Atlanta Bankruptcy Attorney Blog

A new year always holds the promise of a fresh start. And when times are tough - as they've been for many Atlanta families in recent months - that fresh start is even more enticing than usual.

Last year, Georgia's economy grew by a dismal 1% and suffered an unemployment rate of 9.9% - one of the highest in the nation, reports the Atlanta Business Chronicle. Economic growth is anticipated to rise to 2.3 percentage points next year - a slight improvement, but not enough to help the many residents still out of work, struggling to pay the bills, and fighting off foreclosure.

But while we can't control the financial future of Atlanta in 2012, we can control the future of our own personal finances with a little persistence - and, in some cases, an Atlanta bankruptcy filing.

Reduce credit card reliance
The best way to better your finances in 2012 is to wean yourself off credit dependence, which is the first step to stopping the financial bleeding.

There's a well-documented correlation between bankruptcy filings and credit card standards, according to Atlanta bankruptcy lawyers. When banks hand out credit cards like candy, bankruptcy filings go down. Why? It's because credit provides an easy short-term solution for struggling consumers. The problem is that credit also leaves long-lasting damage.

When you need to buy Christmas presents or pay that phone bill, a credit card buys time - but ultimately you still owe the original amount plus interest. Credit doesn't get to the root of the problem. An Atlanta bankruptcy filing, on the other hand, does. Yes, bankruptcy takes more effort, but it has the ability to eliminate past debts, stop foreclosure, and allow Atlanta families to get back on their feet.

Adjust mortgage terms
As home values continued to dip through 2011, it's been estimated that more than a quarter of all Americans are underwater in their mortgage - in other words, they owe more in payments than the total value of their home.

If you're stuck with a property you can't afford, you may be able to refinance your mortgage with today's low rates thanks to the government's Home Affordable Refinance Program. In some cases, buyers are able to attain a 30-year fixed-rate mortgage for less than 4%!

But what if you can't refinance because of a job loss, medical emergency, or other financial burden? A Chapter 13 bankruptcy filing can relieve the pressure of debt, lower your bills, and allow you to avoid foreclosure and keep your house.

Start saving once and for all
Every financial situation is different, but the cold hard truth remains the same - if you want to achieve financial freedom, you're going to have to spend less than you earn.

There are a number of ways to accomplish this. Increasing your income is one solution, though it's not realistic for most Atlanta workers. Lowering your spending is another option. If you can't afford to cut back on purchases and beef up your savings, Atlanta bankruptcy lawyers may be able to help.

Chapter 13 bankruptcy is often the most realistic way to make a mortgage more affordable, while Chapter 7 bankruptcy can help you pay the bills when facing a serious income shortage - whether from a lack of unemployment or insurmountable bills. Why not make 2012 the year you start making ends meet?

Continue reading "How Atlanta Bankruptcy Filings Can Improve Consumer Finances in 2012" »

In a strange, but uplifting turn of events, law enforcement and bank-hired movers ordered to evict in Atlanta recently walked away from a home after seeing that the owner was an elderly 103-year-old woman, The Atlanta Journal-Constitution reports.

Many Americans haven't seen the same type of kindness displayed to them when people come knocking on their door and threaten to take their house and kick them to the curb. Millions of Americans have endured a foreclosure and while many have simply walked away and found a place to live, others have met the problem head-on with people changing locks or threatening eviction with law enforcement in tow.

There are millions of houses nationwide that are under water, meaning the owners are paying more in monthly mortgage payments than the house is worth. And, yet, people are trying to stay in their homes.

What some people don't realize is that filing for Chapter 13 bankruptcy in Atlanta can help people stay in their homes and significantly improve their debt situation.

If consumers have fallen into debt and are having difficulty making house payments, they could be best served by talking with a skilled Atlanta bankruptcy lawyer, who can advise them on the best course of action.

As our lawyers have reported recently, the popularity of Chapter 13 bankruptcy has increased lately. The "wage earners bankruptcy," Chapter 13 allows people to keep major assets, such as a house, vehicles and other things and set up a payment plan over 3 to 5 years. If those payments are made, on time, throughout that time period, the remaining debt is cleared. And filing for bankruptcy immediately stops foreclosure.

This is different than Chapter 7 bankruptcy, which is the more popular version of the two. Most people relate to this version, where people, mainly who have no income and few assets, are able to lose the debt without losing any assets. In some cases, valuables may be liquidated to pay back debt, but there are exemptions.

In this woman's case, she and her 83-year-old daughter have lived at the home for decades. Court records show, the newspaper reports, that in 2002, the woman's grandson got a second mortgage on the house from Deutsche Bank National Trust. The loan is now being administered by Chase Bank.

