Fulton County Foreclosures Increase by 16 Percent

Fulton County followed the trend of many Georgia counties in July. According to RealtyTrac, Fulton had 1,434 Foreclosure actions in July 2011, the highest in the state. This translates to 1 out of every 310 Fulton County homes. In June 2011 Fulton County Lead Georgia Foreclosures with 1,235.

The shift from June to July is a 16 percent increase in foreclosures for Fulton County. Other major Atlanta area counties were also hit hard, in particular DeKalb and Gwinnett. Cobb County saw only a marginal increase in foreclosures.

Question: Can I Avoid a Fulton County Foreclosure?
Perhaps. Declaring bankruptcy may be an option to avoid a foreclosure. Other actions, along with the bankruptcy filing are often required. If you think you are a candidate for bankruptcy, contact Berry & Associates to schedule an appointment. Our bankruptcy attorneys average 10 years of case experience and can help explain what bankruptcy options may exist.

If you are facing a Fulton County bankruptcy, contact us. Our Atlanta office is our main office and it is open 6-days a week, including Saturday.

Fulton County Berry & Associates Atlanta Bankruptcy Attorney
2751 Buford Highway
Suite 400
Atlanta, GA 30324
Tel: (404) 235-3328

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: delay foreclosure, Foreclosure, georgia chapter 13 bankruptcy — admin @ 7:09 am

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: Atlanta foreclosure, delay foreclosure, Foreclosure, georgia foreclosure options, stop foreclosure in Atlanta — admin @ 6:36 am

How Chapter 13 can Help Stop Atlanta Foreclosure

In the past the Berry & Associates bankruptcy blog has written about how to stop foreclosure in Atlanta. This is a topic very important to many filing for personal bankruptcy. If you have assets such as a home, the foreclosure procedure, and you’re strategy to navigate a foreclosure, becomes more important.

Fore homeowners considering a foreclosure, protecting their home is one of their top priorities. This can be done through Chapter 13 Georgia bankruptcy protection. According to Chapter 13 law you are restructuring your debt and working out a plan with your creditors. Your attorney will guide you through the system and the court will oversee the process.

The last few years have seen many instances of people in Atlanta going through a foreclosure. Fulton, DeKalb, Gwinnett, Cobb and Clayton counties, among others, have seen many of its residents fall on hard times and seek protection under bankruptcy laws in Georgia.

When you consider filing for a Georgia Chapter 13 bankruptcy, make sure you are going through a qualification checklist well. Before you proceed with filing for bankruptcy you want to make sure that is the best financial option available. You want to make sure that filing for bankruptcy will provide you with the level of protection that you are seeking. Your attorney will be able to help you with this.

If after reviewing your options it turns out that a Chapter 13 bankruptcy will accomplish what you are looking to achieve, then you will create a budget and submit it to the courts for approval. By doing this you are effectively restructuring your debts. Your attorney at Berry & Associates will help you with each step of the process, including filing the proper paperwork. Upon completing payment of the plan you will receive a full plan discharge.

Some exceptions can apply, but as you can see, it is very possible to file for bankruptcy protection in metro Atlanta avoid a foreclosure on your home.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, Atlanta Chapter 13 bankruptcy attorney, delay foreclosure, Foreclosure, georgia chapter 13 bankruptcy, Georgia Foreclosure Law, georgia foreclosure options, stop foreclosure in Atlanta — admin @ 7:19 am

Your Options and Your Rights in Chapter 13 Bankruptcy

Should you file Chapter 13 bankruptcy? Foreclosures are high in Georgia. We have unemployment over 10%. If your income has decreased and your struggling to pay a mortgage, you may think you’re out of options. Yet you have more options than you might think. And you have a right to file Chapter 13 bankruptcy in most situations. This blog guide will explain how your options, while also going over your rights.

