Atlanta Bankruptcy Attorney Blog

Lenders can't seem to make up their minds. One day they're handing out subprime mortgages like candy. The next, it seems you need to be a saint to qualify for a loan.

Well, maybe not a saint. But you do need to have a credit score and finances that put you in the top third of borrowers, say Atlanta bankruptcy attorneys. That's right, statistics show that just one out of every three people who apply for a mortgage this season will be approved, according to Wallet Pop. Banks learned the hard way that lending to those of us with not-so-stellar credit can lead to defaults and foreclosures. Today, they're not taking any chances. But there are steps you can take to improve your own chances.

Continue reading "Atlanta Homebuyers Learn Secret to Qualifying For a Mortgage Amid Tightening Credit " »

Dealing with your own debt is difficult enough as it is. Why should you be harassed about someone else's?

It's not an uncommon scenario, say Atlanta bankruptcy attorneys. Even I've experienced it. Whoever had our phone number before us - a woman named Brandi - must owe some money, because when we first moved into our house we got several calls a week from debt collection companies. Fortunately, the calls have almost entirely stopped since we said we did not know anything about Brandi or her debts. But many of us have heard horror stories about (or have first-hand experience with) bold bill collectors who didn't give up quite so easily.

Continue reading "When Someone Else's Debt Burden Becomes Your Problem" »

American consumers say the economy has changed their spending habits for the better - but is the change permanent?

While 63% of people in last year's Citigroup survey reported that the recession has had a positive effect on their spending and saving behavior, only 52 respondents say the same today. Perhaps now that incomes are rising once again, we feel a little more secure. And maybe some of us are so used to the new economy that we've become numb to possibilities that once struck fear into our hearts - like pay cuts and layoffs. That's understandable. What's not so understandable? The fact that consumer debt is increasing, say Atlanta bankruptcy attorneys.

Continue reading "Are Improved Financial Habits Falling By The Wayside As Economy Picks Up Steam?" »

Just like early birds get the fattest worms, early tax filers might get the fattest tax refunds.

Even though Uncle Sam is extending this year's tax deadline from April 15 to April 18 due to a Washington holiday, taxpayers may want to file early this year, explain Atlanta bankruptcy attorneys - particularly those who think they're going to be getting money back. This Tuesday, the IRS began accepting returns, even for taxpayers planning on itemizing deductions (though most of us can file as soon as we receive our W2 and 1099s, itemizers had to wait a bit longer this year while the government put some tax law changes into effect). Maybe the idea of doing your taxes now doesn't exactly have you jumping up and down - but here's why it should.

Continue reading "Filing Early Tax Return Can Mean More Money For Atlanta Taxpayers" »

How about a bank account with that new pair of socks and order of McNuggets? It's possible at Wal-Mart.

Wal-Mart has always been known for being a one-stop shop, but now the retailer - along with a number of other big-box stores - is taking the designation literally by offering financial services from prepaid cards to check cashing, say Atlanta bankruptcy attorneys. Retailers hope to lure the millions of shoppers who either don't have a banking account or are fed up with the customer service at a big bank. And with Wal-Mart's Money Centers generating between 3 million and 5 million transactions per week, according to MSN Money, it seems to be working. But is it a good change for consumers?

Continue reading "Retailers Begin Offering Banking Services to Atlanta Customers" »

Atlanta residents might not be looking forward to paying taxes on April 15. But hey, at least Georgians don't have to worry about a state income tax increase like the ones in California and Illinois - and potentially a handful of other states with major budget gaps.

That said, paying an ordinary tax bill is no cakewalk in today's economy. On the one hand, many Americans will save a little bit of money thanks to the Social Security payroll tax cut President Obama signed last December. On the other hand, years of tough financial times and growing debts are really starting to take a toll on U.S. consumers, say Atlanta bankruptcy attorneys.

Continue reading "Many Americans Will Struggle to Pay Taxes Amid This Year's State Income Tax Hikes" »

With most Americans deep in debt, credit card issuers know it's no longer enough to simply send out credit card offers.

Increasingly, they're including 0% interest balance transfer checks with those promotions to sweeten the deal. By filling out a check, you can supposedly transfer your balance from a high-interest credit card - for instance, 25% or more - to an account that charges no interest for an introductory period. At first it sounds like a no-brainer. I mean, who wouldn't want to pay zero-percent interest? But the offer may be too good to be true, warn Atlanta bankruptcy attorneys.

Continue reading "Paying Off Debt With 0% Interest Balance Transfer Checks" »

In the classic holiday battle for our hard-earned dollars, consumers seem to have the upper hand over retailers this year.

