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: Atlanta Bankruptcy Lawyer, Foreclosure, Georgia Foreclosure Law, georgia foreclosure options, stop foreclosure in Atlanta — 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: Atlanta foreclosure, Foreclosure, foreclosure process, Georgia Foreclosure Law, georgia foreclosure options, stop foreclosure in Atlanta — admin @ 6:25 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 Georgia Bankruptcy and Foreclosure Options

If you are facing immense debt or a foreclosure of your home, you may wonder what your options are. You have far more than you might think. You should always consult with an experienced Georgia bankruptcy attorney prior to making any big decisions. This blog guide explains some of the options you have and decisions you’ll need to make.

Your Chapter 7 Option
All bankruptcy discharges debt, just in different ways. Chapter 7 sells off some of your assets in order to pay back debts. You typically lose little, but save a lot of money. If you have a $50,000 medical debt, or a $100,000 credit card debt, or a mortgage you cannot afford after being laid off, you do have options. You can file Chapter 7 bankruptcy to discharge these debts. You may be wondering what you’ll lose. Few bankruptcy filers who follow all the rules lose many assets when it comes to Chapter 7 bankruptcy. Technically your home, car, and other valuables can be taken, but this is a rare and there are ways to protect them. You might discharge other debts and continue paying on your mortgage, for example.

Your Chapter 13 Option
Chapter 13 bankruptcy also discharges debt, but it’s debt you are paying back. You are not eliminating this debt like you are in Chapter 7 bankruptcy nor selling off assets; you are paying it off and not selling anything. If you have an income, Chapter 13 bankruptcy can be a smart option. You stand to protect your home from foreclosure, your car from repossession, your wages from garnishment, and having other valuables taken from you. In Georgia, where foreclosures are a major problem, Chapter 13 bankruptcy can buy you time to pay off your debts and keep your home.

Your Foreclosure Options
Where in some states homes are being foreclosed on at 1 in 800 per month, in Georgia the number is closer to 1 in 250. So every month 1 in 250 homes are being foreclosed on. How can you avoid this? We went over one of your options: to file Chapter 13 bankruptcy. If you file before the foreclosure process is started, the judge will put an automatic stay on all your debts – and this stops collections against you and a foreclosure. If you wait too long, you may still lose the home. You have another option involving Chapter 7 bankruptcy. You might discharge certain debts but continue paying – called affirming the debt – on your mortgage. This way you can both save money and keep your home.

Your Lawyer Options
You have far more options than this, but let’s close with your options in hiring an experienced Georgia bankruptcy lawyer. You can look online, such as at the Georgia State Bar, found at GABar.com, where you can find many experienced bankruptcy lawyers. You want someone local. You want someone you can afford. And you want someone you can communicate well with. Bankruptcy can take some time. If you hire a lawyer you do not like working with, you can also fire him or her and hire another.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, Chapter 13 bankruptcy Atlanta, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, Georgia bankruptcy, georgia bankruptcy and foreclosure tips, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, georgia bankruptcy options, georgia chapter 13 bankruptcy, Georgia Foreclosure Law, georgia foreclosure options — jmalewitz @ 3:25 pm

Discharging the Most Atlanta Debt with Bankruptcy

If you want to discharge the most of your debt, this action guide gives you tips to eliminate the most debt, including medical, credit, and mortgage debts.

Know Your Rights
You have a right to file bankruptcy as a U.S. citizen, a right to a fresh start. Sometimes you may not be eligible for bankruptcy, but you always have some options, and almost always have the right to file either Chapter 7 or Chapter 13. Living in Atlanta is unique, but the major benefits are universal. You can discharge credit and medical debt with a Chapter 7 bankruptcy; you can protect your home from foreclosure while paying on other debts with a Chapter 13 bankruptcy.

Educate Yourself
Research may not have been your most enjoyable part of school, but it’s really not that hard these days. You can go directly to U.S. government web sites for rules and regulations on bankruptcy. You can read valuable information on blogs just like this on. You can stop by the library, ask for materials, and find magazine articles and books explaining exactly how to solve your debt problems. Did you know, for example, that the “automatic stay” stops all collections against you for some months, whereupon you can discharge the debt causing it? That’s some of the valuable info you can get on this blog, on government sites, and at the library.

Georgia Bankruptcy Eligibility
If you want to discharge debt with a bankruptcy, you need to know your eligibility. Here on Georgia Debt Law, we go over eligibility rules weekly. If you make too much money as an individual or family, you may have to file Chapter 13 bankruptcy instead of Chapter 7. If, on the other hand, you owe hundreds of thousands if not millions in unsecured and secured debts, you may be ineligible for Chapter 13 bankruptcy.