Deutsche foreclosed on the house in 2009 and the women had remained in the home while he fought foreclosure. Chase recently ordered the eviction, despite pressure from local politicians and community activists.

When police and movers showed up to evict, they walked away after seeing the woman. The stress caused her daughter to be sent to the hospital. The bank said in a statement that they would work out an agreement to allow the women to stay in their home.

It would be naive to believe this situation happens often. While there have been occasional examples of people getting last-ditch agreements, most often the banks aren't generous and they take people's homes. The better strategy is to have a plan. Speak with an Atlanta bankruptcy lawyer and see how bankruptcy can help you avoid foreclosure.

Continue reading "Cops, Movers Walk Away, Leave 103-Year-Old Atlanta Woman's House Despite Foreclosure Eviction Notice" »

Atlanta city leadership has proposed a new plan to work with big banks in order to give police officers and firefighters a discount on houses that are in foreclosure, The Huffington Post reports.

This new plan, Mayor Kasim Reed said, involves "one of the largest banks in America" to give reduced rates to these public servants. While some might feel offended that one segment of the population would get a deep discount to buy a house, given the number of foreclosures hammering Atlanta and the surrounding area, getting these houses off the market will benefit everyone.

For those struggling with foreclosure in Georgia , filing Chapter 13 bankruptcy in Atlanta may be a smart move. Foreclosures have hit people who have lost their jobs, become over-extended financially, have had medical bills or other problems. For those people, clearing out their debt through bankruptcy can help them keep their house instead of losing it to foreclosure.

An experienced Atlanta bankruptcy lawyer can guide a consumer through this process. Many people, however, choose to deal with their debt through minimum payments and expecting calls from creditors. The better way is to get that debt eliminated and set up a payment plan to pay back some of the debt you owe.

For the many who have considered filing for bankruptcy in Atlanta, they may be able to pay off their debt and still keep their house, eliminating their outstanding debt all while freeing them up to continue making payments so they aren't kicked to the curb. And that can only help our local economy. The more foreclosures abandoned opens up neighborhoods for crime and keeps house values down.

Under the mayor's plan, The Huffington Post reports, one major benefit is that city employees who have settled in Atlanta's suburbs would be drawn back into the city, which would help with the tax base as well as retail numbers. Detroit created a similar program in 2010, offering police officers homes there.

This is in line with what federal officials have been trying to do. Earlier this summer the Obama administration talked with investors to attempt to turn government-owned foreclosures into rental properties, the newspaper reports. Senators have proposed a bill that would give U.S. residency visas to foreigners who invest $500,000 or more in the U.S. real estate market.

New York City officials have reported that foreclosed homes have become a magnet for drug activity, prostitution, gang members, thieves and the homeless. Officers respond daily to calls that relate to foreclosed homes.

Atlanta bankruptcy lawyers hope that government officials can come up with more and more innovative programs to get foreclosures off the market. They are dragging down our economy, so the fewer out there, the better.

But for those who are in the foreclosure process or on the cusp, consider meeting with an experienced Atlanta bankruptcy lawyer. Rather than trying to deal with banks alone, a skilled attorney can help you avoid foreclosure or provide alternatives to work with banks to save your house.

Continue reading "Atlanta Mayor's Plan Would Allow Discounts for Police, Fire to Buy Foreclosed Houses" »

Every month, just like in October, foreclosures increased throughout the Atlanta metro area. This time, they increased at a higher clip than usual.

Foreclosure in Atlanta and throughout the state has been a problem that has hampered local and state economies, made housing prices plummet and caused many homeowners heartache.

Yet bankruptcy, usually Chapter 13 bankruptcy in Atlanta, can help homeowners save their houses. Atlanta bankruptcy lawyers have been able to help many people save their houses through this process. By eliminating debt and setting up a payment plan for three to five years, people can hang on to their homes and still pay off the debt that is causing them so much stress.

With foreclosure notices constantly on the rise, the real estate market will not recover for years or perhaps decades. An increase in foreclosures means a steady decline in prices for houses. And as unemployment remains steady, this spells disaster for the economy.

Most analysts believe that major banks halted their foreclosure processes last fall in order to revisit how they could handle all these foreclosure cases -- millions nationwide -- without illegally signing fraudulent documents, using robo-signing practices and fabricating documents to support their foreclosure filings.

That's why 15,000 fewer foreclosure notices have been filed this year compared to last. But now that banks appear to have gotten that figured out, they are again starting to file hundreds of thousands of notices and nearly 11,000 in the Atlanta area alone, the newspaper reports.

Analysts with Equity Depot told the newspaper that the numbers show a large number of second and third foreclosure notices, meaning banks may be taking action against people who are furthest behind in payments. Another trend is that more foreclosure notices are being filed against people with prime mortgages, rather than sub-prime mortgages, which were made to people with greater credit risks.

