What is a Bankruptcy Repayment Plan?

Many consumers facing a personal bankruptcy opt for a repayment plan. In Georgia, people work with a bankruptcy attorney to create a repayment plan that will help to protect their home from foreclosure and keep non-exempt items.

Question: What is a Bankruptcy Repayment Plan?

Answer: A repayment plan is another way of describing a Chapter 13 personal bankruptcy plan. In this type of scenario you would work with a Berry & Associates lawyer to create a 3-5 year plan that would allow you to pay off your debts. At the end of the plan you would receive a discharge. This plan is often used when a person is trying to save a home from foreclosure.

Notables in a Chapter 13, aka a Bankruptcy Repayment Plan:

A bankruptcy repayment plan will stop the foreclosure process and allow you to catch up on past due mortgage payments over the course of 3-5 years. In a Chapter 13, you will also be able to get back in control of your finances and to ‘do the right thing’ when it comes to repaying your debt. Unlike a Chapter 7, a Chapter 13 bankruptcy can allow you to maintain possession of certain types of properties. These options will be discussed when you talk to your bankruptcy attorney.

Have questions about a bankruptcy repayment plan? Contact the lawyers at Berry & Associates to discuss your situation and if a repayment plan is the best option for you.

Filed under: Bankruptcy Information — Tags: , , , , — admin @ 9:25 am

Gwinnett County Chapter 13 Bankruptcy Tips

Gwinnett County is perhaps the second hardest hit county in Georgia for foreclosures. In July alone there where 468 Lawrenceville Foreclosures in Gwinnett County alone. Gwinnett had just over 1,310 foreclosure actions for the month, which made it the second highest county in terms of activity in Georgia. Only Fulton had more foreclosure actions.

What is significant about this is the percentage that Lawrenceville is making up of foreclosure actions in the county. With over a third of all actions, Lawrenceville residents can surely benefit from additional knowledge about foreclosure and how bankruptcy law affects it. In particular Chapter 13 and how it the Georgia bankruptcy code affects it is something that any resident facing a potential bankruptcy needs to know about.

A Chapter 13 is a repayment plan that is established to settle your debts (at a reduced price) with your creditors. It is filed in court and is approved by a judge. A bankruptcy lawyer often helps with the plan. Contacting a lawyer is not required to complete a Chapter 13. If you have income (ie, capable of repaying) and you have assets worth protecting (home, car, etc), then Georgia Chapter 13 bankruptcy options are something that you need to consider learning about, especially if you are behind with your creditors, capable of repaying. It is expected that foreclosure actions in Gwinnett County will remain high, which makes understanding these Chapter 13 bankruptcy tips so important.

Berry & Associates has 10 Atlanta bankruptcy law offices throughout the metro, including a Gwinnett County office in Duluth, GA.

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

Filed under: Bankruptcy Information — Tags: , , , — admin @ 8:17 am

Lawrenceville Foreclosures were 468 of 1,310 in Gwinnett County

Gwinnett County was hit hard with foreclosure actions. The city of Lawrenceville, GA has one of the highest number of foreclosure actions for July 2011. Many of these residents wanted to avoid the prospect of losing their home. Had action been completed previously with a bankruptcy attorney, action could have been taken. Berry & Associates has 11 offices throughout metro Atlanta with an office easily located off I-85 in Duluth.

In Georgia, only Fulton County has more foreclosure actions than Gwinnett County and Lawrenceville, GA is leading the county by over a 2:1 margin. In July 2011 there were 468 foreclosure actions in Gwinnett County in Lawrenceville alone, with Buford (172) coming in second, Snellville (167) third, and Norcross (122) forth. RealtyTrac spilts Duluth foreclosures between Gwinnett and Fulton. Total Duluth foreclosures where 134 with 88 being credited to Gwinnett and 46 to Fulton.

