ need to place your treatment cost, travel expenses, and other aspects of your care on a credit card or a few.

To obtain some of the best treatment in the area or to see your doctor who might travel from hospital to hospital, the cost of travel can become quite significant. Also, you might need to have a family member or neighbor take you for treatment because you might be too sick to drive, and need to compensate them for their time and expense. Some additional expenses of breast cancer might include the cost of wigs, hats, time off from work during your treatment time and also to regain your strength back, oral medication, and possibly even breast prosthesis post cancer.

Breast Cancer & Bankruptcy

All these cost add up… fast. You’re healthy and cancer free, but you’re now living under a mound of debt and might be unemployed. Now what? For many women personal bankruptcy is an option to consider because the mountain of debt from the treatment creates. Personal bankruptcy options such as a Georgia Chapter 7 or Georgia Chapter 13 bankruptcy filing might be an option for you to explore with an experienced bankruptcy lawyer.

About the Author: Nicole witnessed her mother undergo breast cancer treatment in 2003-2004. In learning more about cancer survivors she has witnessed other women go through the emotional changes and financial struggles of being a survivor.

Question: I owe $20,000 in credit card debt. Can I file for Chapter 7 bankruptcy?

Answer: The ability to repay your credit card debt will involve several factors:

1. Your income (weekly / monthly take home)
2. Your total debt
3. Your credit card minimum payment
4. Your credit card interest rate
5. Your other monthly expenses

Variable 1 – Your Income:
Your income is one of the biggest variables. It is alot easier for a person with a $75,000 income to repay $20,000 of credit card debt than a person with a $35,000 income.

Variable 2 – Your total debt:
In this case a $20,000 credit card debt may or may not be the big factor in determining if Chapter 7 is the best option. Other debt, including owning a home, a car and other goods. Under Georgia Chapter 7 bankruptcy you are allowed to keep just over $11,000 worth of goods, such as clothes, furniture, wedding bands and some electronics. In summary, you don’t want to have substantial valuable assets when considering if Chapter 7 is right for you. If you have assets that you are looking to protect, a Chapter 13 bankruptcy might be a better option. An Atlanta Chapter 7 bankruptcy lawyer will be able to tell you if Chapter 7 or Chapter 13 is best for you given your asset level

Variable 3 – Your credit card minimum payment:
Just keeping up with the credit card’s minimum payment can be a challenge. If the minimum payment is too high of a percentage of your monthly income, you may be in too deep. Also, if you can repay the $20,000 credit card debt over the course of 3-5 years, Chapter 7 bankruptcy might not be for you.

Variable 4 – Your credit card interest rate:
Your credit card interest rate can mean thousands of dollars over the course of repayment. You’ll want to both know what the interest rate is and how it is calculated. You might be able to negotiate a lower interest rate, thus avoiding a potential bankruptcy or transfer part or all of the debt to another credit card under more favorable terms. Credit cards are typically the highest interest rate a person has.

Variable 5 – Your other monthly expenses:
If your other monthly expenses are high, paying back the $20,000 credit card debt may not be possible. Your bankruptcy lawyer will discuss these other expenses with you and help frame how you can benefit from seeking bankruptcy protection.

With 20 years of experience and over 25,000 cases assisted, Berry & Associates is one of the most experienced group of Atlanta bankruptcy lawyers. Call us, or search the site to find a bankruptcy lawyer.

Together with loans parents take on to finance their children’s college educations — loans that the students often pay themselves – the estimate comes to about $22,900. That’s 8% more than last year and, in inflation-adjusted terms, 47% more than a decade ago.

Is the level of debt still worth it? Probably, but the amount of time it will take to get free from this debt is going to take years. In Georgia, which experiences a high quality of living, average starting salaries can be lower for recent graduates than in other parts of the country. Starting with $20k of debt can be difficult for a person that is making just over $30k per year in a city such as Atlanta.

While the unemployment rate is much lower for college graduates, so too is the typically the level of debt that they owe. For those that are a college graduate, but are unemployed the risk of bankruptcy can be too real (see college graduates bankruptcy). Mounting credit card debts and the pressure to keep up with car payments and student loans can eat away almost all of a 20-something’s income. Maintaining payments of these debts is obviously more challenging when that person is not employed.

Bankruptcy is an option to free yourself from debt, but it is not an option for everyone. If you have questions about a Georgia Chapter 7 or Georgia Chapter 13 personal bankrputcy, the Atlanta bankrputcy attorneys of Berry & Associates can help.

