Atlanta Bankruptcy Attorney Blog

Look at it as flowers rising from the ashes: despite two-plus years of tough economic times, Americans have managed to significantly lower credit card debt.

The credit card debt of an average family is less than $5,000 - the lowest level in eight years and more than 13 percent less than just last summer, according to the Associated Press. To top it off, more credit cardholders are paying their bills before the due date. It looks like all that coupon clipping and budgeting is slowly paying off - at least for most people. However, some of us are making a dangerous trade-off, say Atlanta bankruptcy attorneys.

Continue reading "Some Atlanta Homeowners Swapping Mortgage Payments for Credit Card Bills" »

The number of underwater mortgages is finally going down - but those of us facing foreclosure aren't out of the woods yet.

In a rare bit of good housing news, Zillow.com recently announced that the amount of homeowners with underwater mortgages - in other words, those of us with a home worth less than what we owe on our mortgage - decreased from 23 percent to 21 percent in the last quarter. Fewer homeowners with negative equity means we might finally start seeing less foreclosures in coming months, according to Atlanta bankruptcy attorneys.

On the other hand, that doesn't do much to help folks currently - or soon to be - at risk of foreclosure.

Continue reading "Filing for Chapter 13 Bankruptcy Can Stop or Prevent Foreclosure for Atlanta Homeowners" »

There's good news and bad news about rewards cards.

First the good news. Despite worry that banks would start ditching rewards cards to make up for their reduced ability to charge fees under the Credit Card Act, most banks haven't changed their programs, say Atlanta bankruptcy attorneys.

The bad news? Rewards cards can be a little bit tricky - sometimes they help you save money, sometimes they make you pay.

Continue reading "Rewards Cards Can Still Pay Off for Careful Consumers" »

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" »

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" »

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" »

If you're tired of the fees your bank is tacking on to your checking account, how about forgoing the bank altogether?

Don't worry, I'm not advocating that you store your paycheck under the mattress - I'm talking about considering a credit union. As banks make simple checking accounts more expensive with things like account maintenance fees, balance transfer fees, minimum deposits and other annoyances, cash-strapped customers are looking for alternatives, say Atlanta bankruptcy attorneys. And with lower rate credit cards and certain loans, a credit union might be just the solution.

Continue reading "Credit Unions Offer Better Deals Than Banks For Some Atlanta Customers" »

If your mailbox seems a little fuller lately, it's probably not your imagination.

After all but drying up during the recession, credit card offers are making a comeback. Banks are feeling optimistic that consumers are ready to spend, and to take advantage they're stuffing mailboxes with advertisements, say Atlanta bankruptcy attorneys.

It's a bittersweet milestone. On the one hand, credit card offers indicate the economy - and consumer confidence - is finally improving. On the other, it means new opportunities for us to damage our credit and add to our debt.

Continue reading "After Months of Tight Credit, Banks Begin to Mail Credit Card Offers to Atlanta Consumers" »

Believe it or not, owing zero dollars on your credit card bill isn't always a good thing.

With Atlanta consumers getting the message that too much debt is dangerous, many folks are leaving some of their cards in their wallet, cutting up credit cards with scissors - or even canceling their accounts, according to Atlanta bankruptcy attorneys.

It's a move in the right direction. But unfortunately, it's a move that can backfire.

Continue reading "Cutting Up Credit Cards Isn't Always the Best Solution for Atlanta Cardholders" »

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" »

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" »