GA Foreclosures are 6th Highest in US

Some troubling news for Georgia homeowners came out recently. 11Alive reports that Georgia had the 6th highest foreclosure rate in the U.S. for the first half of 2011. The news was originally compiled by RealtyTrac’s Midyear 2011 Market Report. The the high national foreclosure rate is bad, there may be some good news in it as well for those facing a potential foreclosure.

Georgia had 60,870 foreclosures in the first half of 2011. Georgia foreclosures were down 15.4% from the same period of 2010.

Georgia’s year over year decrease of 15.4% is lower than the national average of 29%

Nationally there were 1,170,402 foreclosure filings in the first half of 2011.

“Foreclosure” is being defined by RealtyTrac as a default notice, scheduled auction or bank repossession

Foreclosures Actions Drop 15.4% Year over Year:

Georgia’s foreclosure rate is down, which many would think means that the housing market is getting better. In reality, foreclosures are down because of procedural delays. This is resulting in pushing foreclosures out. It is estimated that approximately one million foreclosure auctions that should have taken place in 2011 will be pushed into 2012, if not later.

If you are facing a foreclosure, the time to act is important. Some options may be available, but it will depend on your situation and your current outstanding debt. If you haven’t already, now is the time to contact an experience bankruptcy attorney. Your Georgia bankruptcy attorney will be familiar with the bankruptcy code and how it can be applied to your financial situation.

Give Berry & Associates a call. Whether you are near Duluth, Newnan, Dalton, or Conyers, there is a local office near you. We have 11 metro bankruptcy law offices that you can schedule a free consultation with.

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

Georgia Foreclosure Rates Go Up in 2010 – Bankruptcy Solutions

According to RealtyTrac, a leading foreclosure company, foreclosures went up in July of 2010. And Georgia still has some of the highest rates of foreclosure in comparison to all other states. There were 12,577 Georgia foreclosures in July of 2010. One in every 320 homes went into foreclosure, eighth highest in the country.

Why are so many homes going into foreclosure? And what can you do to avoid losing your Georgia home?

Why Foreclosure?
Why foreclosures are occurring may be for different reasons than you might think. Yes, the housing crisis is a major culprit in the rise of foreclosures nationwide. Yet there is far more to it than that. Unemployment rates are high, many are barely able to afford paying credit interest rates, many lack proper medical coverage, and some have lost thousands of dollars on their homes due to the downward spiral in pricing.

How To Stop It
There are many ways to avoid a foreclosure. In Georgia, with over 1 in every 300 homes being foreclosed every month, the main problem is debt. You likely owe more money on your home than it’s worth. Also, credit and medical debts are increasing, just as jobs are being lost across the state.

You do have options. You can try to sell the home for full value, hoping you get lucky (and you might). You can do what’s called a short sale and sell in order to pay back what you owe; you are selling for less, but will be clear of the debt. You can also get legal protection from creditors and for your home by filing bankruptcy.

Why Bankruptcy?
Bankruptcy gets a bad name. “Only people giving up file bankruptcy” may sound familiar. In fact, bankruptcy can save your home, and it’s your legal right to get help. It all depends on where you stand, and requires some expert financial and legal help. If you want to lose your mortgage debt, and you also have high credit and/or medical debt, filing Chapter 7 may be smart. If on the other hand you believe you can keep the home, but just want some time, Chapter 13 can help. Chapter 13 may be best because it protects you from foreclosure as you create a debt repayment plan you can afford.

Getting Financial Help
This can all get quite technical and requires some financial expertise. You can consult with a lawyer, but you should also consider speaking with some financial experts. This can really help your situation by giving you options.

Getting Legal Help
A lawyer is invaluable if you want to protect your home or discharge debt by filing bankruptcy. Georgia bankruptcy has numerous benefits. Just remember: while you do pay this lawyer money, he or she saves you far more. If you have a $150,000 home in danger of foreclosure, a Georgia bankruptcy lawyer can help you protect it. That’s the main reason for hiring a lawyer: he or she gives you financial protection.

Filed under: Bankruptcy Information — Tags: avoid foreclosure, bankruptcy financial protection, Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy in Georgia, Chapter 7 Title 11 United States Code, Chapter 7 Bankruptcy in Atlanta, delay foreclosure, foreclosure process, Georgia bankruptcy attorney, Georgia Foreclosure Law, georgia foreclosure options — jmalewitz @ 2:30 pm

Common Fears on Chapter 7 Bankruptcy for Georgia Residents

We on Georgia Debt Law hear many stories of Georgia residents and families getting much needed help from filing Chapter 7 bankruptcy. We also listen, and by listening we hear some very common fears related to specifically filing Chapter 7 bankruptcy. You might have heard some too. “The government will take all my stuff … I won’t be able to get a credit card for 10 years … I won’t be able to buy a home ever again …” and so on. This guide is an answer. It goes over some very common fears specifically related to filing Georgia Chapter 7 bankruptcy.