Chapter 7 to Discharge Debt
Chapter 7 bankruptcy is effective for Atlanta residents who simply cannot keep up with interest rates and penalties. There is no limit on how much credit card, medical, or mortgage debt you can discharge. As long as you do not make a more than average income, you can be free of that huge credit card debt, that impossible medical debt, or that mortgage you cannot keep paying on.

Chapter 13 to Discharge Debt
Chapter 13 bankruptcy, though used less than Chapter 7, has some major benefits too. You are technically still “discharging” your debts, but by paying on them over time. You might save your Atlanta home too, a major benefit, by stopping a foreclosure before it begins.

Atlanta Bankruptcy Lawyer
In Georgia, unemployment is over 10%, higher than the national average. If you walk down past 250 homes, one will go into foreclosure this month, if not more. These problems can be life changing, but you have rights, and you have options. While you can forgo hiring an Atlanta bankruptcy lawyer, he or she can ensure you discharge the most debt and protect the most property. And a good one should charge a fair fee, from $1,000 to $2,500.

Filed under: Bankruptcy Information — Tags: Atlanta Bankruptcy Attorney, Atlanta Bankruptcy Lawyer, Atlanta Chapter 13 bankruptcy attorney, Atlanta foreclosure, Chapter 13 Title 11 United States Code, Chapter 7 Title 11 United States Code, Chapter 7 bankruptcy Atlanta, georgia foreclosure options, Qualify For Chapter 7 Bankruptcy, Unsecured debt — jmalewitz @ 1:46 pm

Can You Discharge Your Georgia Mortgage Debt?

If your financial situation is strenuous, and you own a home, it’s understandable to be worried. The title spells it out: can you discharge a mortgage debt on your home with a bankruptcy? That sounds difficult, but as you’ll see it’s very possible and in many ways smart.

When is it bad to discharge a mortgage debt?
If you want to keep your home, to put it simply. You may be able to protect it with a Chapter 13 bankruptcy.

When is it good to discharge a mortgage debt?
If you can’t afford it, and/or if you owe more than it’s worth. Say you and your spouse own a Georgia home worth $200,000, but you’re getting later and later on mortgage payments. Then one of you loses a job. Then a new bill arrives. You know you won’t be able to make the mortgage payment next month nor the months after. In this case, you may file Chapter 7 bankruptcy to just discharge the debt. You can also use what’s called a short sale to pay back what you owe on the home and be free and clear.

Are you eligible to discharge the debt?
On the other hand, if you own a $200,000 home, you may make too much money. If your family income is quite high, but one of you loses a job, you might be eligible for Chapter 7 to discharge the debt. This can get technical, but the more you make the less chance you have of being eligible for Chapter 7. Once your income level lowers, you can file.

Chapter 7 or Chapter 13?
Chapter 13 bankruptcy is best if you want to protect your home from foreclosure. There are rules, such as the fact a bankruptcy cannot stop an ongoing foreclosure, only delay it. But if you know you won’t be able to make full payments on all your debts and mortgage without some help, you can buy time and make manageable payments by filing Chapter 13.

If you are eligible for Chapter 7 bankruptcy, that can completely free you of your mortgage, as well as credit and medical debt. Chapter 7 means you “liquidate” your assets in order to pay back creditors. If you are about to lose the home, you should consider both finding a new residence and also filing for help.

How long will it take?
A Chapter 13 bankruptcy discharge takes much longer than Chapter 7 – Chapter 13 being about 3-5 years and Chapter 7 a few months. If you file Chapter 7, you will have a few months time before being forced to leave the home, even without making payments.

Who should you consult with?
If you’re considering discharging a mortgage debt, it’s time to consult with an experienced Georgia bankruptcy lawyer. He or she will be invaluable in making the decisions between Chapter 7 and Chapter 13, ensuring you follow all laws, that your rights are protected, and that you can discharge the most debt.

Filed under: Bankruptcy Information — Tags: Georgia bankruptcy, Georgia bankruptcy attorney, georgia bankruptcy court, Georgia bankruptcy law, Georgia bankruptcy lawyer, Georgia bankruptcy trustee, georgia chapter 13 bankruptcy, georgia debt discharge, georgia foreclosure options, georgia mortgage debts — jmalewitz @ 2:13 pm

Georgia Bankruptcy and Foreclosure FAQ

It’s no secret that Georgia foreclosures are high. They are some of the highest in the country. About 1 in 250 homes in Georgia are going into foreclosure every month according to source RealtyTrac. What can we do to stop it?

Considering Bankruptcy
Bankruptcy is invaluable for more than discharging debt. Most bankruptcies are about debt problems, namely credit and medical. However, with the unemployment rates at about 10 percent, and Georgia right up there at 9.9 percent in recent months, many are looking beyond unsecured debts. Secured debts are putting many of us in a bad position. An unsecured debt would be money owed such as a credit card or medical bill. A secured debt, more importantly, is your home, your car, your boat, money owed with the possibility of foreclosure and repossession. Bankruptcy can stop this.

