Interesting question, isn’t it? In my experience, there is a broad spectrum of people filing bankruptcy in Atlanta. But the people at FancyStats.com have created a graphic with demographic data showing that the average person who filed bankruptcy in 2008 was a married Caucasian, between 35-44 years old, with a high school diploma, who made less than $30,000 a year.
I think you can find more diversity in the numbers than that, so I included their graphic so you can make a decision for yourself.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=208b22a6-1910-43c5-baa4-d45bb3621c71)
I read an article on Forbes.com yesterday written by Stephane Fitch that provides some good information for those who are seeking to lower their house payment in order to stay in their home.
Now some may say that the Making Home Affordable program is a waste of taxpayer money, but the since it is out there, people in need should take advantage.
The first thing you have to know if you want to participate is what percentage of your gross monthly income goes toward paying your house payment. The number includes payments on the principal, interest, taxes and insurance on your home. If it isn’t greater than 31 percent, you are out of luck and need to find another way to ease your financial burden. Maybe filing bankruptcy will help?
If you made it through the first test, then you have to find out if Fannie Mae or Freddie Mac, the government-backed mortgage holders, own your mortgage. You can do this by visiting the Web sites of each lender and enter information about your home.
Once that is determined, get ready for the negotiations with the bank that is servicing your mortgage. While Fannie Mae or Freddie Mac own your mortgage, they count on the banks that service the mortgages to handle the paperwork involved in the process and decide which homeowners qualify.
Each case will be treated differently. If your house payment is more than 31 percent of your monthly income, the bank will use other costs that you have to determine if you can still make the payment if the interest rate is lowered.
You have to already be behind on payments to be considered by most banks. They will take into consideration how much savings you have, income prospects over the next nine months to one year, and other monthly expenses that you incur.
It isn’t likely that they are going to approve a modification if you are spending a large percentage of your income on health club memberships and private school tuition. It will be a subjective and sometimes humiliating look at your financial situation.
Of course, a report in the Wall Street Journal today says that some lenders are starting to write off principal when modifying troubled mortgages. It says that 10 percent of the modifications approved in the second quarter of this year involved principal reduction.
What you have to remember is that there are lots of options out there. It is also important to remember that these are business transactions. You have every right to use all the tools and programs available to you to save your home. And remember, you can still file bankruptcy to prevent foreclosure on your home.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=35299bfc-d80c-4798-83e4-31877a120384)
In the hopes of saving your home from foreclosure, you may have sought help from one of the many reputable firms that are helping homeowners who are in dire straits. Then again, you may have contacted one of the two companies that are accused by the Federal Trade Commission of charging large fees and providing little or no assistance.
The FTC announced today that it has filed charges against Nations Housing Modification Center and Infinity Group Services. The government also accuses the two companies of posing as government agencies.
Phony foreclosure rescue scams cost you valuable time and money. Talk to a bankruptcy attorney today to find out how Chapter 13 bankruptcy stops foreclosure and restructures your debts so that you can afford to stay in your home.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=6b22ded6-e36e-4851-863a-f798709c376e)
If you are facing property repossession, wage garnishments or home foreclosure due to high medical bills, credit card debt or job loss, you may be looking for a financial solution. Thousands of Georgia residents have found financial relief by filing bankruptcy.
Filing Chapter 7 bankruptcy in Dalton, Georgia, may allow you to discharge most or all of your debt within four to six months. Individuals who do not qualify for Chapter 7 bankruptcy may be able to restructure their debt and make payments over a three to five year period.
Filing personal bankruptcy is a serious financial decision which has become more complicated in recent years. It is a good idea to seek the advice of a Dalton bankruptcy lawyer before making a final decision. A Dalton bankruptcy attorney can determine if filing Chapter 7 bankruptcy or filing Chapter 13 bankruptcy is right for you.
Filing Chapter 7 Bankruptcy in Dalton
The first step in filing Chapter 7 bankruptcy is to submit the bankruptcy petition to the appropriate bankruptcy court. The petition provides the court information about the filer’s debts, creditors, exempt and non-exempt property. The court reviews the petition and schedules the 341 Creditor’s Meeting. The court assigns a trustee who is responsible for selling the filer’s non-exempt assets and using the money generated from the sale to repay the creditors in the priority order according to bankruptcy law. Most Chapter 7 bankruptcy cases are completed within 4 to 6 months.
Chapter 7 bankruptcy is inexpensive and it can be a simple way to discharge qualifying debt. Not all debt is dischargeable. Non-dischargeable debt is determined by federal bankruptcy laws. Credit card debt and medical bills generally are dischargeable. A Dalton bankruptcy lawyer can identify all dischargeable debts and also if an individual qualifies to file Chapter 7 bankruptcy.
Filing Chapter 13 Bankruptcy in Dalton
Filing Chapter 13 bankruptcy in Dalton is not as simple or quick as filing Chapter 7 bankruptcy. Filing Chapter 13 bankruptcy will not allow for the immediate discharge of debt through liquidation of the filer’s assets, but it may stop home foreclosure and allow the filer to maintain their property. Filing Chapter 13 bankruptcy in Dalton may also allow the filer and their Dalton bankruptcy attorney to create a repayment plan which repays creditors over a three to five year time period.
To qualify for Chapter 13 bankruptcy a Dalton resident must have an income source and be able to meet the obligations of the repayment schedule. The filer also can not have secured debt which exceeds $807,750 or unsecured debt which exceeds $269,250.
Personal Debts Not Eliminated By Filing Personal Bankruptcy in Dalton
Personal debts not eliminated by filing Chapter 7 or Chapter 13 bankruptcy in Dalton are defined by federal bankruptcy laws and are the same for all states. Filing personal bankruptcy in Dalton will not discharge:
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!
Call us toll free at 1-800-414-3328 or from Atlanta Metro area at 404-235-3328