Your Credit Will Be Ruined
Your credit will not be ruined. Bankruptcy is a very common financial action. For Chapter 7 bankruptcy, yes, you are voiding many of your debts. Understandably this will affect your credit. A Chapter 7 filing shows up on your credit for 10 years. However, this does not ruin your credit. Georgia Debt Law goes over many ways you can rebuild your credit by taking some simple steps.

Everyone Will Know
You may be in some ways ashamed at having to file for bankruptcy, maybe even for Chapter 7. And then you may fear that everyone else will know. First, bankruptcy is filed by over 1 million individuals every year. That’s a lot of people. Second, you can only find out about a bankruptcy by going through court records. So yes, some credit companies, if they look, will know you filed bankruptcy. But not everyone will know you filed.

You’ll Lose Your Home
There is some basis for fact in this fear. The general point of filing Chapter 7 bankruptcy is to discharge debt; you have less protection for assets than you might have in a Chapter 13. Still, few lose anything when they file bankruptcy, especially their homes. If you plan it correctly, you can keep your home. If you are in danger of losing it, you have legal rights. You can’t just be thrown out of your home a day after filing bankruptcy. If you cannot pay on it, the automatic stay will protect you for several months from foreclosure and utility shutoff. If you can pay on it in some way, you can keep it.

New Bankruptcy Code Makes it Impossible to File
Yes, the changes to bankruptcy code in 2005 make it harder for some to file, mainly Chapter 7. The new code does not make it impossible for individuals or families to file. If you make more than the Georgia median income, which is 40,456 for one individual and goes up after that for couples and families, you are not eligible. Most are then eligible for Chapter 13.

Lawyers Will Take All Your Money
The idea that lawyers are inherently greedy is a common myth. Of course, not everyone believes it, but it has some reasons. Lawyers are not cheap. In bankruptcy, you are not being defended for a criminal act. You have debt. It’s important, but not a life and death situation. Therefore, lawyers charge some of the lowest legal rates in bankruptcy cases, even some very good ones. You are not filing because you have tens of thousands of dollars. A lawyer can charge you from $1,000 to $2,000 for a successful Chapter 7 bankruptcy discharge.

If you have some questions, contact an experienced Georgia lawyer today. He or she can relieve some of your concerns too.

Filed under: Bankruptcy Information — Tags: bankruptcy fears, bankruptcy myths, foreclosure process, Georgia bankruptcy, Georgia bankruptcy attorney, georgia bankruptcy court, Georgia bankruptcy law, Georgia bankruptcy lawyer, hiring a georgia bankruptcy attorney, improving credit score — jmalewitz @ 1:19 pm

Before Your File Georgia Chapter 7 Bankruptcy, Read These Tips

Tens of thousands filed bankruptcy in Georgia in 2009, and thousands more are getting a second chance financially by filing in 2010. Filing bankruptcy in Georgia has many advantages, especially if you’re in over your head financially. The problem many have is a lack of income and benefits. Some have no jobs, others no insurance, still more are in over their heads with credit debt. These tips may sound familiar. If you’re ready to make a move, contact a lawyer. But you need to hire one who can truly help.

Hire the Right Lawyer
We go over the many reasons you need a lawyer quite often on Georgia Debt Law. Unfortunately, many forgo hiring a lawyer because of a lack of income. It’s understandable: maybe you have no job, maybe you just received a huge credit card or medical bill, and paying money to a lawyer is impossible.

However, we all have ways of getting some money. Legally, you can get loans from friends and family, sell certain exempt assets, sometimes even negotiate with the lawyer on a payment plan. A lawyer is so valuable because he or she can help you fill out all forms correctly, handle any creditor problems you may be having, help you keep your assets, and most importantly discharge the majority of your debt. It’s easy to say, “you have to hire a lawyer,” but in reality, you may not have the means. If this is the case discuss your options with some qualified lawyers. Just making the call is a big first step.

If You Have No Job
If you have no job, filing Chapter 7 bankruptcy is a no-brainer. You have no income to be taken. You can prove you cannot afford a Chapter 13 repayment plan. What happened was the Bankruptcy Code of 2005 made it more difficult to file Chapter 7 bankruptcy nationwide. If you make too much money, you may be forced to file Chapter 13 and fund a repayment plan. However, if you have no job, it’s almost a good thing. You can clearly prove you cannot pay off these debts.

