Atlanta Bankruptcy Attorney Blog

Atlanta homeowners who have been underwater in their mortgage might have just been thrown a lifesaver.

This February, housing prices increased for the first time since the end of 2006 - almost four years ago, according to The Standard & Poor's/Case-Shiller housing price index. With values finally on the rise, homeowners can breathe a sigh of relief knowing that they'll start rebuilding equity. That's the good news. The not-so-good news? No one knows how long prices will rise - or by how much.

But in the end, that doesn't really matter. What matters is that you stay in your house so you can take advantage of future home values. That means that if you're at risk of foreclosure, it's time to take preventative action.

Continue reading "Rising Home Prices Means Good News for Atlanta Homeowners" »

You wouldn't run the Atlanta Marathon without training first, right? Then why would you buy a house - probably the biggest purchase you'll make in your entire life - without getting your finances in shape?

Yet that's what thousands of Americans could be doing as they rush to sign the paperwork on their first home by April 30, the last day to qualify for an $8,000 first-time homebuyer tax credit - or $6,500, if you're an existing homeowner who's lived in your previous residence for at least five years.

But there's no need to feel bad if you didn't make the deadline, say Atlanta bankruptcy attorneys. In fact, taking the time to ensure you're financially prepared will make it easier to buy - and retain - a home than any cushy tax write-off.

Continue reading "Lowering Debt Can Help Atlanta House Shoppers More Than Homebuyer Tax Credit " »

A friend in need is a friend indeed, according to the old adage. But sometimes the best way to help your friends is by not helping them at all - at least when it comes to co-signing a loan.

Sure, it can be tempting to help a friend borrow money they need. But what's good for your soul can spell disaster for your bank account, explain Atlanta bankruptcy attorneys.

Continue reading "Co-signing a Loan Can Bankrupt Friendships and Leave You in Debt" »

Talk about a Catch 22.

One of the most common reasons folks don't file for bankruptcy is the fear that it will ruin their credit, according to Atlanta bankruptcy attorneys. But in many cases, bankruptcy is the one and only way to save your credit score.

Let's say you've missed mortgage payments and other bills, borrowed from friends and family to make ends meet or garnished part of your paycheck to the bank. The truth is, your credit is already shot. If you've hit rock bottom, you've got nowhere to go but up. And if you give it a chance, bankruptcy can help you climb out of that hole.

Continue reading "Filing for Bankruptcy Can Actually Improve Credit for Atlanta Consumers" »

My piggy bank has served me well, but he's just not cutting it anymore.

It's not that putting money in a jar doesn't work. Socking away my spare change every week actually helped me pay for college. It's just that, in this day and age, we don't really have spare change since we rely on credit and debit cards rather than cash. And that means folks that rely on their change for saving aren't really saving that much anymore.

But there's hope - today there are virtual savings methods to match our virtual spending habits. You might say that they make saving automatic.

Continue reading "Atlanta Consumers Save Money With Virtual Savings Accounts and Automatic Payments" »

You've got a killer resume, you nailed the job interview and you know you'd be perfect for the position. So why didn't you get the job?

The answer might be in your wallet, according to Atlanta bankruptcy attorneys.

Potential employers often request a copy of an applicant's credit report. And if they see too much credit card debt and a history of late payments, it's going to reflect poorly on your character - no matter how responsible and hard-working you might be on the job.

Debt doesn't just impact your finances - it can affect every aspect of your life, including work. Fortunately those effects are reversible. But before you can devise a solution, you have to identify the problem.

Continue reading "Credit Card Debt Can Keep Atlanta Job Seekers from Getting Hired" »

What you see is not always what you get - at least when it comes to mortgage modifications, say Atlanta bankruptcy attorneys.

At first glance, the government's foreclosure relief program looks like it's finally doing some good. Nearly 230,000 mortgages have received modifications through the program so far, according to the New York Times.

But a lower bill doesn't mean homeowners are out of the woods just yet. As it turns out, a growing number of us are still defaulting on our loans - even after receiving modification. The number of modified loans that resulted in defaults almost doubled last month, from 1,500 in February to nearly 3,000 in March.

