Atlanta Bankruptcy Attorney Blog

Being optimistic is one thing; being in denial is another. And unfortunately, it seems that millions of American workers are currently in denial about the job market.

It's not that folks are naïve enough to think they won't lose their job. On the contrary, 55 percent of Americans are worried that they could soon be out of work, according to MSNBC.com. And for one in 10 of us, that worry will come true.

The problem is that - even though we know getting laid off is a distinct possibility - we aren't doing anything to prepare for it. But by not preparing for it, we're making the worst case scenario, well, worse.

Continue reading "Building an Emergency Savings Fund Can Help Atlanta Workers Survive Job Loss" »

Summer is barely halfway over, but retailers are already trying to turn our attention - and our dollars - to back to school shopping.

Coming off a couple years of dismal sales, stores are desperate to pep up their bottom lines. And they're using the fall season as an excuse to launch an all-out attack on our wallets. So how are they convincing even the most frugal of shoppers to part with money we don't have to buy things we don't need?

Sales - and lots of them, say Atlanta bankruptcy attorneys.

Continue reading "The Best Way to Save Money on Back to School Sales " »

As a culture, we seem inherently drawn to new, shiny things. Which begs the question: when the economy finally rebounds, will our spending do the same?

One way to tell is by the kind of cars we buy in the future. Before the economic meltdown, most folks bought their cars brand new. It was simply the thing to do. Sure, buying new was more expensive, but we figured that's what car loans and leases were for. Unfortunately, it didn't turn out too well for many of us.

Those new cars lost approximately 20% of their value the minute we drove them off the lot, according to Bankrate.com. After a year, another 10% in value went down the drain. Couple that with high loan payments, and you get a car that we couldn't afford to keep, and couldn't afford to sell.

Continue reading "Consider Buying a Used Car to Avoid Debt and Depreciation" »

Not much compares to the surprise of finding a forgotten $10 bill in the dryer - except stumbling upon $1,000 in forgotten money.

Believe it or not, it happens, say Atlanta bankruptcy attorneys. No, not in the dryer. But occasionally money gets forgotten in closed bank accounts, payments relating to long-ago jobs, insurance policies, dividend checks, and more. It used to be that the money went unclaimed for the rest of our lives. But thanks to the Internet, there's a new way to track down that missing cash.

Continue reading "Identifying Missing Money Is One Way to Increase Your Income" »

Too bad they don't teach you about debt in college - maybe more of us would be able to afford our student loans.

Not surprisingly, the economy seems to be having an effect on loan default rates for college students. Forty percent of students at private universities now default on loans, according to a report by The Chronicle of Higher Education. Community college rates aren't much better, with 31 percent of students unable to foot the bills.

Look, it's no cakewalk to get through school, let alone hold down a job and pay for a place to live, a car to drive and food to eat - all while paying down debt. But if you default - rather than get the help you need - you could do serious damage to your future finances.

Continue reading "More Atlanta College Students Are Defaulting on School Loans" »

If at first you don't succeed, try, try again - it could be the motto of big banks following Thursday's passage of the financial regulation bill.

Banks have for months been attempting to stop the legislation, which will cut into their profits from debit card fees - and which could in turn lower prices for the many folks struggling to pay the bills, say Atlanta bankruptcy attorneys. But now that Plan A has failed, banks are turning to Plan B - shifting fees somewhere else.

Continue reading "Big Banks Add New Fees to Counter Passage of Financial Reform Bill" »

It was years in the making, but it looks the financial reform bill is finally on its way to becoming a reality. The question now is, how much will it actually reform - especially for those of us overwhelmed by debt?

You've probably heard about how the overhaul aims to reorganize the financial system to avoid another economic meltdown like the one that began almost two years ago. But that's not all, say Atlanta bankruptcy attorneys. If it passes, these changes will have an effect on consumers as well, from how we understand our credit card bill to how we pay for things at the store. What won't necessarily change, though, is whether or not we're able to overhaul our own finances.

