Atlanta Bankruptcy Attorney Blog

As if it's not bad enough that we may fall victim to yet another recession, we also have to worry about falling victim to double-dip scams.

With the economy looking poised to take another nosedive, more folks than ever are dealing with recession-related difficulties - things like getting laid off, losing our homes to foreclosure and struggling to pay the bills. And scam artists are taking full advantage, say Atlanta bankruptcy attorneys. Fraudsters know many of us will do anything to earn a steady paycheck or save our home, including giving them our hard-earned dollars.

Fortunately, there's a way to tell the scams from the real deal.

Continue reading "Ways Atlanta Consumers Can Avoid Double-Dip Recession Scams" »

If you've managed to keep your job in this economy, you probably already consider yourself lucky. But now consider yourself luckier.

As it turns out, the recession might actually offer positive benefits to the employed. According to the New York Times, wages are up, inflation is down and layoffs have all but leveled out. That means that, if you play your financial cards right, you might be able to walk out of the Great Recession in better shape than you walked into it.

Continue reading "Slow Economy Might Pay Off for Atlanta Workers" »

Would it make you happy if I told you that you'll be getting a raise? How about if I said you've won the lottery? If you're like most Americans, the answer is a resounding yes.

But, believe it or not, the recession has revealed a little secret about the key to happiness, according to Atlanta bankruptcy attorneys. Sure, having more money in your pocket can help you put gas in your car, groceries in your cart and bills in the mail. But, as it turns out, having more money to spend probably won't make you happier.

Continue reading "How Spending Less Can Lead to Greater Happiness for Atlanta Consumers" »

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" »

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" »

Credit cards bear the brunt of the blame for our overspending - sometimes deservedly, sometimes not.

Sure, paying with plastic can make it all too easy to make impulse buys - leading to credit card debt and an empty checking account. But for some folks, paying with paper makes it too easy to lose track of where all that money's going because, unlike with credit, there's no statement to hold you accountable at the end of the month. So how do you know what's right for you - cash or credit card? Take a look at your spending habits, say Atlanta bankruptcy attorneys.

Continue reading "Spending with Cash or Credit Has Benefits and Drawbacks for Atlanta Shoppers " »

Despite news that the economy is recovering, Atlanta residents and the rest of the country are still stressed out.

What's the reason? More than 46 percent of people surveyed by the Associated Press said that debt was a major source of stress in their lives. Even though we're scrimping and saving, it doesn't seem to be enough to erase the massive debt burdens many of us racked up in the years before - and during - the recent recession, say Atlanta bankruptcy attorneys.

But there's a bright side. We don't have to wait for economic recovery to ease debt worries - not when we have the option of bankruptcy.

Continue reading "Bankruptcy Can Help Americans Lower Debt Stress While Economy Recovers" »

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" »

There's a benefit to tough economic times: you might emerge financially stronger - and smarter.

It was announced recently that coupon usage increased last year for the first time in, well, a long time. Before the recession, most folks had renounced scanning the newspaper for coupons and sales as a hobby better suited for Grandma. As it turns out, our grandmas must have finally taught us a thing or two. Clipping coupons is a quick, easy way to start saving -- and maybe even lowering debt.

Coupons take almost no time to collect. They come right to you in your paper, your mailbox or your inbox. And yet they can make your everyday life cheaper. Look at them as free money - under the right circumstances, anyway.

Continue reading "Clipping Coupons Regains Popularity Among Atlanta Shoppers Looking to Save Cash" »

Even though a weak job market is threatening to stall economic recovery, Americans increased their spending in January, Atlanta bankruptcy attorneys say.

With unemployment still hovering just under 10 percent, incomes remained almost flat in January - rising by around 0.1 percent, significantly lower than what economists expected. And for those lucky enough to retain our jobs, cost-of-living raises are still far and few between - not to mention the fact that some of us have seen reduced hours, furlough days or other paycheck-lowering actions. Yet we spent, on average, 0.5 percent more last month, according to The Commerce Department.

