Georgia Foreclosures and Bankruptcy

Bankrutpcy Articles » Georgia Foreclosures and Bankruptcy

Foreclosure Rates in Atlanta and Gwinnett County are Among the Highest in the U.S.

To many Georgia residents, it's no surprise Atlanta ranked 11th in the nation among metropolitan areas for foreclosures and 2nd for bankruptcy filings in 2007. Despite a light June foreclosure sale at the Gwinnett county courthouse, it's deemed a minor lull and not a trend.

New changes in the law require a lender who sells a loan to another company to register the change with the courthouse. This change merely delayed many foreclosure sales. What might've sold in June will now appear in later months.

Atlanta and Gwinnett County are not alone in the foreclosure crisis. South Georgia has also seen a foreclosure spike. Albany, in Dougherty County, had an unprecedented 31 sales in June. This kind of volume is rarely seen outside of more populous areas, like Atlanta.

Foreclosures are happening across all walks of life. Some of the Albany sales were previously owned by a church, many Gwinnett County sales were from builders, and at the other extreme, Evander Holyfield - heavyweight boxing champion - has recently had his $10 million dollar home listed for foreclosure. Thousands of Georgians have found themselves in similar circumstances, many times through no fault of their own.

If you are facing foreclosure, you have options. Thousands have found relief from foreclosure by filing bankruptcy. Discuss your case with a Georgia state bankruptcy attorney to find out if bankruptcy is right for you.