Cobb County set a new high for the year in October with 1,333 notices sent out, while Douglas (410), Hall (332) and Rockdale (259) counties also experienced highs. DeKalb, Fulton and Gwinnett counties all hit more than 1,500 notices for the month.

There have been 102,094 notices filed in the metro Atlanta area this year compared to 117,437 at this time last year, the newspaper reports.

Some could take the latest statistic as a good sign, given that notices are slightly lower than they were last year, but considering banks severely halted their foreclosure filings for the better part of a year while states investigated them for robo-signing and illegal document filing and they're still close to last year's levels shows that they have more than made up for the time lost.

While it's true that banks appear to be going after the most delinquent borrowers first, many homeowners are at risk. And even people far behind in making payments can save their homes through bankruptcy. Filing for bankruptcy immediately stops foreclosure and ensures that creditors are shuffled to bankruptcy court as it stops them from contacting the homeowner.

Continue reading "Foreclosures On The Rise But Atlanta Bankruptcy Can Help" »

In their infinite wisdom, Georgia lawmakers Sen. Johnny Isakson and Rep. Tom Graves have introduced legislation that would allow homeowners to dip into their retirement accounts penalty free in order to make mortgage payments, The Atlanta Journal-Constitution reports.

I don't know about you, but I don't hear of many people clamoring to ruin their entire future so they can make mortgage payments. What this law will do is ruin the lives of anyone who decides to give away their hard-earned retirement money -- especially with how weak Social Security is -- in lieu of foreclosure.

As everyone knows, Georgia has been hit especially hard by the sub-prime foreclosure crisis. The state ranks in the top five month after month in foreclosures. But this is a short-sighted law that isn't nearly as effective as bankruptcy in Atlanta.

If you file for bankruptcy, after consulting with an experienced Atlanta bankruptcy lawyer, the foreclosure process stops immediately. This means whether you have missed one mortgage payment or six, your house can't be taken away during foreclosure. Filing stops creditors from calling about bills, the banks from sending harassing letters and e-mails, and from the hassle of dealing with wage garnishments.

It is a better alternative than dealing a crushing blow to one's retirement. When people plan for the future, they don't expect to give up their retirement to pay for a home. With housing prices having plummeted during the recent crisis, they aren't nearly the investment many had hoped they would be.

Bankruptcy can rescue consumers from foreclosure and in many cases allow them to remain in their homes both during and after the process is complete. In Chapter 13 bankruptcy in Atlanta, consumers are able to set up a reasonable payment plan over three to five years to pay back a portion of what is owed.

Under the lawmakers' plan, people would be able to pull out 401(k) funds, retirement account money and other locked-in accounts without paying a 10 percent penalty to the IRS if they were using the money to make monthly mortgage payments.

Sadly, while their quotes in the news media show they are proud of their actions, they're missing the point. Would they really tell their friends, maybe people in their 60s who aren't going to find good work anymore, to cash in their retirement accounts to pay for a house that is underwater in its mortgage? Never. But they announce the legislation with quotes that make it seem as if they are doing the country a huge favor.

Isakson said that the nation's economy can bounce back only if the housing market recovers, adding that the legislation will "help strengthen the American housing market" by reducing foreclosures.

Yet, it will leave retirees penniless.

Graves, on the other hand, says the legislation actually does people a favor. For those who have been "responsible enough" to save for retirement and are out of work, the legislation allows them to pull their retirement money to pay for their homes.

I'm sure everyone who's out of work wants to sink all of their savings into a below-market house that may not even recover in value until after they have died.

In bankruptcy, retirement accounts are off-limits from creditors, allowing consumers to keep their retirement and manage payments. In some cases, they can walk away from bankruptcy with other debts cleared so they can use savings or other income to make payments to keep the house, rather than using precious retirement money.

Continue reading "New Law Would Allow Georgians to Use Retirement For Mortgage Payments to Avoid Foreclosure" »

It's another top ranking for Georgia that residents wish they didn't have -- most foreclosures. According to The Atlanta Journal-Constitution, the state ranked fourth nationally in foreclosure rates in August.

Stopping foreclosure in Atlanta can be a complex process for those who attempt to fight the banks in the court system. A less complex process is filing for bankruptcy in Atlanta, which automatically stops foreclosure.

An experienced Atlanta Bankruptcy Lawyer will advise you that bankruptcy can be alleviating upon completion, compared to the pre-bankruptcy stage where bills are piling up, payments are falling behind and stress is mounting.

According to the foreclosure tracking company RealtyTrac, there were 11,743 properties statewide in August that had foreclosure filings. That number includes scheduled auctions, bank repossessions and default notices. It's a 2 percent increase from July, but actually down 28 percent from August 2010. Yet, the rate ranks Georgia fourth in the nation.

