Atlanta Bankruptcy Attorney Blog

A recent article in U.S. News & World report surmises that women should manage their own money, given that retirement isn't typically as cozy as their male counterparts.

The article points out that lower pay over their lifetime and a longer lifespan are reasons why women should take control of their finances in an effort to ensure they have enough money to survive after working age.

Combine a poor economy, high unemployment and mounting debt for some to be the incentives they need to get their financial house in order. For women struggling to pay back loans and get by on a lower salary, bankruptcy in Atlanta will eliminate the debt and allow them to move forward with a better plan to avoid staggering debt in the future.

Atlanta bankruptcy lawyers have seen many consumers who are widowed or who are divorced later in life and are left in shambles, with outstanding debts carrying them down. Rather than live by making minimum payments and being buried in loans and credit card bills, it can be refreshing to put the debt behind you and move on with life without dealing with the debt on a daily basis.

Filing for bankruptcy stops annoying automated calls from banks and constant letters from lenders complaining that payments are late. You don't have to deal with the embarrassment of having employers ask why they are being contacted about wage garnishments and other frustrations.

In the U.S. News & World report article, the author suggests that older women are in a tough spot financially. A Government Accountability Office report states that 12 percent of women over 65 are living in poverty, compared with 7 percent of men. For those who are divorced or widowed, the numbers are 21 and 15 percent, respectively.

Because of longer life, there are expensive expenses that crop up later in life, such as nursing homes or assisted living facilities that many women must consider if they are unable to take care of themselves. But here are some strategies to consider:

Save up:
Social Security, a pension or 401(k) plan and individual savings should be a three-pronged plan for storing up money to get you through the retirement years.

Start early:
Don't wait until the middle of your life to save. If you save starting in your 20s, you can store up a nice amount of money by the time you retire.

Manage your money well:
In marriages, finances are typically handled by one spouse, but since the woman is expected to live longer, it would be smart for her to hone her skills now.

Consider an IRA for the couple:
Jobless spouses can still contribute to a retirement account. In a divorce or death, the surviving spouse is typically entitled to a pension, but rules and circumstances can dictate that amount changes.

Overestimate how much you'll need to retire:
Between longer life and inflation, it's best to contribute more now and assume you'll need more money in the future to live comfortably.

Manage your own money:
Studies show that couples who split financial duties -- such as one handling day-to-day bills and the other looking at investment opportunities -- work out better than those who let one spouse do everything.

Continue reading "Women Challenged With Finances, Debt Should Consider Atlanta Bankruptcy" »

The Marietta Daily Journal reports that a recent study found that Georgia residents are putting more money into their personal savings and spending less on credit cards.

This is great news for Georgia consumers saddled with increasing personal debt. Atlanta Bankruptcy Lawyers believe that perhaps the many people who have recently filed for bankruptcy in Georgia have been able to become free from creditors and have begun saving for the future. If you or a loved one is struggling with debt and unable to put away money for the future, it's possible that filing for bankruptcy in Atlanta could be the best way to get back on track financially.

According to statistics from the U.S. Bankruptcy Court for the Northern District of Georgia, nearly 22,000 people filed bankruptcy in the Atlanta area through May. The area is on pace to come close to the nearly 55,000 filings from 2010.

According to a study by the Georgia Credit Union Affiliates, balances of credit union members' savings accounts grew by more than 4.6 percent and money market accounts grew by 4.34 percent during the first quarter of 2011.

Being able to save for the future and not having to deal with nagging creditors is refreshing. And one surefire way to accomplish that is by consulting with Atlanta Bankruptcy Lawyers to see if filing for Chapter 7 or Chapter 13 bankruptcy is the best strategy for you and your family.

What bankruptcy laws allow for is for consumers to take charge of the debt that has amassed and figure out a plan to stay out of debt in the future. Filing for bankruptcy immediately stops the foreclosure process and halts creditors and collection agencies from contacting you. Chapter 7 bankruptcy allows consumers to sell off assets to pay creditors, while Chapter 13 allows people to keep large assets while setting up a payment plan over a 3- to 5-year period. And in many states, there are exemptions in bankruptcy, which allow you to keep vehicles, personal possessions and family heirlooms.

Many people are in a tough spot right now because of the failing economy and the high jobless rate, which currently sits at 9.9 percent in Georgia, nearly 1 percent higher than the national average, according to the Georgia Department of Labor. And continuing to struggle financially may not be in the best interests of consumers in the Atlanta area. Job loss, predatory credit card companies or an unexpected medical bill are the leading reasons people file for bankruptcy. With millions of people nationwide taking advantage of bankruptcy protection, it's time to act.