While a lower house payment might offer relief, it doesn't address the reason why so many Americans are struggling to pay the bills - too much credit card debt.

Continue reading "Atlanta Homeowners Might Find Better Foreclosure Relief with Bankruptcy " »

Those free airline miles on your credit card might not be such a good deal after all.

As many credit card companies add annual fees and other charges to compete with new credit card legislation, they're trying to keep customers happy by padding cards with credit rewards programs like airline miles or cash back offers.

At first glance, rewards points might seem like a win-win for Atlanta consumers: spend money, get money back. But just make sure to read the fine print - those offers aren't always what they seem.

Continue reading "Banks Get Tricky With Credit Card Rewards Points to Lure Atlanta Shoppers" »

Using your tax refund to pay down debt certainly doesn't sound as fun as, say, buying a flat-screen TV or taking a much-needed vacation. But in can help get you closer to those things.

Nearly 45 percent of Americans are opting to use Uncle Sam's refund to lower their tax burdens this year, according to the National Retail Federation. And they're on to something. Reducing debt - and therefore interest - will stretch your tax refund the farthest.

That means more money in your pockets in the future - money you can use for paying the bills, saving, splurging and even taking that vacation.

Continue reading "Bankruptcy Offers a Way for Atlanta Taxpayers to Stretch Income Tax Refunds" »

If you're looking for ways to save money, your house may hold the solution.

No, I'm not talking about refinancing or selling - I'm simply talking about property taxes. Roughly 60 percent of homeowners are paying property taxes that are based on home values from several years ago, according to the National Retail Federation. That means many of us are paying thousands more dollars than we need to, since housing prices dropped dramatically after 2007.

Property taxes are supposed to be reassessed every 3 to 5 years, but counties aren't in a rush - they'd rather take the extra money. Luckily you don't have to wait for them. You can request a reassessment - and possibly lower your tax bill - yourself by filing an appeal with your county assessor's office.

Continue reading "Assessment Appeals Can Lower Property Taxes for Atlanta Homeowners" »

They say you can't believe everything you see on TV - and when it comes to free credit reports, they're right.

Thankfully the Federal Trade Commission enacted a new rule last week. Starting on Friday, businesses advertising credit reports - whether on TV, online or in print - have to direct Atlanta consumers to AnnualCreditReport.com. Why? Because until now, companies were charging monthly fees in exchange for credit reports, while many consumers were unaware that they could get the same information for absolutely free at the government-approved AnnualCreditReport.com.

Not only will this new transparency save many of us big bucks, it might also help save our credit score.

Continue reading "New Rules Make Sure Atlanta Consumers Have Access to Free Credit Reports" »

What if you worked hard all week, only to find that someone else was using your paycheck?

It sounds like a bad dream, but it's a real-life scenario for a growing number of Atlanta debtors who have become subject to wage garnishment - an occurrence that's increased 55 percent in Atlanta since 2004, according to the New York Times.

It starts when a bank sues you for failing to pay your credit card balance. If you don't defend yourself - either because you're intimidated, unable to afford legal representation or are simply unaware you are being sued - the bank can get legal permission to dip into your paycheck. But there's good news: even if you're already handing over wages against your will, you might still be able to take back control of your money with bankruptcy.

Continue reading "Bankruptcy Can Put a Stop to Wage Garnishment for Atlanta Debtors" »

As if it isn't bad enough that Uncle Sam could take some of your hard-earned dollars, now scam artists want some too.

Tax frauds work because cash-strapped taxpayers are desperate for a way to lower tax bills - and are therefore more willing to let their guard down, say Atlanta bankruptcy attorneys. But this is exactly when you need to be most careful. With bills to pay, food to buy and less money than ever to do it with, it's up to you to protect your money from scam artists.

Luckily, there are some surefire ways to identify tax scams.

Continue reading "Common Sense Helps Atlanta Taxpayers Avoid Income Tax Scams" »