In metro Atlanta, foreclosure notices rose 16 percent in August from July, but the count was partially based on a five-week period of notices compared to a normal four-week period. According to RealtyTrac, only Nevada, California and Arizona had more foreclosures. Idaho, Florida, Illinois, Colorado and Utah had slightly lower rates.

Experts have believed for some time that banks and lending institutions have been holding back on their foreclosure filings after attorneys pointed out all the problems banks were having with robo-signed documents, false paperwork and other issues.

Analysts now believe that the increase in the Atlanta area in foreclosure filings may be a result of banks beginning to file foreclosures on houses that have been behind in payments for months. Most banks held back on their filings beginning last fall after saying they would be reviewing policies and procedures.

It's possible that more filings will be coming as banks figure out how to file foreclosures without incorrect paperwork and violating homeowners' rights. While this is certainly possible, it's foolish to consider what may happen in the future. You know your situation and you know whether it's going to get better and improve with time or if acting now is the smart move.

A big benefit of bankruptcy in Atlanta for homeowners whose houses are in foreclosure or on the brink of foreclosure is that filing immediately stops the foreclosure process. A homeowner could be one monthly mortgage payment behind or many months behind and filing for bankruptcy stops the bank from trying to take away a person's home.

Most homeowners can continue to stay in their homes while the bankruptcy process is ongoing and may be able to stay in their homes once the process is complete. The bankruptcy procedure can be complex and difficult to navigate, so consult with an experienced Atlanta Bankruptcy Lawyer who will be able to guide you through this decision in order to give you the financial freedom in the future that you don't have right now.

Continue reading "Georgia Among Top 5 in Nation For August Foreclosures" »

Foreclosures make up nearly 60 percent of all home sales in one suburban Atlanta county, just another sign that the local economy is frustratingly slow to recover from the Great Recession.

You can find signs of a foreclosure in just about every neighborhood -- high-grown grass or a sign in the front yard -- as job loss or mounting debt has made keeping up with monthly mortgage payments nearly impossible for many families.

But one option that may help is bankruptcy in Atlanta. There are certain standards that must be met, but after qualifying, a person can have debts discharged and still keep important assets, such as a house or car. And filing for bankruptcy will immediately stop a foreclosure. Whether a homeowner has fallen one payment behind or is waiting for their house to be sold by the bank, bankruptcy stops the process. Chapter 13 is available to those who don't qualify for Chapter 7.

An experienced Atlanta Bankruptcy Lawyer can help consumers win a fresh start.

The foreclosure problem is even more evident in Douglas County than elsewhere. Times-georgian.com reports that 58 percent of all home sales in that county were foreclosures during the second quarter.

Of the 280 sales between April and June, the average price was $89,504, while non-foreclosure homes were sold at about $100,155, the web site reports. It is clearly a buyer's market, which also hurts the homeowners whose houses aren't in foreclosure.

The numbers in Douglas County outstrip statewide numbers. In the same time period, 38 percent of all sales were houses that were in foreclosure. And Georgia had the fifth highest percentage of foreclosure sales nationwide. Nationwide, the number is 31 percent.

There are two forms of bankruptcy that may be able to help a homeowner. For many, they are making payments on a house, but have lost a job and now have bills piling up. They may have a student loan they must make payments on, on top of monthly bills, credit card bills and other debts and all of a sudden they have no source of income.

For those people, Chapter 7 bankruptcy in Atlanta is probably the most beneficial. Under this law, consumers can have most or all of their debt discharged and can even keep assets in which they have little equity.

Another option is Chapter 13 bankruptcy in Georgia. This is the less frequently used option, but it allows consumers to make monthly payments for a time period -- usually 3 to 5 years -- and pay back some of the debt. After making those payments, the consumer can seek to have remaining debt discharged. That chapter is typically reserved for someone who has a lot of equity in their possessions or who has high income.

Both options are better than creditors hounding you for payments and attempting to garnish your wages, if you're working. Lenders can be brutal in collecting their money and can make life difficult. An experienced bankruptcy lawyer can stop them in their tracks and help you earn a fresh start.

Continue reading "Atlanta Bankruptcy Protects from Foreclosure, Which Make up Majority of Home Sales" »

Notices of foreclosure in The Times-Herald for August are up from July and are over 200 for the first time since March, the newspaper recently reported.

This is more bad news for our local economy, as the real estate market in Atlanta and throughout Georgia continues to get hit during the country's slow economic recovery. According to RealtyTrac, Georgia has the third highest foreclosure activity, behind only California and Florida. In much of the metro Atlanta area, one in every 300 or houses is in foreclosure.

