Georgia Has Fourth Most Bankruptcy Filings in 2015 to Date
While bankruptcy filings have dropped throughout the country in 2015 so far, they remain high in Georgia. In fact, according to The Association of Credit and Collection Professionals, Georgia had the fourth most filings per capita in the first six months of 2015.
Across the United States, total bankruptcies in June were down about 6% from the same month last year. There were almost 71,000 non-commercial bankruptcies filed in June, which represents a 5% decline from the previous year. A total of about 800,000 bankruptcies are expected to be filed this year.
So far this year, Georgia has seen bankruptcy filings at a rate of 4.89 per 1,000 people. This is much higher than the 2.72 per thousand filed in the country as a whole.
These factors point to an economic recovery that is not complete in Atlanta and its surrounding areas. Businesses and families are both still struggling with the effects of the economic downturn and recession that began in 2007.
Many homeowners find themselves struggling to keep their heads above water as the value of their home drops below their outstanding mortgage debt. Foreclosure looms as a frightening possibility.
Others face the prospect of having their vehicle repossessed. For many, this simply isn’t an option. Walking to work isn’t possible for many Georgians, especially in areas in the south of Atlanta.
Credit card debt and medical bills are piling up for other Georgia residents. Medical expenses can come with little warning and credit card companies have been lowering limits while raising interest rates.
Luckily, bankruptcy exists to help people in all of these situations. While bankruptcy doesn’t work the same way in every case, it generally allows people to put themselves in a manageable financial situation, often while keeping their home and transportation.
Individuals and married couples may be eligible for Chapter 7 bankruptcy, a tool which discharges debts in exchange for liquidating certain property, or Chapter 13 bankruptcy, which reorganizes debt into smaller payments for a few years before discharging remaining debts.
Not all debts can be discharged through bankruptcy. To find out what options are open to you, speak with an Atlanta bankruptcy attorney at DebtStoppers. Schedule a no-cost debt analysis by calling us at 404.750.4706 or contacting us online.