It may be time to take a hard look at your finances, your debts and what can be done to live a better life financially. If you aren't sure where to turn or what to do, use our free personal debt analysis so our debt consultants can help you determine if bankruptcy would help you get free from debt so you, too, can start saving more and spending less.

Continue reading "Georgians Savings Rate Increases as Credit Card Debt Falls, Possibly Due to Bankruptcy Filings" »

It turns out that filing your income taxes can save you money - even if you don't get that refund.

Have you ever gotten a late fee, but not remembered missing the payment? Have you ever gone to return something you just bought - and found you've already lost the receipt? Tax season is the one time when we're forced to organize our receipts, bank statements, and other important documents. If you can figure out how to maintain that organization all year, not only will you be more prepared when the next April 15 rolls around, but you'll have an easier time paying your bills on schedule, making a budget, and even improving your credit, say Atlanta bankruptcy attorneys.

Continue reading "How Atlanta Taxpayers Can Lower Debt By Getting Organizing For Taxes" »

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" »

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" »

Most of the time, it's a good idea to listen to age-old advice. When it comes to your finances, though, you might want to think twice, caution Atlanta bankruptcy attorneys.

It's not that there's anything wrong with long-held personal finance beliefs, like the idea that you should pay down debt before saving up. It's just that even the most classic wisdom can backfire in certain circumstances, according to a recent article by TheStreet.

The problem is that everyone's financial situation is different.

Continue reading "Money Myths That Can Make Your Debt Situation Worse" »

Uncle Sam was hoping a recent tax cut would get pumped back into the economy - but it looks like it might just get pumped into our gas tanks.

In December, President Obama signed a payroll tax cut that would slash Social Security withholdings from 6.2 percent to 4.2 percent in 2011- essentially a 2 percent annual raise. But just as the cut started taking effect this month, gas prices began climbing upward. Prices today are 37 cents a gallon more than they were at this time last year. And economists estimate that more than half of all drivers will have to adjust our finances accordingly, say Atlanta bankruptcy attorneys.

Continue reading "Atlanta Consumers Look For Ways To Pay Increasing Gas Prices" »

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" »

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" »

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" »

You've made the resolution to get out of debt this year. Now comes the hard part, say Atlanta bankruptcy attorneys - sticking to it.

If merely wanting a goal was enough, we'd all be skinny, rich non-nail biters. Obviously that's not the case. In reality, most folks fail to keep New Year's resolutions because their plans don't adhere to the "three Rs," according to CreditCards.com. If you want to improve your finances this year, you need a blueprint that's reasonable, realistic and rewarding.

Continue reading "Debt-Free in 2011 Part II: How to Stick to Your Goals " »

If you've got some time off after Christmas, you probably want to kick back and relax, not work. But there's a reason you might want to spend your downtime doing a little post-holiday housekeeping, say Atlanta bankruptcy attorneys.

By clearing out stuff that you don't need and donating it to charity before January 1, you can save money on your taxes - and if you're really lucky, increase your tax refund.

Continue reading "Donating Unused Goods Can Help Atlanta Taxpayers Save Money Next Year" »

I don't know about you, but I'm always a little sad once all the Christmas presents have been opened and family and friends have gone home. Fortunately I've discovered a way to keep the holiday spirit around after the holidays: gift cards.

I realize that gift cards are old news by now. In fact, cards are by far the most requested and received Christmas gift, according to the National Retail Federation - probably because people like the freedom to choose their own presents. But the amount of utility we get from gift cards varies wildly depending on how we use them. If you want to get the most bang for your buck, a little planning goes a long way, advise Atlanta bankruptcy attorneys.

Continue reading "How Atlanta Residents Can Stretch Gift Card Dollars This Christmas" »

How can you help others when you can barely help yourself? It's a question on the minds of many Americans as we pass the Salvation Army red kettle and toss the requests for donations that pile up in the mailbox this holiday season.

But there are ways to give to charity even when times are tough, say Atlanta bankruptcy attorneys. Just ask the nearly two-thirds of Americans who plan to donate before the year is out, despite tough economic times that make paying the mortgage and credit card bills extra difficult. Even though more than 80 percent in a recent survey said they have the same amount or less money than last year, more than 70 percent say they will give the same or more as last year. So how do they do it?

Continue reading "Atlanta Residents Still Find Time and Money to Donate to Charity Despite Downturn" »

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" »