Many people are struggling to stay in their homes right now. Job loss, the poor economy and unexpected medical bills can lead to missed mortgage payments and a foreclosure could be looming. Banks typically aren't willing to work with homeowners, which can leave them feeling desperate and alone. But filing for bankruptcy in Atlanta immediately stops the foreclosure process. Creditors are no longer allowed to call and even if the house is 12 months behind in payments and scheduled for sale the next day, foreclosure can be stopped with the help of an Atlanta Bankruptcy Lawyer.

According to the Newnan newspaper, the number of foreclosure-related ads are up 37.9 percent from July and were the highest number since March. However, the number overall is down 16 percent from the 253 foreclosure-related ads that ran in August 2010.

Numbers from CoreLogic show that the rate of foreclosures among outstanding mortgage loans was 3.07 percent for May, which was down from May 2010 in the Atlanta-Sandy Springs-Marietta area.

And the mortgage delinquency rate in the metro Atlanta area decreased. In May, 9.1 percent of mortgage loans were 90 days behind compared to 10.27 in May 2010, the newspaper reports.

Most of this is bad news for the local real estate market and this has profound effects on two specific groups of people. For those who are staying in their houses and are financially sound, the piles of foreclosure notices that hit newspapers daily and the reports that come out are a bad sign for property values.

But these numbers are perhaps more impactful for those who are in serious risk of losing their homes. As foreclosures rise, banks may be less likely to work with those who are on the cusp of losing their house to foreclosure. Sometimes, banks can make more money off the foreclosure process and attempt to come after borrowers for the difference between a sale and what is owed on the house.

But to stop foreclosure in its tracks, a person can file for bankruptcy protection. And more and more people in Georgia are turning to that option. According to the American Bankruptcy Institute, nearly 18,000 Georgians filed for bankruptcy in the second quarter of 2011, which is down slightly from the first quarter.

Many people are able to keep their homes after a bankruptcy proceeding, depending on the circumstances. And it's possible for someone to lose their house, but still make a recovery in short time to purchase a new house -- without the baggage of tens of thousands of dollars in bad debts.

In the long run, bankruptcy improves the credit scores of those who go through the process and it wipes out debt, so people are able to move on with life and get a fresh start. It may be advantageous to consult with an Atlanta Bankruptcy Lawyer to discuss your situation.

Continue reading "Foreclosure Numbers Top 200 in Newnan First Time Since March" »

The Atlanta Bankruptcy Attorney Blog has reported before about the woes of Atlanta's housing market, as foreclosures have haunted this great city and surrounding area.

But recent news suggests that the area's high unemployment rate coupled with the glut of foreclosures has left the Atlanta area in real trouble. It's a bad cycle that will likely take years to correct -- high unemployment leads to foreclosure leads to bankruptcy in Atlanta. While it may be hard for some to come to terms with their financial situation, others realize that they can obtain financial freedom after consulting with an experienced Atlanta Bankruptcy Lawyer.

According to the Atlanta Journal-Constitution, Atlanta has the fourth sickest housing market among the country's largest 75 metro areas.

The website pulled U.S. Census Bureau data on the largest markets and ranked the cities with the overall highest vacancy rates for homeowners and rentals for the second quarter of 2011. Atlanta's homeowner vacancy rate was 5.4 percent and rental vacancy rate was 11.8 percent.

"The city, which had a significant influx of new residents, particularly from the northeast, has been hit hard," the website said, citing the high unemployment rate.

The Top (or Bottom) Ten:

1. Tuscon
2. Indianapolis
3. Memphis
4. Atlanta
5. baton Rouge
6. Dayton
7. Detroit
8. Kansas City
9. St. Louis
10. Oklahoma City

It's no surprise that the Atlanta area has a tough housing market. Look around and you'll notice for sale signs or overgrown yards that are the indication of neighborhoods hit by foreclosure.

But foreclosure can be stopped immediately by filing bankruptcy in Atlanta. Whether you are just one month behind on payments or the house is scheduled to be sold tomorrow on the courthouse steps, bankruptcy stops the procedure. It also stops creditors and lending agencies from harassing you.

Foreclosure, by definition, is the legal action taken by the banks to take possession of a house because of non-payment. In Georgia, the law permits judicial and power of sale foreclosures. Power of sale is most common and is very fast. Most mortgages contain a clause allowing the lender the right to sell the property outside the court system.

For many people who are upside down on their mortgage because of the current property values, professional legal advice is a must. It's possible to seek a loan modification from the bank, but many times, they won't even listen.