Continue reading "What the Financial Overhaul Bill Can and Can't Do for Atlanta Consumers" »

Folks often feel alone when struggling to overcome a bad credit score. But the truth is, they're not.

More Americans than ever are considered high risk borrowers, according to information recently released by FICO, Inc. More than 25 percent of the country now has a credit score of less than 599 - an increase of 2.4 million since the start of the recession. A poor score translates into trouble qualifying for a mortgage, car loan or new credit card - and those who do qualify will likely face much higher rates, making getting out of debt all the more difficult.

Yet raising your credit score might be easier than you think.

Continue reading "As Atlanta Credit Scores Decrease, Bankruptcy Can Offer a Fresh Start" »

When you're looking for a way to save money, canceling your insurance policy can sound pretty tempting - especially when rates keep rising.

Rates for auto, health, life and homeowners insurance policies have been on the upswing as insurance companies struggle with rising expenses, an unstable economy and the costs of the many large-scale disasters in recent decades - including 9/11 and Hurricane Katrina. Those costs get passed on to us, the consumer. And when we're already faced with immediate bills - like the car payment, mortgage or multiple credit card bills - paying for insurance might seem like a hassle, even a waste.

But it's just the opposite, say Atlanta bankruptcy attorneys. Your insurance bill could be the most financially rewarding payment you make.

Continue reading "Insurance Can Be the Difference between Debt and Survival for Atlanta Policy Holders" »

When you think of a debt relief company, you usually think of a company that, you know, relieves debt. But believe it or not, you might be wrong.

We've all heard the claims by debt relief firms, be it on the radio, TV or our computer. They can negotiate with creditors on your behalf, lowering -- or eliminating -- the amount you owe. And they can do it all for a low monthly rate. And virtually overnight. For the many folks $10,000 or more in debt, it sounds like a miracle.

Unfortunately, it is like a miracle - in that it very rarely happens.

Continue reading "Bankruptcy Can Do What Atlanta Debt Relief Companies Can't" »

From an early age, we're taught not to trust strangers. Maybe that's why it's so easy for us to spot fraudulent e-mails coming from people or places we don't recognize.

The problem is, some scammers are outsmarting us by disguising their e-mails - and stealing our personal information in the process, according to Atlanta bankruptcy attorneys. Sure, we know not to click on that message from a millionaire in a foreign country or someone trying to sell us weight loss pills - especially when the e-mails are full of typos. But what about that legitimate-looking e-mail that appears to be from our own bank or credit card company?

Continue reading "Phishing Email Scams Try to Lure Atlanta Bank Customers into Giving Up Personal Information" »

Just when we think the economic downturn might be safely behind us, economists start talking about a double-dip recession. Talk about bad timing.

Thanks to unemployment, the dire debt situation in Europe and an unstable housing market, it seems that the current economic recovery might not stick. For folks who have been barely scraping by for the last couple years, the news is understandably discouraging. But the truth is, the economy has always been unpredictable - this is nothing new.

Instead of focusing on whether things get better tomorrow, in six months, or in two years, why not focus on what we can do to make them better? You don't have to wait for the economic green light to improve your credit, lower debt or start a savings plan, say Atlanta bankruptcy attorneys. But if you do those things, you'll be better able to handle another downturn - and you'll be better poised to take advantage of the economic upturn, whenever it comes.

Continue reading "Atlanta Consumers Ready Finances for Potential Double-Dip Recession" »

They say that the best things in life are free. And when it comes to lowering debt on your own, they could be right.

As the number of Americans struggling with debt grows, so do the options for free financial advice at websites like Mint.com and HelloWallet.com.

Of course, do-it-yourself has its drawbacks. You can't ask questions and you don't have a real, live person to make sure you stay on track. But for folks who are too embarrassed to ask for help - or who need simple advice, like assistance creating a budget - online software is a step in the right direction.

Continue reading "Financial Websites Offer Free Advice for Your Debt Troubles" »