Are you eligible?
Your secured debts cannot exceed $1,010,650, and your unsecured debts cannot be more than $336,900. So if you owe $15,000 in secured debts and $100,00 in unsecured debts, both quite high, you would still be eligible. Many who are not eligible for Chapter 7 bankruptcy are in fact eligible for Chapter 13 bankruptcy. Therefore, you usually have this option.

How much do you owe?
If you owe a lot of secured debts, and have the option of either Chapter 7 or Chapter 13, you may consider Chapter 13 over Chapter 7. If you owe more unsecured debts, monies owed on credit cards for example, you may be better off with Chapter 7.

What will you lose?
With Chapter 13 bankruptcy, you have the option of protecting your secured debts, such as monies owed on your mortgage and car. This is why Chapter 13 bankruptcy can be much better for you financially. If you have a job, a $200,000 home, and some debts you need help paying, you buy yourself 3-5 years time to pay back debts with Chapter 13 bankruptcy. If you can keep up with the repayment plan – which is very important – you can protect your assets and properties.

How much will it cost?
Chapter 13 bankruptcy only costs $299 to file, so you almost always can afford that minor fee, especially when you consider that you might protect a valuable home, the car you need to get to and from work, and the other valuable items you might have.

Your Legal Options
Should you hire a lawyer or forgo hiring a lawyer? It really makes no difference whether you file Chapter 7 or Chapter 13 bankruptcy: in both cases you should consider exercising your legal right to a lawyer. With a Chapter 13 bankruptcy, you can be done in 3-5 years, and pay a small fee to a lawyer to ensure you follow all laws, that creditors do not take your property or harass you, and that you can start fresh. Unless you are a bankruptcy lawyer, you should consider hiring an experienced Georgia lawyer.

Your Other Options
You have a right to file for help, but should you consider credit counseling or debt management plans instead? Rarely do these companies do you a great service, though when filing for bankruptcy you must go through an accredited credit counseling company. Credit counseling can sometimes be a help, but this does not eliminate your debts. And debt management companies, who offer to lower your payments, do no negotiating you cannot do yourself.

If you have a right to file bankruptcy, whether it’s Chapter 7 or Chapter 13, and you have some impossible debts or properties in danger of foreclosure, it’s time to consider speaking with a Georgia lawyer.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy Atlanta, Chapter 13 bankruptcy in Georgia, Chapter 7 Title 11 United States Code, delay foreclosure, Foreclosure, foreclosure process, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy lawyer, georgia chapter 13 bankruptcy — jmalewitz @ 8:14 pm

When You Can’t Avoid Foreclosure – The Bankruptcy Option

The best time to for you to file a Chapter 13 bankruptcy is before – not after – the foreclosure process has started. Say for example you are 1 month behind on your mortgage, you’ve recently been laid off, and your Atlanta home, valued at $200,000, is in danger of foreclosure. In this scenario, A Chapter 13 bankruptcy can protect your home, help you manage the payments. On the other hand, Chapter 7, a short sale, or a regular sale are options too. Let’s go over them.

Why Chapter 13 Bankruptcy?
A Chapter 13 bankruptcy can be quite effective in stopping a foreclosure if you have an income. If you have no income coming in – and/or you have other large debts – a Chapter 7 filing may be better. For Georgia residents, where 1 of every 250 homes are going into foreclosure every month, Chapter 13 is a life saver. You buy time on your mortgage. You get more manageable payments, helpful if you’re on a tight budget. If you have other secured debts – such as on your car – these can be part of the Chapter 13 filing too.

Why Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy discharges the mortgage debt. That sounds good, but you lose the home. However, this loss is not immediate. If you file Chapter 7, you typically get several months time where all collections against you – including a foreclosure – must stop. That means you can stay in the the home for free for several months, giving you time to find a new residence. Why do this? If you have no income to fund a Chapter 13 repayment plan, you might as well be free of the debt. And if you have a lot of unsecured debts too – such as a medical bill – this can be discharged as well.

When Should You File
If you’re going to file Chapter 13, file early, file when you know paying the mortgage is going to be impossible. For Chapter 7, filing early is important too, just so you can buy time to look for a new residence. If you have other debts, it makes filing early all the more important, and beneficial as you can avoid creditor harassment and get a fresh start.