The only proven way to stop foreclosure is filing bankruptcy. In Chapter 13 Bankruptcy, the homeowner is able to set up a payment plan over three to five years that is affordable to them in order to pay back debt. But even under Chapter 7 Bankruptcy -- by far the most popular bankruptcy filing -- it may be possible to keep a house and still have debts forgiven.

Continue reading "Atlanta Housing Market Fourth Worst In Nation, Leading to Foreclosures, Bankruptcy" »

The Atlanta Journal-Constitution got it right in a recent headline: "Foreclosures slow in metro Atlanta, but no end in sight."

Many people facing foreclosure or on the brink of foreclosure throughout Georgia have seen headlines about foreclosure filings dropping and other quasi-good news clips in recent months. But this isn't really good news at all. Atlanta Bankruptcy Lawyers believe now is the time to discuss your options with a qualified debt relief attorney.

What most experts believe is that foreclosures will begin to increase at a rapid rate by the end of 2011 and into 2012. The backlog occurred because banks halted foreclosures in late 2010 because of allegations of "robo-signing" and filing false paperwork in foreclosure cases, discovered by homeowners and their attorneys.

Many banks and lenders were using mortgage servicers to shuffle through millions of pages of paperwork with the court, much of which wasn't checked for accuracy -- in some cases banks were falsifying documents at a wholesale pace and were caught by attorneys defending the rights of homeowners. And many documents were "signed" by bank officials who never actually saw the documents.

Many judges throughout the country have stopped foreclosure cases and told banks they can't proceed because of their bad-faith efforts. So, many lenders stopped filing foreclosures until they had all their paperwork lined up and correct. Experts believe a new flood of cases may soon be coming.

The New York Times recently reported that it will take some states half a century at the current rate to clear the backlog of foreclosure cases that have piled up for years. While banks have agreed to reform their foreclosure procedures after admitting to illegally processing foreclosures, the process is still slow-moving.

In New York, foreclosure filings are down 85 percent since September. The large number of cases -- some two million active and another two million that are pending -- has overwhelmed lenders. And many major foreclosure law firms that churned out thousands of cases were shut down after the allegations of illegal filings were revealed.

Atlanta bankruptcy lawyers believe meeting with our lawyers now is the key to making sure you are able to best resolve your issues in an Atlanta foreclosure. One surefire way to stop foreclosure immediately is to file for bankruptcy protection.

Filing for bankruptcy protection will immediately tell collection agencies and creditors that the foreclosure process must stop and calls from creditors will cease. While trying to modify a loan or work on other solutions may be a homeowner's first resort, these rarely work until the bank faces the prospect of a homeowner's bankruptcy.

Now is the best time to meet with our firm to assess your problem. Debt that leads to bankruptcy is often caused by medical bills, in conjunction with job loss and credit card debt. A tough economy has compounded the problem. But there is hope and the country's bankruptcy laws are designed to help the consumer recover.

If you are facing a precarious mortgage situation or need advice on what to do to save your home, call our firm today. Fill out our free personal debt analysis so we can assist you however possible.

Continue reading "Atlanta Foreclosures Taking a Dip, but Now is the Time to Act on Your Debt" »

Foreclosure notices in metro Atlanta rose 16 percent from a 30-month low set in June, according to The Atlanta Journal-Constitution. There were 8,579 notices in the 13-county area, a 4 percent increase from July 2010.

Atlanta Bankruptcy Lawyers know that many of these homeowners are hurting and wondering what to do and where to go. Many will seek out home loan scams or debt consolidation companies in the hopes that they can help them keep their house. But they should also consider filing bankruptcy in Atlanta.

Whether a homeowner is one month behind on house payments or their house is being sold on the courthouse steps tomorrow, filing bankruptcy will stop it immediately. It is the only 100 percent sure way of stopping a foreclosure and millions of Americans have found out how helpful bankruptcy laws can be in reshaping a person's financial future.

The Atlanta Journal-Constitution reports that foreclosure notices published this month are for auctions at the courthouse scheduled for next month, leaving time for banks and homeowners to negotiate a resolution, if possible. The newspaper reports that it's unclear how much of an impact the highly-publicized problems with mortgage documents are having on the figures.

The breakdown of notices by county:

Gwinnett: 1,817
Fulton: 1,580
DeKalb: 1,322
Cobb: 1,019
Clayton: 688

While most of the foreclosure notices relate to residential properties, analysts have also seem a rise in hotels and motels and other commercial properties that have been given notices in Georgia.

As the Atlanta Bankruptcy Attorney Blog previously reported, Georgia led the nation in the increase in foreclosure listings between March and April. Researchers believe that a flood of foreclosed homes continue to keep home values for all Georgians relatively low. And as foreclosure notices increase and people abandoned their houses, other homeowners suffer.