Below is the July 2011 breakdown of  Gwinnett County foreclosures according to RealtyTrac:

  • Lawrenceville Foreclosures = 468
  • Buford Foreclosures = 172
  • Snellville Foreclosures = 167
  • Norcross Foreclosures = 122
  • Dacula Foreclosures = 88
  • Duluth Foreclosures = 88
  • Lilburn Foreclosures = 85
  • Suwanee Foreclosures = 83
  • Grayson Foreclosures = 36

Had residents of Lawrenceville acted sooner, a bankruptcy attorney could have helped them possibly save their home. Personal bankruptcy options such as Chapter 13 can be a tool used to stop a foreclosure. The Berry & Associates office in Duluth has many questions come in from local residents on a daily basis asking about Chapter 7 and Chapter 13 advice from our local lawyers and experience law office team.

Gwinnett County Berry & Associates Duluth Bankruptcy Attorney
3235 Satellite Blvd.
Building 400, Suite 300
Duluth, GA 30096
Tel: (404) 425-5181
- Berry & Associates attorneys help Gwinnett County residents with Chapter 7 and Chapter 13 bankruptcy cases.

See the latest Gwinnett County foreclosures from RealtyTrac.

Filed under: Economic News — Tags: , , , , , — admin @ 7:08 am

Kennesaw Foreclosures were 98 of 782 in Cobb County

Did you know that you might be able to stop a foreclosure action against you? It is possible if you know how the bankruptcy code works. Berry & Associates has help 25,000 residents with bankruptcy cases. We know the law and how it is applied.

Cobb County foreclosure actions increased in July to 782 from 763 in July. Kennesaw foreclosures were 98 of the 782 Cobb County foreclosure actions with Marietta having the most (288) and Powder Springs having the second most (104).

  • Marietta Foreclosures = 288
  • Power Springs Foreclosures = 104
  • Kennesaw Foreclosures = 98
  • Acworth Foreclosures = 82
  • Smyrna Foreclosures = 74
  • Austell Foreclosures = 74
  • Mableton Foreclosures = 62

Could all of these Cobb County foreclosures been avoided? Of course not. Several of them could the have prevented if they had a Georgia bankruptcy lawyer representing them. The common technique that would be explored is a Chapter 13 bankruptcy, which residents of Cobb County can contact our Kennesaw office if they have questions about.

Cobb County Berry & Associates: Kennesaw Bankruptcy Attorney
125 Townpark Dr.
Suite 500
Kennesaw, GA 30144
Tel: (404) 425-5184
- Our lawyers help Cobb County residents with Chapter 7 and Chapter 13 bankruptcy cases.

See the latest Cobb County foreclosures from RealtyTrac.

Filed under: Economic News — Tags: , , , — admin @ 8:04 pm

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

Filed under: Economic News — Tags: , , — admin @ 7:33 am

Fulton County Leads June 2011 Georgia Foreclosures

Earlier this month RealtyTrac announced that Georgia was 6th in US foreclosures for June 2011. This data is dramatic with the Atlanta area leading the state of Georgia in foreclosure actions. Fulton County had 1,235 foreclosure actions in June 2011. This impacted that 1 out of every 360 homes. Fulton County primarily covers the city of Atlanta.

While the Fulton County numbers are high, residents of other counties are also being severely impacted by tough economic times. For example, Clayton County had 437 actions in June, but unlike Fulton where 1 out of every 360 homes were impacted, Clayton saw foreclosure actions in the county affect 1 out of every 246 homes. To the north of Atlanta, Cherokee County proportionally was much better, seeing 1 out of 287 homes affected.

Thousands of Homes in Metro Atlanta:

Other than Fulton County, other heavily populated counties in Georgia saw high foreclosure actions in June. While Fulton saw 1,235 foreclosure actions, DeKalb County saw 936 and Cobb County saw 763. One of the most heavily impacted counties was Gwinnett County with 1,129 foreclosure actions or 1 out of every 256 homes.