Why Sell?
There is a chance you can sell your Georgia home for close to full value if not full value, sometimes fast. This is a great option when it works out. With our current housing market, it may be very difficult, but you might find an interested buyer.

Why a Short Sale?
A short sale pays off what you owe – not the full value of the home, but how much you owe on the mortgage. If you cannot get full value for the home, and/or if you want to avoid bankruptcy, a short sale is a good option.

Who can help?
Confused? Scared? Bankruptcy is a process, not the end. You can keep your home, or you can get a second chance soon enough. Hiring a Georgia bankruptcy lawyer is crucial if you’re considering filing; he or she can explain how the foreclosure process works, protect other assets, and save you valuable time and money.

Filed under: Bankruptcy Information — Tags: avoiding foreclosure, bankruptcy or foreclosure, delay foreclosure, Foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy lawyer, lawyer helps with bankruptcy, short sale or foreclosure, using bankruptcy — jmalewitz @ 2:39 pm

7 Ways Bankruptcy Helps Georgia Families

Peace of Mind
When you file bankruptcy, it’s rarely an easy time. If the stress of bills is simply too much, remember bankruptcy may protect your family in uncertain times. Peace of mind is hard to come by when credit cards are maxed, medical bills are coming in, foreclosure is looming, and your income is falling. If any of these apply to you, you might consider protecting your family – and your mind – by filing a Chapter 7 or Chapter 13 bankruptcy.

Second Chance
Bankruptcy gives you a second chance financially. There is a common myth that by filing you are ensuring it will be impossible to get lines of credit and loans. Some even think bankruptcy means, because of the terminology, that all your assets will be “liquidated” and taken away from you. Yes, bankruptcy does hurt your credit score and your credit opportunities, but you’ll likely be better able to pay off loans without huge bills. Some creditors actually prefer someone who has just discharged debt than someone who has tens of thousands in outstanding bills.

Protect Assets
In Georgia, bankruptcy exemptions can protect your personal property up to a point, sometimes completely. If you file Chapter 7 bankruptcy, yes, you stand to lose some items if you cannot pay on them. On the other hand, you can best protect your assets – especially if you own many – by filing Chapter 13 bankruptcy.

Medical Coverage
If you lack medical coverage, it can seem like playing Russian Roulette with the future. A large number of Americans and Georgia residents lack medical coverage, so when they get hurt, the bills start coming in. You can discharge this debt with Chapter 7, or pay on it over time with Chapter 13. Medical debt is the most common reason for filing bankruptcy.

Protect Income
If you want to avoid having your wages garnished, cutting into money you need to pay your mortgage and buy the family food, bankruptcy stops all collections against you – including any wage garnishment appeals.

Protect Home
While you may have some difficult protecting your Georgia family home, bankruptcy gives you the opportunity to either discharge the debt or pay on the home and keep it. There are some exemptions involved to best protect your home. Foreclosures are very common in Georgia; almost 1 in every 250 homes are being foreclosed upon every month. You can take advantage of exemptions and file Chapter 13 to best protect your home.

Keep Car
All families need ways to get around, even in big cities. So being able to take your children to school, to drive to get groceries, to go to work every day – these are important. A bankruptcy can protect most all your assets, including your car.

Filed under: Bankruptcy Information — Tags: advantages of georgia bankruptcy, delay foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, georgia chapter 13 bankruptcy, hire a professional georgia bankruptcy lawyer, save money with bankruptcy, why file bankruptcy before foreclosure — jmalewitz @ 3:04 pm

Get The Most from Your Georgia Bankruptcy Exemptions

By filing bankruptcy, you are taking some chances. A good knowledge of how the laws work, especially the local laws in your state, can literally save you tens of thousands of dollars and help protect valuable assets such as your home and car. For Georgia bankruptcy filers, the exemptions allowed are less beneficial than other states. For example, in Texas, you can protect hundreds of thousands of dollars invested into a home; in Georgia, you’re lucky to get $10,000 in equity on your home.