This cycle is brutal and will cause consumers heartache and frustration until it fixes itself. When that will happen is anyone's guess. But in the meantime, homeowners on the edge of foreclosure or who already are in the process should consult with Atlanta Bankruptcy Lawyers as soon as possible. Quickly assessing your case will help you avoid more unnecessary pressure from creditors, lenders and collection agencies.

There are many options for people who have bad credit, mounting bills and a house you can't afford. It's possible that chapter 7 bankruptcy, which allows consumers to consolidate their debts and wipe them clean, could be your best option. But if you own large assets and want to keep them, such as a house, chapter 13 bankruptcy could be a better option. That allows consumers to work out a payment plan over three to five years in order to satisfy some of their outstanding debt.

Whatever the plan that's best for you, we'll find it. We work together with our clients to determine the best option. Take control of your finances and don't let creditors continue hounding you. Let us help you. Set up a free consultation today.

Continue reading "Foreclosure Notices Spike in Atlanta Metro Area, Leave Many Considering Bankruptcy " »

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ABC News reports that Atlanta music producer Jermaine Dupri's mansion was set to be auctioned on the courthouse steps recently, but the sale was abruptly halted.

Working your way out of debt and staring foreclosure in the face can be a scary proposition, but meeting with an experienced Atlanta foreclosure lawyer can make the difference between losing your house and owing a large sum of money and saving your house and putting together a manageable payment plans. Atlanta bankruptcy laws are designed to help the consumer in times of distress.

In Dupri's case, it's unclear why the foreclosure was abruptly stopped, ABC News reports. The mansion, on Mount Paran Road in the northwest part of Atlanta, is 15,000 square feet and he owes on the original $2.5 million loan.

Companies have also filed liens against Dupri's house. One contractor says Dupri owes him $12,000 for interior design and renovations made to the house. The Georgia Department of Revenue told the TV station he owes nearly $500,000 in back taxes from 2007, too.

What this shows is that anyone can get into debt problems that can become overwhelming. While Dupri is a successful celebrity with a career in the music industry, it appears from news reports and public records that he has compiled debt from which he can't recover.

While the story doesn't say for sure, it is possible that Dupri filed Chapter 13 Bankruptcy in Atlanta. The reason it's possible is because as soon as someone files for Chapter 13 bankruptcy, their foreclosure process stops and an automatic stay goes into place.

And Chapter 13 doesn't just apply to foreclosures. It can immediately stop creditors from calling and sending nasty notices of non-payment. Notices will be sent out to debt collectors, who will then be banned from contacting you. This applies to large amounts of credit card debt, unexpected medical bills or job loss that cripples your family's finances.

The process is designed to give homeowners, or others with large assets they want to keep, a fresh financial start. The laws allow people to create a payment plan that takes into consideration their income, living expenses and how much they can afford to pay. That plan will be in effect for roughly three to five years.

The important thing here is to make sure you are consulting with knowledgeable and responsible bankruptcy attorneys in Atlanta. Millions of people have used bankruptcy laws to their advantage to get debt under control. Don't continue toiling in debt and fending off annoying collectors. Take action.

Continue reading "Music Producer Jermaine Durpri Saves His Atlanta Mansion From Foreclosure" »

Atlanta Business Chronicle reports that foreclosures declined in April from March, though the Peach State still had the eighth-highest number of filings nationwide.

But don't think this means America's foreclosure mess is over. Most experts believe the recent drop in foreclosure filings simply reflects the problems banks and their law firms have had over filing bad paperwork. Don't let your guard down. If your home is on the brink of foreclosure, don't hope the bank forgets about you because it won't. Consult with Atlanta Foreclosure Attorneys to protect your home and you future.

According to the news report, Georgia had 8,479 foreclosures in April, which was a 35 percent drop from March. It's also down 39 percent from last April. Nationwide, there were 219,258 foreclosures, which was down 9 percent from March and 34 percent from April 2010.

Experts, though think foreclosures will tick up this year. RealtyTrac predicted in January the number of foreclosures will peak in 2011. More than 2.8 million properties got notices of default, auction or repossession in 2010. That number climbed despite a plunge in filings in late 2010 when lenders came under fire for their practices, Bloomberg reported.

Attorneys general in all 50 states are investigating whether banks and loan servicers used faulty documents and bogus signatures on documents, which has been called "robo-signing." Many lenders halted foreclosures as they did their own investigations.

Many of us are underwater on our mortgage payments. It's also possible that you were able to make your payments until a recent unemployment or family medical emergency that left you stuck with thousands of dollars in medical bills that don't allow you to function as you previously were able.

Consider Chapter 13 bankruptcy in Georgia:

• Do you have regular income in your household?
• Are you at risk of foreclosure and want to save your house or protect your finances?
• Has job loss, divorce or other hardships caused unavoidable financial problems?

