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 " »

Consumer spending has been rapidly on the rise in 2011. That means the economy is rebounding, right? Well...not exactly, say Atlanta bankruptcy attorneys.

It turns out that most of the increase is actually due to - you may have guessed it - higher gas prices. Prices at the pump saw record increases in the past couple months, and it's only predicted to get worse. Talk about bad timing - economic growth was just starting to pick up in the last quarter. So how are we supposed to get back on our financial feet when prices keep going up?

Continue reading "Atlanta Consumers Spending More, But Higher Gas Prices Play a Part" »

At first glance, this year's average tax refund of $3,000 might seem like a lot - but for most Americans, it won't last long.

If you simply put your check in the bank, it won't be long before its whittled away by things like rising gas prices and food costs, growing credit card bills and health insurance premiums, and the occasional shopping spree. But there's a way that many of us can stretch our refund, say Atlanta bankruptcy attorneys. How? By using it to get rid of current debt - and prevent future debt.

Continue reading "How Atlanta Taxpayers Can Boost Their Tax Refund" »

The average rewards card is designed to get consumers to use more credit. But what if it were the other way around?

A new credit card introduced by TD Bank offers an incentive for credit users to lower debt. Instead of giving perks for travel or shopping - which encourages customers to pull out the plastic - this 21.24% APR card offers an interest rate discount for paying more than the minimum each month. In theory, consumers will have more reason to save their money for paying off debt, say Atlanta bankruptcy attorneys.

Continue reading "New Rewards Card Helps Atlanta Consumers Lower Interest" »

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?" »

Has your spouse been cheating on you - with his credit card?

Now that the most romantic holiday of the year is officially over, maybe it's time to look a romance-killer - debt. Earlier this month we discussed the fact that, thanks to the recent recession, more and more couples are hiding money troubles from each other. With half of marriages ending in divorce - and almost half of those divorces caused by money problems - it's never been more important to understand how your partner's financial baggage can affect your relationship, for better or for worse, say Atlanta bankruptcy attorneys.

Continue reading "When Debt Comes Between You and Your Spouse" »

We wouldn't dream of taking a road-trip without a map or building a house without a blueprint. So how is it that most of us are running our household finances without a family budget?

Not only is a budget one of the most important tools for getting a grip on finances, it's also one of the simplest. At its most basic level, a budget is just a way to track money coming in versus money going out. Easy, right? Not for most Americans. The problem is that many of us never learned how to build a budget, so what should be something simple actually seems complicated and overwhelming - leaving us to avoid one of the most effective solutions for getting out of debt.

The good news is that it's never too late to learn.

Continue reading "Budget Challenge Offers Chance for Atlanta Consumers to Finally Find Financial Freedom" »

It's been two years since the Credit CARD Act was passed and it seems that credit card interest rates have gone nowhere but up.

Despite the common belief, the legislation didn't put a limit on rates - only the way in which credit card companies could charge them, explain Atlanta bankruptcy attorneys. Today, creditors are not allowed to retroactively hike rates whenever they please. Instead, they must state the rate upfront - only raising interest when a customer makes a late payment. In response, banks are offering cards with much higher upfront rates - like the 59.9% APR offered First Premier. And if you think consumers won't go for it, think again. First Premier has issued 700,000 of its high-rate cards - and counting.

Continue reading "High Interest Credit Cards Lure Atlanta Consumers Struggling With Debt" »

Forget a box of chocolates. The best present you can give your significant other this Valentine's Day is your faithfulness - financial faithfulness, that is, say Atlanta bankruptcy attorneys.

Relationships these days are just as likely to be damaged by financial cheating as by adultery. According to the Minneapolis Star Tribune, more than 50 percent of people report buying something their partner didn't approve of - and 30 percent admitted to hiding said purchase. It seems that when the economy took a nosedive, so did honesty.

None of us get married with the vow, "until debt do us part." So how is it that so many of us are ending up with deep, dark financial secrets?