Why are the laws like this?
First, federal laws allow for states to simply take and any statutes they make. Georgia is unique from federal bankruptcy laws, though all states have unique bankruptcy laws. The laws are guidelines, allowing for new interpretations. But why are the laws much stricter in Georgia compared to other states? Georgia has some of the highest rates of foreclosure, more bankruptcies than many other states, and has a high unemployment rate (at the high national average of about 10%). So why the laws are like this may be less important than the reality: you have to follow them. There are some ways to maximize your protections.

What can you protect on your home?
You are allowed to protect up to $10,000 in home equity in a bankruptcy. Now remember, federal bankruptcy laws still apply. Meaning you can be eligible for Chapter 13 no matter your income, you have no limit on discharging most debts with Chapter 7, and there are laws designed to protect possessions like your home and car.

Can you file Chapter 7?
You can file Chapter 7 and discharge more debt if you don’t make too much money. If you are making six figures, it’s time to consider Chapter 13. The Georgia median income is where the Chapter 7 eligibility comes from. This is a federal statute: the average income individuals have in the state. You can find eligibility laws on other blog posts on Georgia Debt Law, such as HERE.
http://www.georgiadebtlaw.com/bankruptcy-blog/2010/07/28/the-changes-from-the-new-bankruptcy-law-for-georgia-chapter-7-filers/

What is Chapter 13?
Chapter 13 is a debt repayment plan. It works like it sounds: you repay debts. It has some advantages: you are almost always eligible; you can cancel 2nd and 3rd mortgages; you can protect your home from foreclosure; you can avoid wage garnishment; and you can keep saved money. You only need some income to fund it. If you are getting a reasonable income – whether it’s from a job or unemployment, even disability –you can likely fund it.

How do you maximize exemptions?
Perhaps the best person to help you maximize all your exemptions is an experienced Georgia bankruptcy lawyer. Exemptions can be complex. You can only protect $10,000 in home equity. By filing Chapter 13, you can protect nonexempt assets much better than by filing Chapter 7. If you file Chapter 7, you can either pay for the item directly to your trustee or try to work with the creditor outside of the bankruptcy (much more difficult). Yes, it does get complex, so hiring a bankruptcy lawyer with experience in Chapter 13 is invaluable.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, delay foreclosure, Foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, georgia bankruptcy exemptions, Georgia bankruptcy law, Georgia bankruptcy lawyer, Georgia Bankruptcy Rules, home exemption — jmalewitz @ 1:38 pm

5 Action Steps for Discharging a High Debt with Bankruptcy

1-Get Educated
Read articles and books, ask professionals such as lawyers and financial consultants, study actual government sites where laws are posted, and follow blogs like Georgia Debt Law – that gets you educated on bankruptcy and debt discharge. Reading is a prime way to get introduced to bankruptcy. The best education you can get, however, comes from a local lawyer. This blog is run for Georgia residents interested in filing bankruptcy. If you’re in Georgia, you know where to come. If you’re out of Georgia, consult with a local lawyer. The main bankruptcy laws and rules are the same, but things such as eligibility do vary from state to state.

2-Be Honest
Why are you filing bankruptcy? What will happen if you are discharged from this debt? Do you have the means to stay solvent after? You have to be honest with yourself after filing bankruptcy. If you spent so much money it forced bankruptcy, you may have some spending habits you need to change. Bankruptcy won’t solve that. Once you’re discharged, you need a plan for avoiding a second bankruptcy. If you have no income coming in, the problem is that we all create debts of some kind. So again, you’re not solving the problem. If you are unsure of where to go when financial stress is high, consulting with some professionals may help you.

3-Make A List of Debts
If you want to keep an item, list in your bankruptcy. If you want to discharge a lot of debts, list them all. It’s as simple as that. Of course, you can’t discharge all debts, but have a game plan.

