Atlanta Bankruptcy Attorney Blog

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" »

Have adjustable-rate mortgages gotten a makeover? Lenders say the ARMs that once contributed to the housing market crash may now be an affordable option for Atlanta home buyers.

Back in the 90s, adjustable-rate mortgages made up the large majority of home loans. The problem was, many of these loans came with risky perks intended to lure borrowers - whether or not borrowers could afford them.

Some ARMs allowed for homeowners to defer making their full interest payments, leaving them with an unmanageable balance later on. Others adjusted to new, usually higher, rates every six months. Understandably, many people ended up defaulting on loans, kicking off a wave of foreclosures. By 2009, adjustable rates made up just 2 percent of all home loans. Now, they're on the rise again.

Continue reading "Atlanta Borrowers Taking Out Adjustable Rate Mortgages Again" »

The good news is that the recession has given many people an excuse to go back to school. The bad news? Some of us are paying dearly for it thanks to a recent spate of financial aid scams, say Atlanta bankruptcy attorneys.

Maybe we have more time on our hands thanks to unemployment. Maybe we're realizing that we need a certain degree to be competitive in our job market. Whatever the reason, a record number of Americans are enrolling in college. But how do we pay for it? With average tuition soaring over $12,000, it's no surprise that most students need some sort of financial help for school. And scammers are taking advantage, according to WalletPop.

Continue reading "Atlanta College Students Falling For Financial Aid Scams" »

You can't always get what you want. But if you try sometimes, well - you know how the song goes - you just may find you get what you need.

The Rolling Stones must have known what many folks are just learning today thanks to the recent recession - a little effort goes a long way, at least when it comes to lowering rates. According to Yahoo Finance, service companies are increasingly allowing customers to name their own price. The only catch? You have to give them a call, say Atlanta bankruptcy attorneys.

Continue reading "Atlanta Customers Call Service Companies To Snag Lower Rates" »

It looks like the new year is already bringing new costs - and there's no getting around at least one of them.

If gas gets too expensive, we can take the bus. When our bank adds new fees to our checking account, we can switch banks. But when the price of food goes up - as it has recently - we can't exactly stop eating. Fortunately for those of us already drowning in debt, there are choices we can make to lessen the blow, say Atlanta bankruptcy attorneys.

Continue reading "Atlanta Consumers Feel the Pinch at the Grocery Store As Food Prices Increase" »

Some Americans are making two trips to the thrift store this season - one to donate, and another to do some holiday shopping.

It's just one example of how consumers have changed since the Great Recession. According to the Associated Press, middle-class Americans have become more comfortable shopping in thrift and consignment stores, using layaway instead of credit and buying generic brands instead of name brands. And it's helping us pay down debt, say Atlanta bankruptcy attorneys.

Continue reading "More Atlanta Shoppers Buy Generic, Discounted and Gently Used This Holiday Season " »

When is saving money not all it's cracked up to be? Maybe when it comes to holiday rebates.

Every holiday season, stores roll out shiny, new merchandise - and new sales pitches to get us to buy it, even when we're short on cash thanks to not-so-great economic times, say Atlanta bankruptcy attorneys. Some of those specials include rebates - purchases in which we can apply to get money back from the company after paying full price at the store. Most shoppers won't argue with a discount, even a delayed one, but maybe they would if they knew the truth - only half of consumers end up redeeming rebates.

Continue reading "Do Holiday Rebates Really Offer Big Savings for Atlanta Shoppers?" »

Nobody likes to make mistakes. But making a blunder now and then - or taking note of someone else's - can actually help improve your finances.

At Money Talk News, author Stacy Johnson recently talked about the lessons she learned from her many money mistakes - including one particularly relevant to the recession. Like many folks, she once panicked and sold her investments during an economic downturn - and lost money in the process. When this latest recession rolled around, however, Johnson did the opposite of what most of us are doing - and it paid off.

Continue reading "Atlanta Residents Can Lower Debt By Learning From Money Mistakes" »

It seems nothing has been able to slow the tidal wave of recession-related foreclosures - that is, until now.

State officials across the U.S. are joining forces to investigate illegal activities that could have led to thousands of unfair foreclosures over the past few years, according to the AP Press. Allegedly, lenders have been allowing foreclosure documents to be signed without required witnesses, without proper analysis and - in some cases - without even being read. It's a victory for millions of consumers who may be struggling to pay the bills - but are still following the rules, say Atlanta bankruptcy attorneys.

Continue reading "Foreclosure Process Comes Under Fire in All 50 States" »

The Great Recession really is over - if you listen to the National Bureau of Economic Research, that is. But if you're like many Americans, you might beg to differ.

Based on GDP, employment rates and earnings, economists claim the recession ended last June, over 15 months ago, say Atlanta bankruptcy attorneys. But to folks still overwhelmed with credit card bills, limited income and a mortgage payment, the cloud of economic doom feels far from being lifted. So what's the truth? Turns out, the truth is what you make it.

Continue reading "Recession Not Over Yet for Atlanta Consumers Struggling With Debt" »

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" »