Numbers released by Realty Trac, a California based real estate company, show that 1,846 homes in Fulton County were in some stage of the foreclosure process in April. Statewide there were 11,521 homes that received foreclosure notices.

That brings the total number of foreclosures for 2009 in Georgia to 44,979. Luckily not all of the homeowners who received those notices will  lose their home. Some who act quickly can save their home by filing a Chapter 13 bankruptcy. 

If you are facing foreclosure on your home, talk to an Atlanta bankruptcy attorney about your options.

Credit card debt is being used more and more by students to pay for books and other necessities as they work on their undergraduate degrees.

The survey showed that 92 percent of undergraduate credit cardholders charged textbooks, school supplies and other direct education expenses. That group charged an average of $2,200 on education-related expenses, more than double the average of $942 in the 2004 survey.

“Too many students are at risk of overpaying for college by pulling out credit cards to pay for textbooks or even part of their tuition bill, instead of using less-expensive financial aid to cover these items,” said Marie O’Malley, consumer research director for Sallie Mae.

In today’s job market where it is expected to be harder for college graduates to find a job, more students may graduate to bankruptcy if they can’t find some way to cover these debts. In some ways, this may be smarter than taking out student loans to pay for college since credit card debt can be dismissed in a Chapter 7 bankruptcy and student loans cannot.

The counselors tell reporters that more people who are considering filing for bankruptcy think of it not as a personal failure, but a “product of the times.”

The report comes from Michigan, which has seen its bankruptcy rates increase exponentially with declines in the housing market and auto industry hitting the state hard.

Michigan ranked fifth in per capita bankruptcy filings in 2008, according to statistics released by the Administrative Office of the U.S. Courts, which keeps records for the U.S. Bankruptcy Courts.

Georgia was third in per capita filings in 2008 with 6.35 filings per 1,000 residents, and bankruptcy filings continue to rise in the Atlanta Metro area. 

If you are unable to pay your home mortgage and face an economic crisis, it may be necessary to contact a Atlanta Bankruptcy attorney to discuss your option of filing for Atlanta personal bankruptcy. Personal bankruptcy is the legal process of selling or surrendering your assets to pay your creditors. An Atlanta Bankruptcy lawyer can help you understand the current bankruptcy laws for filing an Atlanta bankruptcy.

The two most common types of Atlanta Bankruptcy filings that an Atlanta Bankruptcy attorney can help you file are Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Chapter 7 Bankruptcy is a liquidation of all the non-exempt property you own. Your Atlanta Bankruptcy Lawyer can help you identify and disclose your non-exempt debt and establish a trustee to liquidate all of the assets.

Chapter 13 Bankruptcy is another Atlanta Bankruptcy option. Unlike Chapter 7 Bankruptcy, it does not relieve your debts immediately, but will give you some relief from debt collections efforts and is supervised by the federal bankruptcy court. It is important if you are filing Chapter 13 bankruptcy in Atlanta to discuss your options with an Atlanta Bankruptcy lawyer.  An Atlanta Bankruptcy attorney will work with you to outline a three to five year debt repayment plan to repay your creditors. The benefit of Chapter 13 Bankruptcy is to help individuals keep their home and stop the home foreclosure process. Home mortgage payments must still be paid during the Chapter 13 Bankruptcy three to five year repayment period. Under Chapter 13 Bankruptcy laws you will be protected from creditor contact and harassment and you will instead work directly with your trustee who will receive all debt payments and redistribute them according to the bankruptcy repayment schedule.  

The type of Atlanta bankruptcy you will want to consider filing and discussing with you Atlanta Bankruptcy Attorney will depend on your personal financial goals. If you want to liquidate your personal debt and start over you may have the option to file Chapter 7 Bankruptcy. If you have a home or other assets that you want to keep and you do not qualify for Chapter 7 Bankruptcy, you may want to discuss the option of Chapter 13 Bankruptcy with you Atlanta Bankruptcy Attorney.