4-Ask for Legal Counsel
You need a lawyer. It’s not news really. Unlike criminal law, many forgo legal counsel when it comes to financial problems like bankruptcy. You should hire a professional lawyer. If you’re in Georgia, hire an experienced Georgia bankruptcy lawyer. He or she can educate you, be honest with with what debts you can discharge, protect your assets from being taken, and give you a new list of actions steps for what to do financially after you file. That’s what a good lawyer should do. If he or she saves you $50,000, and you pay him or her $1,500, it’s worth it.

5-File Chapter 7
The final action step for you to consider. You did all the footwork, got a lawyer, listed your debts, and filed Chapter 7 bankruptcy. You can now be discharged of most debts, including credit card and medical, in a matter of months. While there is a chance you’ll lose some property and assets, your lawyer can help you negotiate and protect what you have.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, delay foreclosure, discharge georgia debt, discharge the most debt with bankruptcy, file chapter 7, Foreclosure, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer — jmalewitz @ 1:56 pm

Good News on Georgia Bankruptcy

In a September 2010 post on the Atlanta Journal-Constitution, some good news for Georgia residents is noted.

Before we get to that, let’s look over the problem. Georgia has been hit by some of the highest rates of foreclosure, bankruptcy, and unemployment in the country. According to RealtyTrac, 1 in about 250 homes are being foreclosed in Georgia every month, and that number has stayed high in recent months. In comparison, states like Texas have foreclosure rates of 1 in 800, a much better rate. That means, to be clear, that if you walk past 250 homes in Georgia, in one month one of those will go into foreclosure.

Unemployment is a problem across the nation, with almost 10% of the population being out of work. Some states are below 5% and many are below 9%. According to the Department of Labor, about 9.9% of Georgia residents are unemployed, not quite in the top 10 worst states, but close to it.

The real problem in Georgia has been with bankruptcies. Georgia has some of the highest bankruptcy rates in the country, especially when you compare some of our state counties to other state counties, which brings us to the Atlanta Journal-Constitution article by Henry Unger.

Unger’s point is on Georgia county rates for bankruptcy. Sometimes in the previous year, as many as seven to eight counties have been rated in the top 10 for bankruptcies nationwide. In other words, Georgia county foreclosure rates have been a statistical nightmare, having some of the worst counties in terms of personal bankruptcy of the entire country.

The good news? “In August, only four metro Atlanta counties — Newton, Henry, Douglas and Rockdale — made the Top 10 list, according to the National Bankruptcy Research Center,” writes Unger. He also points out how Atlanta area bankruptcies have gone down since last year.

It’s good news, but the reality is Georgia still has some of the highest rates of bankruptcy in the country. With the mortgage crisis, unemployment, and medical coverage still being a problem nationally and in the state, we have a long way to go.

This does not mean filing bankruptcy is a bad thing. It can save you a lot of money. Bankruptcy is not for everyone, but if you’re problem is high debt, and you are unemployed, filing Chapter 7 bankruptcy is an option. With the rate of foreclosures still quite high in Georgia, there has never been a better time to protect your home by using Chapter 13 bankruptcy.

If you want some more good news, consult with an experienced bankruptcy lawyer. A Georgia lawyer can save you time, money, and assets.

Filed under: Bankruptcy News — Tags: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, atlanta bankruptcy stats, Bankruptcy News, chapter 7 bankruptcy rates, delay foreclosure, foreclosure help, Georgia bankruptcy law, Georgia bankruptcy lawyer, georgia bankruptcy rates, georgia bankruptcy updates, georgia foreclosure news — jmalewitz @ 12:53 pm

Ready to Get Help?

Complete the Contact Us Form below and we will call you right away to answer your questions about Bankruptcy. Don't Wait -- Find out if Filing Bankruptcy is your best option today!

Free Bankruptcy Case Review

Older Posts »

Ready to Get Help?

Free Bankruptcy Case Review

Talk with an experienced bankruptcy attorney today to evaluate your financial situation for free.