Foreclosure & Bankruptcy Considerations:

Declaring bankruptcy is an option many people facing foreclosure consider. Any bankruptcy lawyer will likely agree that simply declaring bankruptcy will not prevent a foreclosure by itself. Other actions and filings often are required to help provide maximum potential that you home will not be lost. If you have questions about how bankruptcy can affect your home and a potential foreclosure, contact a local Berry & Associates office and request a free consultation.

Quick Links – Finding a Local Berry & Associates Office

Below is a list of our bankruptcy offices in Fulton, Gwinnett, Cobb and Clayton.

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

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

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

Clayton County Berry & Associates Jonesboro Bankruptcy Lawyer
7183 Jonesboro Rd.
Suite 100
Morrow, GA 30260
Tel: (404) 425-5183

Filed under: Bankruptcy News — Tags: , , , , — admin @ 7:17 am

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.

Filed under: Bankruptcy News — Tags: , , , , , — admin @ 6:25 am

FTC Announces Georgia Customer Refunds for Overcharges

For 19,529 Georgia customers of Countrywide Home Loans they will receive a share of the millions of dollars in a payout from overcharges. The FTC settlement focuses around refunding customers that had a loan in default, but were charged increasing fees for property inspections, maintenance and other services such as title searches. The period that the events covers is January 1, 2005 through July 1, 2008.

Countrywide was purchased by Bank of America in 2008. The settlement was originally reached with the FTC in June 2010.

By the Numbers:

  • $108 million: settlement cost between Countrywide and the FTC
  • 450,177: number of customers affected nationally
  • 19,529: number of Georgia customers affected
  • July 21, 2011: Date the checks begin to be mailed
  • September 19, 2011: Date the checks should be cashed
  • 1-888-230-3196: Number to call if you believe you should have received a check, but didn’t

In Georgia this case has impacted thousands over the last few years. Also under investigation lately has been the allegation of unfair practices conducted by mortgage companies to foreclose on a home.

Is your home in danger of foreclosure? Are you facing a possible bankruptcy because of mounting debts? Contact Berry & Associates and learn about your options. We have 11 metro Atlanta locations. We have helped over 20,000 residents file for bankruptcy in Georgia.

Filed under: Bankruptcy News — Tags: , , — admin @ 7:22 am

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: , , — admin @ 7:09 am

Atlanta Foreclosures Starting to Slow, Drop 8 Percent

Is Atlanta rebounding in the housing market? Maybe. Signals are mixed currently, but a recent AJC news article gives some hope. 

  • January – June 2011 Foreclosure notices were 8.3 percent lower than January – June 2010 (56, 429 in 2011 compared to 61,524 in 2011).
  • While declines in foreclosure continues, new notices are still high

What does this news mean for the metro Atlanta residents? Signals are better than before. For example, more people are paying on time, which is good sign. Other signals are showing that financial institutions might be slowing the pace that they are foreclosing on as they determine how to handle the uptick in foreclosures from the last few years.

What does this mean for you?

Trying to stop foreclosure in Atlanta? If you’re facing foreclosure there are several options available both within the community and potentially through your lender. A final option that residents sometimes take is the option of filing for bankruptcy. A bankruptcy filing may help you avoid foreclosure on your Atlanta home, but this comes with several caveats.

  • Bankruptcy cannot be a Chapter 7
  • Bankruptcy must be a Chapter 13

7,374 Foreclosures: In June 2011 there were 7,374 foreclosure notices in the Atlanta region. This was the lowest in 2.5 years, and marked a 4th straight month of declines. That said, this is still a very high number.

Have a question about bankruptcy? Trying to rebuild your financial life? With 11 offices available in the metro area, there is a sure to be a local Berry & Associates office that can help with your metro Atlanta Chapter 13 bankruptcy questions and filing.

Filed under: Bankruptcy News, Economic News — Tags: , , , , — admin @ 3:56 pm


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