That's because, for the first time in decades, Christmas shoppers are choosing to spend with cash rather than credit, say Atlanta bankruptcy attorneys. TransUnion reported an 11 percent drop in major credit card use compared to this time last year. And the rate of shoppers using credit during the Black Friday weekend was the lowest in the 27 years since an annual survey began tracking our holiday spending habits. It seems that consumers are finally catching on stores' holiday tricks.

Continue reading "Atlanta Shoppers Choose Cash Instead of Credit Cards in Stores This Season" »

A new washing machine is the really expensive equivalent of getting a pair of socks or underwear for Christmas. It's not fun per se, but it's useful - especially if you can buy said washing machine before Dec. 31.

For the past 24 months, shoppers have been able to get back 30 percent - or up to $1,500 - of the money spent on energy-efficient products like dishwashers, windows, refrigerators and more. It's been an easy way for short-on-cash Americans to upgrade to modern and more environmentally-friendly appliances, say Atlanta bankruptcy attorneys. But it's about to disappear. To get the discount, homeowners must have eligible products installed and ready to go by the last day of 2010.

Continue reading "Atlanta Shoppers Take Advantage of Expiring Credit for New Appliances" »

They say home is where the heart is - maybe it's time to put our money there, too. At least, that's the theory behind Small Business Saturday.

Never mind that the campaign, which starts today, is backed by credit giant American Express - who happens to be offering an incentive in the form of $25 credit to the first 200,000 folks who register their AmEx cards on the SmallBusinessSaturday.com. It's a way to pump money into the local economy - and in theory, back into our own bank accounts. And that's good news for those of us with debilitating personal debt, say Atlanta bankruptcy attorneys.

Continue reading "Atlanta Consumers Encouraged to Shop Local and Save Money Today" »

For some debt-riddled homeowners, the only way to make owning a home affordable is being able to take the mortgage interest deduction. But now it looks like Uncle Sam could revoke that tax break and similar deductions to pay for his own debts.

With the government deficit growing, President Obama has appointed a commission aimed at finding ways to balance the federal budget by 2015, according to MSNBC.com. And one way the commission could cut costs is by eliminating up to $1 trillion in tax breaks - including the popular mortgage interest deduction and child tax credit. That could mean a higher income tax bill for the majority of Americans, say Atlanta bankruptcy attorneys.

Continue reading "Growing Government Deficit Could Mean Higher Tax Bill for Atlanta Consumers" »

What's the scariest thing about Halloween night? For some folks, it's the realization that there are still two more major holidays to go before the season of spending is over.

A Halloween costume and a bucket of candy probably won't bust your budget. But between food and drinks, parties and presents, what's supposed to be a time of family and fun can quickly evolve into a pile of debt that follows you well into the New Year. But there are ways to enjoy the holiday festivities - and the rest of the year - without winding up in the poorhouse or having to go without, say Atlanta bankruptcy attorneys. In short, it's all about the freebies.

Continue reading "Atlanta Shoppers Can Save Money With Freebies This Holiday Season" »

You know that credit card applications can take a toll on your credit score, but what about other types of credit inquiries?

With most Americans grappling to pay the mortgage and manage debt, it's a common belief that it's best not to take any chances with inquiries - even if it means going without checking our credit score, say Atlanta bankruptcy attorneys. Unfortunately, our caution may be doing more damage than good.

Continue reading "Why Not All Credit Inquiries Are Created Equal" »

There's a persisting myth that bankruptcy will ruin your credit score for good. But with more middle class Americans than ever filing for bankruptcy, it's a myth that's hopefully about to come to an end.

Millions of folks who are unemployed or at risk of foreclosure are turning to bankruptcy for a fresh financial start. Unfortunately, millions more choose to handle their debt alone because they fear that bankruptcy will damage their credit score. In reality, not filing for bankruptcy could be doing a lot more harm.

Continue reading "Bankruptcy Can Improve Your Credit Score By Eliminating Debt" »

You win some, you lose some - at least, that's the way it seems with this year's new credit card laws.

On the one hand, recent consumer protection rules will give consumers a chance to get current on credit card payments and remedy mistakes before they're hit with penalties they can't afford, like suddenly rocketing interest rates. On the other hand, with banks unable to increase rates and fees on delinquent borrowers, they're increasing rates for everyone. That means paying more interest on your debt, even when you pay the bills on time.

Continue reading "Atlanta Consumers Faced With Higher Credit Card Interest Rates" »