The automatic stay at the least buys you time to pay on debts. It can also stop a foreclosure in its tracks. Keep reading and you’ll know how.

Why Not Sell?
But you may wonder about solutions beyond bankruptcy. After all, bankruptcy means your assets are “liquidated.” It’s a common myth that you lose everything. Though bankruptcy is not always your best option, you rarely lose many assets and more rarely your home if you file correctly. On the other hand, it would be incorrect to say bankruptcy can solve all your problems. Sometimes you’re simply in over your head. You had a good job, bought a nice home, and then lost the job, and couldn’t afford the mortgage.

Beyond bankruptcy, you can sell the home for its value on the Georgia market, recouping all your losses with some luck. You may also try a short sell, not quite as effective because you are only paying off what you owe the bank. With the state of property values nationwide and in Georgia, selling your home for full value may not work.

Chapter 7 and Foreclosure
Chapter 7 bankruptcy isn’t the best way to stop a foreclosure. You can implement some strategies. For example, you might declare Chapter 7 and negotiate with the lender outside the bankruptcy. You may save some money with the bankruptcy, and have more to keep the home. This too does not always work. At the least, you can buy some time to find a new residence.

Saving Your Home with Chapter 13
Chapter 13 bankruptcy is likely better, though it’s used less than Chapter 7. Chapter 13 can help you rework your payments on your home. If you file before foreclosure is begun, you have a very good chance of completely stopping a foreclosure. And if you owe money on a 2nd or 3rd mortgage, this can be discharged.

If You Have Questions
Some of the legal terminology in this blog post may confuse you. It’s tough to understand all the bankruptcy rules and regulations, especially when they can be different from state to state. For Georgia home owners, the best decision to make is hiring an experienced Georgia bankruptcy attorney. He or she can walk you through this process.

Filed under: Bankruptcy Information — Tags: atlanta foreclosure faq, foreclosure laws, Georgia bankruptcy, Georgia bankruptcy attorney, Georgia bankruptcy law, Georgia bankruptcy lawyer, georgia foreclosure, georgia foreclosure options — jmalewitz @ 2:56 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

Obligations for Georgia Chapter 13 Bankruptcy Plan

In Chapter 13 bankruptcy, you are not always paying all the debts you owe. You quite often pay only a fraction of your unsecured debts. There are other debts you can and likely should pay 100% of, and this guide points them out.

This blog guide notes your obligations under the law, gives some essential tips for successfully filing Georgia Chapter 13 bankruptcy, helps save time and assets, and explains how to get help from professionals.

Forms to File
In Chapter 7 bankruptcy, you first prove you are eligible to file, then list your current income, property, expenses, and your debts. It’s very similar in Chapter 13 bankruptcy. You will be proving that you’ve filed taxes, that you have the income necessary for a repayment plan, what expenses you expect, and most importantly what debts you will be paying on. You will also be creating a payment plan which can work for you over the course of 3-5 years; this is how you pay on your debts. If this sounds complex, remember you are not alone in this; a Georgia bankruptcy lawyer can help.

How much do you have to pay?
Some of your debts must be paid in full, along with the filing fees. Chapter 13 costs $274 to file with the courts, the same for all Georgia residents and U.S. citizens. You also must pay your trustee a portion of your monthly payment. Georgia bankruptcy lawyer fees are more than worth it, but you need to hire the right one. These can cost from $1,000 to $2,000.

There are other payments you have to make in full, such as alimony, child support, taxes, and wages if you run a business.

What debts should you pay?
Some debts are optional, but really should be paid in full. If you want to keep your home, pay 100% on the mortgage. You will likely be saving money on some debts, so it may be possible to pay in full. It’s the same with your car and other valuable assets you need.

Unsecured Debts
You can pay anywhere from nothing to 100% of your unsecured debts – debts you owe such on credit cards and medical bills. This will depend on your current income. If you have disposable income, it must go into your repayment plan, as designated at the beginning.

What You Need to Know About Disposable Income
After your main expenses such as home and car payments, money left over is considered disposable income, and must go to paying debts.

Getting Help
Georgia Chapter 13 bankruptcy has the advantage of being able to pay on your most needed assets, while saving money on unsecured debt. In order to reap the rewards of a successful filing, you need an experienced Georgia bankruptcy lawyer.

Filed under: Bankruptcy Information — Tags: Chapter 13 Title 11 United States Code, filing chapter 13 bankruptcy, Georgia bankruptcy, Georgia bankruptcy attorney, georgia bankruptcy court, Georgia bankruptcy law, georgia chapter 13 bankruptcy, georgia foreclosure options — jmalewitz @ 1:51 pm

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