The news isn’t all good. It is expected that bankruptcy levels won’t fully peak off until consumer confidence levels are increased. Consumer spending plays such a critical role into bankruptcy filings. Recent news suggests that consumer spending may not be increasing soon and in fact a double dip recession could be already here.

• U.S. consumer spending fell 0.2% in June. This is the first decline since September 2009.
• There is typically a 12-18 month lag in consumer spending declines and increased bankruptcy filings

So what does this mean for the country? What does this mean for Georgia consumers?

Nationally the increase consumer spending is a potential leading indicator of why personal bankruptcy filings are expected to be at 1.4 million this year from a high of 1.53 million last year. This also means that personal bankruptcy filings could increase in 2012 if consumer spending trends continue.

If you facing high debt levels, bankruptcy is a legal option that you can explore. There are two types of personal bankruptcy filings, Chapter 7 and Chapter 13. They each offer different solutions to a debt problem.

• Chapter 7 bankruptcy, is also known as a straight bankruptcy. This is a good potential option if you have minimal assets and want to make a clean break.
• For those with high debts and assets that they are looking to protect, a Chapter 13 bankruptcy is a potential option. In a Chapter 13 you look to negotiate a repayment plan with your creditors.

Need an Atlanta Bankruptcy Lawyer? Contact Us:

Have a question about debt options? Contact Berry & Associates. With 10 metro Atlanta bankruptcy law offices, we have local lawyers than can help answer your questions on a potential filing.

Cobb County Chapter 7 and Chapter 13:

Various bankruptcy options are available, depending upon if you are able to negotiate and create a repayment plan based on your income. For those that need a clear separation and do not have substantial assets to protect such as a home, a straight bankruptcy may be a better option. Cobb County residents considering a Chapter 7 or Chapter 13 filing should consider contacting the bankruptcy lawyers at Berry & Associates in the Kennesaw office. Our law firm has helped over 20,000 residents in Georgia go through the bankruptcy system.

Reasons Why Cobb County Residents File for Bankruptcy:

There are a wide variety of reasons why people file for bankruptcy. The common thread that they all have is that they are looking to rebuild their finances by separating from overwhelming debt. For those that are receiving harassing calls from creditors, bankruptcy is a method to end the calls. Those that cannot overcome their debts typically are unable to pay because of unemployment, or underemployment. For those that are underemployed, they are not able to make enough money to catch up to their debts. A final common reason why people file for bankruptcy is because of high medical expenses. Medical debts and bankruptcy tend to be more commonly linked than you would think. For those that have benefited from the physical success of an expensive medical treatment, their physical wellness is often replaced by mental stress of how they will ever repay these debts.

Contact Berry & Associates Cobb County Bankruptcy Lawyers:

Cobb County Kennesaw Bankruptcy Lawyer
Berry & Associates
125 Townpark Dr.
Suite 500
Kennesaw, GA 30144
Tel: (404) 425-5184

A few weeks ago RealtyTrac reported that Fulton County lead June 2011 Georgia Foreclosures. That county had 1,235 new foreclosure actions. The county that came in second was Gwinnett. Gwinnett County had 1,129 foreclosures in June 2011, which was about 200 more than the next highest county, DeKalb.

Gwinnett County Bankruptcy Help - Chapter 7 & Chapter 13 Options:

Depending on your level of debt, both secured and unsecured, along with you current income, various bankruptcy options may be available. Not all residents of Gwinnett going through a tough financial time will be good candidates for filing personal bankruptcy. For Gwinnett County residents that have a high amount of debt, bankruptcy options such as Chapter 7 or Chapter 13 may be a good option to explore with a lawyer.

Why People in Gwinnett File for Bankruptcy:

People file bankruptcy for a variety of reasons, including high unemployment, to stop creditors from taking action and because of high medical expenses. Filing for bankruptcy because of medical debts is common, especially for those that have undergone expensive medical treatments. Many people want to be able to pay back their debts, but do not always have the ability to because they are unable to find employment that will allow them to pay down their debts. Filing for bankruptcy can help stop creditors from calling and harassing you.

Contact the experienced attorneys at Berry & Associates if you have Georgia bankruptcy questions. We’d like to be your Gwinnett County bankruptcy lawyer.

Gwinnett County Duluth Bankruptcy Lawyer
Berry & Associates
3235 Satellite Blvd.
Building 400, Suite 300
Duluth, GA 30096
Tel: (404) 425-5181