Continue reading "Is Hidden Debt Taking a Toll On Your Marriage?" »

They're right when they say your credit score won't be the same after bankruptcy - chances are, it will be better.

Despite the pervasive myth that bankruptcy will leave a permanent mark on your credit, those who file can still reach numbers of more than 750 - the Holy Grail of FICO scores, says an expert at Bankrate.com. While it is true that your score will drop immediately after filing, it can then begin a steady increase as the bankruptcy process helps you get your finances back under control. Want your credit score to climb even faster? Here are a few tips from Atlanta bankruptcy attorneys.

Continue reading "How the Bankruptcy Process Really Affects Atlanta Consumers' Credit Scores" »

I always thought senior citizens spent their retirement golfing and gardening. Turns out they spend it much like the rest of us - stressing over how to pay growing bills.

Since the recession began, the number of senior citizens filing for bankruptcy has skyrocketed. Expensive prescriptions, decreasing home values and stock market crashes have left today's grandparents with tens of thousands of dollars in debt - and with no income to pay it off. That means that eventually their burdens will get passed on to us, say Atlanta bankruptcy attorneys.

Continue reading "Why More Senior Citizens Are Filing For Bankruptcy In Retirement" »

Millions of Americans are about to finally get a pay raise. But here's the really surprising part - millions aren't even going to realize it until the money's all gone.

If you haven't already heard, President Obama signed a payroll tax cut into law in December. Starting this month, just 4.2 percent--instead of the typical 6.2 percent--will be withheld from your paycheck for Social Security. That means you'll get to keep the extra 2 percent--or about $1,000 for a person earning $50,000 a year ($2,000 if you also have a spouse who brings home 50K). But because the money will be divided throughout the year among your paychecks, chances are most people won't even notice the increase--and therefore won't spend it wisely, say Atlanta bankruptcy attorneys.

Continue reading "Increase the Impact of Your Tax Cut By Paying Down Debt" »

How would you like to get money back on qualifying purchases? Or transfer your high-interest balance to a card with 0% interest for an introductory period? Credit card companies are betting that you'll say yes.

After a few years of tightening up credit during the recession, creditors are courting customers more aggressively than ever - in fact, credit card offers almost doubled last year, according to a recent study. And the deals seem sweeter than they've been in a long time - we're talking tons of new rewards cards, low-cost balance transfers, longer introductory periods and, of course, limitations on fees and interest rate hikes thanks to last year's consumer protection legislation. But all is not what is seems, say Atlanta bankruptcy attorneys.

Continue reading "Why Atlanta Consumers Should Weigh Pros and Cons of New Credit Card Offers " »

Hoping for a lower house payment but not sure if you qualify for a refinance? You've still got options, say Atlanta bankruptcy attorneys.

With interest rates still relatively low, many homeowners are trying to refinance for a better payment and terms. Unfortunately, not many actually succeed. Not only is the process of refinancing expensive and time-consuming, it's also increasingly exclusive. Thanks to tightening credit requirements, it's almost impossible to qualify for a refinance without a good credit history and a well-paying job. But that doesn't mean you have to keep struggling to make your current mortgage payment.

Continue reading "How Atlanta Homeowners Can Lower House Payments Without Refinancing" »

A little mystery can be a good thing, at least when it comes to relationships, birthday presents and detective novels. But when it comes to your finances? Not so much.

For many folks, bankruptcy represents the unknown. We have a hunch that it could drastically lower our debt, but we continue to avoid it for fear of those nagging bankruptcy myths: Won't it leave a black mark on our credit report for the next decade? What will our family and friends or - worse - our employer think? Will the repo man come take away all our stuff? Unfortunately, most Americans do more damage to our finances by avoiding bankruptcy than by filing for it, say Atlanta bankruptcy attorneys.

Continue reading "Bankruptcy Myths Help Keep Consumers in Debt" »