A Georgia bankruptcy attorney might not be the first person you would turn to when seeking financial guidance, but consider the latest data. Georgia’s unemployment rate reached 10.1% in June, a record high.
With more unemployed workers than jobs available, a serious and often cyclical problem is created. A job loss means the consumer has significantly less disposable income to spend. As a result industries across the state such as retail and hospitality see less revenue from consumers. These businesses are forced to make their own budget cuts, often leading to more unemployed citizens.
This domino effect can be stopped, but it will take the effort of each household to reverse the trend. How can you help reverse the trend and turn Georgia’s economy around? Look for solutions to help you pay off your debt, while not spending beyond your income.
Consider filing for bankruptcy as an effective method to reorganize your finances. A local attorney with expertise in Georgia bankruptcy rules can determine if you are eligible. If you own a home and are facing foreclosure as a result of your job loss, Chapter 13 Bankruptcy can delay a foreclosure for the period that you are in bankruptcy. Through the bankruptcy process, you can create a payment plan which helps you pay previous mortgage payments while still allotting money for your basic living expenses.
An attorney with expertise in Georgia bankruptcy law will make you aware of the options you have, based on your unique situation. Georgia adds additional laws beyond federal mandates for filing bankruptcy, so your ability to return to financial success needs to be in the hands of an attorney familiar with the Georgia bankruptcy code.
We expect corporations to have a plan for becoming financially solid, but we should also equip ourselves with the information necessary to make the right personal financial decisions. Create your own financial recovery by partnering with a trusted Georgia bankruptcy attorney.