The good news is that we're feeling optimistic. The bad news is that we're threatening to derail our progress. See, the Great Recession has been good for at least one thing. It's increased our savings rate from a negative number for most of the last decade to more than 4.3 percent last year. Now we're starting to see that rate drop again - last month, for instance, we only saved 3.3 percent.

If we want our newfound responsible behavior to stick around, we're going to have to start slowing our spending to match our income. Fortunately, there's a formula to make saving a little more manageable.

Continue reading "Atlanta Bankruptcy Attorneys Are Saving Less But Spending More" »

When it comes to the current economy, there's good news and there's bad news, according to Atlanta bankruptcy attorneys.

First, the bad: Employers eliminated 20,000 jobs last month, way more than economists predicted and enough to send the stock market in a small downward spiral.

Now the good: Unemployment had reached a lower level than expected last month, dipping below 10 percent for the first time in awhile. Furthermore, it looks like credit might be easier to come by. Banks are finally taking a break from tightening their standards and restrictions for loan seekers. Of course, they're not easing up on those new rules, either, but at least things aren't getting worse.

Here's what it comes down to: We can't control the rate of economic recovery, but we can control the way we view the economy. We've got two choices. We can use the current economic state as an excuse for struggling financially, or we can use it as motivation to make our finances better.

Continue reading "Get Ready for the Economic Recovery By Improving Your Credit, Atlanta Bankruptcy Attorneys Say" »

By now, some of us are getting used to seeing footage of the horrific earthquake in Haiti. But there's more than one reason we shouldn't let ourselves become numb to those haunting images.

Not only do they remind us that there's work to be done to rebuild for millions of Haiti's survivors, but they remind us that it's time to be grateful for what we have. Our struggles with the economy in recent months have been real - but they also could have been a lot worse. Most Americans are in debt and millions are unemployed, in danger of losing their homes to foreclosure or both. That's no picnic, to be sure. But the truth is, most of us will go home to a hot meal and running water tonight. Most of us will have a roof over our head, whether we own or rent. And most of us will go home to our families. Most Haitians can't say the same.

I know getting out of debt is no easy task. If it was, we'd all be rich - or at least financially stable. But unlike the weather or geography, debt is something within our control.

Continue reading "Debt Is Easier To Control Than Many Think, Atlanta Bankruptcy Attorneys Say" »

Last year's economy did a number on our finances - but it may have done a world of good for our attitudes, according to Atlanta bankruptcy attorneys.

It's welcome news, especially for the millions of Americans hoping to make 2010 the year to break free from debt. Last year, on the other hand, was a big career shakeup. Many of us changed jobs, lost jobs or saw a reduction in work hours. But we haven't simply adjusted by working harder in our newfound free time - we've begun making the most of it. We've started living larger on less money.

Sometimes that means cooking dinner for our families or finally tackling those books we've been meaning to read. Other times it means taking day trips around our home, working in our gardens and spending quality time with our kids. In other words, we're spending less time earning and spending, and more time actually living. Now we just need to get rid of that debt we accumulated before we simplified our lives - and bankruptcy can help us do it.

Continue reading "Atlanta Bankruptcy Attorneys Say Economy Can Help Make the Most of Our Money" »

With holiday shopping season in full swing, many of us are worrying about whether or not we're putting too much on the old credit card. But soon we might have a different worry - do we have too little credit?

Along with the housing and job markets, consumer credit has shown little sign of recovering since collapsing last year. After years of handing out credit like candy via subprime mortgages, retail stores and mailboxes (I'm not kidding - I know kindergartners who got credit card offers in the mail) lenders are tightening up their belts, giving out credit to only those with the very best credit history.

If spending more than we earned got us into this financial crisis, having less credit going around might seem like a good thing. But the problem is, some credit is necessary for the financial world to go round - and for our economy to recover.

Continue reading "Credit Getting Tighter For Consumers" »