If you fall into one of these categories, you may qualify for Chapter 13 bankruptcy. What this form of bankruptcy does is allows people to set up an affordable payment plan to pay off debt. But if you are able to make payments over a 3 to 5 year period, you can eliminate debts and still keep your home and other assets.

Atlanta Debt Lawyers are here to answer your tough questions about Chapter 13 bankruptcy, saving your home and other matters in your financial life. Fill out our free personal debt analysis and set up a free consultation immediately.

Continue reading "Georgia Foreclosures Drop, But More Are Likely Coming" »

A New York Times article reports that the institutions that service about two-thirds of the mortgages in the United States have offered $5 billion to settle allegations of robo-signing and other shady practices that wrongfully took away homes from troubled borrowers.

It's not news that foreclosures are a problem in Georgia and elsewhere in the United States, but what is disturbing to Atlanta DebtStoppers is how banks and financial institutions think they can just cut a check and pay off the unethical and immoral acts they have committed with the rise of mortgage foreclosures. If you or a loved one needs help stopping foreclosure in Atlanta, call today.

Financial institutions have come under fire by attorneys general across the country because of allegations of immoral practices, such as robo-signing, where mortgage servicers paid by the banks to process paperwork would sign documents without looking at them. Many of the documents, which were supposed to be signed by executives, were rubber-stamped by unqualified workers. Some were forged.

In many cases, banks also lost paperwork, or used paperwork that was incorrect in the process of trying to foreclose on a person's house. All of these problems have denied homeowners due process in the handling of the foreclosure process.

While attorneys general want the banks to pay $20 billion for their transgressions, the banks offered only $5 billion. The Wall Street Journal later reported the states' head prosecutors countered with $17 billion.

But as the banks and states negotiate a settlement, the housing market hasn't gotten any better. Banks own nearly 875,000 foreclosed homes, according to RealtyTrac, a research firm. New home sales are sluggish and existing home sales aren't very good, either.

What does all this mean for you, the homeowner who is struggling to get by making payments on a home that may not be worth what you paid for it? It means you should consult with an Atlanta Foreclosure Attorney if you think you will soon fall behind on making payments on your house.

It's rare, but sometimes possible, for a homeowner to successfully convince the bank to modify their loan to correspond with its current value. While it can happen, financial institutions have been unwilling to help homeowners who want to try to stay in their houses. They would prefer to file a foreclosure lawsuit, go to court and hope a judge slams the homeowner with a judgment.

If you are already in foreclosure but want to save you house, discussing Chapter 13 bankruptcy could be an option for you. It immediately stops foreclosure and allows you to work on a 3- to 5-year payment plan to pay off your debts.

Continue reading "Banks Hoping to Pay Fines to Settle Bad Foreclosure Practices in Atlanta, US" »

The Atlanta Journal-Constitution recently reported that foreclosure notices in the Atlanta area rose 22 percent in May from April.

If you are upside down on your mortgage like many Georgians, consult with an Atlanta foreclosure lawyer so you can fight for your home. In the near future as many as 7 million American homes will fall into foreclosure, so you're not alone. In Georgia, there is both judicial and power of sale foreclosure, meaning the lender can schedule the sale of your house without even telling you after you're in default. Don't let this happen to you if you're going to fall behind your payments and slip into foreclosure in Georgia.

According to the news article, 9,350 notices were filed in the 13-county Atlanta metro area in May. But it's possible that lenders are still lagging in how many foreclosures they file with the courts because of well-documented problems with law firms filing "robo-signed" false documents or banks being unable to come up with the proper paperwork for a person's home loan.

Many experts are expecting a large wave of foreclosure filings once banks figure out which paperwork is correct and which has been falsely filed against homeowners. In Gwinnett County, nearly 2,000 foreclosures were filed in May, followed by Fulton (1,804), DeKalb (1,472), Cobb (1,152) and Clayton (791).

Statewide, there were nearly 8,500 foreclosures filed in April, the Rome News-Tribune reported. That was down 35 percent from March.

This is all depressing news. But don't let the banks take away your home without a fight. There are ways to stop the process and the first step is contacting an Atlanta foreclosure attorney who can help you.

First, here are some tips of what not to do if you're facing foreclosure. You shouldn't trust a third-party mortgage modification company, foreclosure rescue specialist or debt settlement company. These simply won't work.

What you should do if you're facing foreclosure is attempt to modify your loan or meet with DebtStoppers to see if there are other avenues to save you home. It's possible that Chapter 13 bankruptcy in Georgia could be best for you. You can set up an affordable payment plan to satisfy debt without losing your home.

Continue reading "Consult an Atlanta Bankruptcy Attorney to Stop Foreclosure" »