If You Have No Other Income
Also, if you have no other income coming in, say from disability or through a retirement plan, you are likely eligible for Chapter 7. Even if you have some money coming in, you are quite often eligible for Chapter 7. In Georgia, it’s based on the median income. If you are above, you have to file Chapter 13. Most with no jobs and minor income are eligible.

The Best Reasons to File
Filing can stop creditor harassment, give you a financial second chance, save assets from being taken, save you tens of thousands of dollars in credit or medical debt, and all for the cost of a $299 court fee and some lawyer expenses.

Foreclosure and Georgia Chapter 7
Filing Chapter 7 in Georgia is not always your best option. If you do have some money coming in, Chapter 13 may be better. In fact, it can save your home from foreclosure. Why? If you file Chapter 13 before the foreclosure papers are filed, an “automatic stay” is put on all your debts and stops any foreclosure. You can then renegotiate.

Credit Card and Medical Debt
Before you file Georgia Chapter 7 bankruptcy, consider all your options. If you have immense credit and medical debt, you can be free of it. These are the best reasons to file. Chapter 7 bankruptcy is a solution for those struggling financially. If you have no insurance, paying off a $100,000 medical bill may be impossible. If you made some financial mistakes and are in debt for tens of thousands on your credit cards, you may be in a hole impossible to dig out of. In these instances, filing Chapter 7 bankruptcy in Georgia can give you a fresh start.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy in Georgia, Chapter 7 Title 11 United States Code, foreclosure process, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, Liquidation — jmalewitz @ 1:52 pm

What Are the Benefits of Personal Bankruptcy For Georgia Home Owners?

A recent study showed that one in five homeowners who file bankruptcy do so in order to stop a foreclosure. This is a prime example of how personal bankruptcy can be beneficial for Georgia residents.

What makes it different for Georgia residents? Georgia has a high unemployment rate, especially in major cities such as Atlanta.

But there is good news, as foreclosures in Georgia are less common, according to studies made in the tough year of 2009, than many other states. Georgia had a fraction of the total foreclosures that California had, for example.

Still, even with low foreclosure rates, unemployment rates pushing over 10 percent make it a tough market. This makes personal bankruptcy more valuable. You can save your home, you can eliminate debt, and you can get a fresh start.

Personal filing comes under Chapter 7 and Chapter 13 bankruptcy. How do they help Georgia home owners? Are you eligible? Let’s find out.

Eligibility
If you make too much money to file Chapter 7 bankruptcy, it’s actually not a bad thing. Home owners typically file under Chapter 13 bankruptcy.

Why?

You can save your home from foreclosure by filing Chapter 13. Chapter 7 is very good in other respects, such as eliminating credit card debt. But if you’re a employed individual or family member, you might be over the limit for Chapter 7.

How Chapter 7 Works
Chapter 7 is a liquidation. Your trustee sells your assets to pay back debt. Your debts in many areas are cleared, such as credit cards. However, for home owners the bad news is your home may not be exempt. There is exempt and nonexempt assets. If any asset is valued too high and not exempt, you might consider personal bankruptcy under Chapter 13.

How Chapter 13 Works
For home owners who are currently working, this is the prime option. You do not eliminate any debts. You create a plan for paying back the debts over 3-5 years. If you fall behind in mortgage payments because of a mountain of other bills, you can save your home.

Warnings On Personal Bankruptcy for Home Owners
If you are going to file under Chapter 13, do not wait too long. If you do wait until the lender forecloses, you may lose the home anyways. Technically, lenders can foreclose after you miss one payment, but that rarely happens and usually it occurs after a few missed payments. There is an entire process to this and an experienced bankruptcy attorney can help.

Hiring a Personal Bankruptcy Attorney
Filing bankruptcy is cheap in comparison to all the benefits, especially for Georgia home owners. Chapter 13 bankruptcy, for example, is only $274 (and Chapter 7 $299). You do have to pay a lawyer, but if you hire the right one, it saves you time and money.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Foreclosure, foreclosure process, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer — jmalewitz @ 12:47 pm

Advantages of Filing Chapter 7 and Chapter 13 Bankruptcy Before Georgia Foreclosure

Filing for Chapter 7 or Chapter 13 bankruptcy is too complicated for many individuals to do by themselves, but the benefits of bankruptcy can be had by all. While it can be a complex and difficult process, in most cases Chapter 7 and Chapter 13 bankruptcy do more than give you a fresh start–they give you a second chance.

As noted in this blog post on Georgia Debt Law, if you’re facing foreclosure then bankruptcy is often your best option. At a minimum, you have extra time to find a second residence. At best, it buys you time to save your home.

Just what bankruptcy should you file and how does it work? First, let’s go over exactly what a foreclosure is.

Georgia Foreclosure
You fall behind on your mortgage payments, and the lender isn’t working with you on a payment plan. Maybe you have too many other bills, such as medical fees or car payments, or maybe you lost your job or someone close to you passed away. No matter the reason, the lender can take steps to bring foreclosure on your home, selling it at an auction and paying back your debt through the sale.

There are many alternatives to filing bankruptcy, but in terms of foreclosure, if you’re behind on payments sometimes there is little else you can do. If the lender is unwilling to negotiate, if you have bad credit, or if you have no other place to go if you lose this home, bankruptcy is almost a must.

Georgia Bankruptcy
Filing bankruptcy in Georgia usually calls for Chapter 7 or Chapter 13 bankruptcy. The good news with Chapter 7 bankruptcy is that it buys you extra time to find another residence (if you have few other places to go). This can be several months if not longer, as by law the courts can protect you.

How? If you file Georgia bankruptcy, there is the “automatic stay” which usually gives you 3-4 extra months extra time. You will likely lose your home if you file Chapter 7 bankruptcy in Georgia, but 3 months is a lot of time to figure something out.

On the other hand, you may want to fight this to the end. The best option if you want to keep your home–if you want to fight for it–is to file Chapter 13 bankruptcy in Georgia.

Advantages of Chapter 13 Bankruptcy in Georgia
Chapter 13 bankruptcy can save your home. You will need enough income to meet your current mortgage payment, so do what you can to get that. After, you will set up a repayment plan over a few years time–usually 3-5 years. This means you’ll pay back the debt over a longer period. It does call for bringing in more money, but Chapter 13 bankruptcy is the foreclosure solution.

Hiring a Georgia Bankruptcy Lawyer
Your best choice is to discuss this with a Georgia bankruptcy lawyer. Did you know, for example, you may be able to cancel your 2nd and 3rd mortgages? It’s not a dream, with the right assistance you can. And people successfully file for bankruptcy in Georgia to stop or delay foreclosures. All you need now is to choose a lawyer who can help.

Filed under: Bankruptcy Information — Tags: Atlanta, Bankruptcy, Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy in Georgia, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy, Creditor, delay foreclosure, Foreclosure, foreclosure process, Georgia bankruptcy — jmalewitz @ 8:08 pm

Even Banks Are Walking Away From Foreclosures

An article on the New York Times Web site describes the plight of some property owners who have given up hope on catching up on their mortgages and walked away from homes or investment properties only to find that the bank that owns the loan won’t take possession of the property either.

According to the article, “City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal — from legal fees to maintenance — exceeds the diminishing value of the real estate.”

The new development in the foreclosure crisis emphasizes that if you are facing financial problems, you should do everything possible to keep in touch with your creditors and attempt to negotiate a solution to your problems.

Filed under: Economic News — Tags: diminishing value of real estate, foreclosure process, New York Times — admin @ 9:29 am

Stall Tactics Helping Homeowners Delay Foreclosure

An Associated Press story in the Atlanta Journal Constitution highlights a Florida attorney who has developed a stall tactic that has mortgage servicers wanting to foreclose on homes scrambling to find documentation that proves they in fact own the loan. Homeowners across the country have used the legal move to delay or stop foreclosure proceedings and stay in their homes.

After being served with foreclosure notice, the homeowner files with the court seeking proof of the lien by asking that the lender produce the original mortgage paperwork.

Since the paperwork is often stored in dedicated facilities, it may take weeks or even months to find the documentation delaying the foreclosure. Sometimes, mortgage lenders have been unable to produce the documentation of the loan and the foreclosure is stopped by the courts.

Since the foreclosure process in Georgia is much quicker than in some parts of the country, it requires that homeowners be on top of their situation. Knowing you have missed a couple of mortgage payments, you need to be on the lookout for a notice in your local paper and anything that may be sent to you in the mail regarding a foreclosure.

If your financial situation has deteriorated to the point that you are struggling to make your housepayment, you should talk to a Georgia bankruptcy attorney about your options.

Filed under: Bankruptcy News — Tags: Atlanta Bankruptcy Lawyer, delay foreclosure, foreclosure process, Georgia bankruptcy attorney — admin @ 10:25 am

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