Collecting debts from dead people is a growth industry. Debt collection companies are benefiting from improved database technology that allows them to file timely claims on the estates of deceased debtors.

If there is no estate to probate, the companies are using the human touch, calling heirs and asking if there will be payment on the debt. 

A consultant to the debt collection industry told the New York Times that the relatives of the deceased usually pay the debts in an effort to let “the dead rest easy, knowing that their obligations are taken care of.”

If asked, the collector will confirm that the relative has no obligation to pay the debt with their own funds, but it isn’t disclosed upfront. 

Bankruptcy attorneys and financial experts expect that bankruptcy rates will continue to climb until the economy turns around.

Many people may not understand bankruptcy or they are not fully aware of the protections that it provides them.

If you are facing heavy financial burdens, the first thing you should do is talk with a bankruptcy lawyer. A bankruptcy attorney will have a deeper understanding of the different aspects of the law, and the advice that you get will allow you to make informed and educated decisions about your financial future.

Essentially, filing bankruptcy can help you erase or pay off many of the debts you have incurred. Filing for bankruptcy protections will allow you to obtain a start fresh and begin anew with a clean slate.

Statistically, most consumers file chapter 7 bankruptcy, which allows for most debt to be wiped out in about 90 days. There are some limitations. Some debts, such as student loans and child support, are not eligible for discharge in bankruptcy. Chapter 7 will clear most of your unsecured debts, such as credit cards and signature loans (loans for which no collateral was provided).

Changes to bankruptcy laws that went into effect in October 2005 did make it more difficult for consumers to file bankruptcy. One change required that all persons who consider filing for bankruptcy undergo a “means test” to determine if their income level is high enough to support some repayment of their debt.

If in the past six months, the debtor made more than the median income for the state they live in, they must file a chapter 13 bankruptcy case and make payments in an effort to pay off their debt in three to five years.

Chapter 13 bankruptcy does offer benefits. It will stop foreclosure and allow you to catch up mortgage payments over time. It also stop lawsuits, garnishments and even tax levies, so that you can get back in control of your finances.

Understanding your options is essential to protecting your financial future. Getting the assistance of an expert can be extremely valuable. Contact an Atlanta bankruptcy attorney to review your situation and see if bankruptcy is a viable option.

Many homeowners have sought protection from foreclosure through Chapter 13 bankruptcy in Atlanta, and been able to keep their homes.

The halt comes after congressional leaders have called for the industry to enact moratoriums on foreclosures until a program is in place to modify home loans for borrowers in danger of losing their homes. Reports have indicated that mortgages modified early in 2008 were again in arrears by the time the economic crisis began in September.

The Obama administration is working on a plan to use $50 billion on foreclosure preventions programs similar to the one used by IndyMac Bank in California after it was seized by the Federal Deposit Insurance Corporation (FDIC).

The company said that most of the jobs cut will come from its 34 Expo Design Centers, which the company is closing.

The retailer is one of many companies across the country cutting jobs in the face of the growing economic slowdown. Caterpillar, an Illinois based manufacturer of heavy equipment, announced it will cut 20,000 jobs, and Sprint Nextel will cut 8,000 jobs by March 31.

Unemployment rates have continued to rise across the country, with rates in Georgia reaching a 26-year high of 8.1 percent last week.

Congressional leaders are pushing for a change in bankruptcy law in an attempt to slow foreclosures, which many blame for a glut of houses on the market. The change would allow a bankruptcy judge to modify the amount owed, interest rate and term of mortgages for persons seeking bankruptcy protections.

Democrats in Congress say that the bill will force the hand of banks who have been slow to negotiate loan modifications with homeowners who have fallen on hard times financially. They have been pushing for banks to modify mortgages in an attempt to halt the rise of foreclosures in the United States since September of last year.

In a dramatic about-face Citibank’s chief executive voiced support Thursday for a Senate bill that would allow bankruptcy judges to modify mortgages for persons seeking Chapter 13 bankruptcy.

In letters to congressional leaders, Vikram Pandit praised the measure, saying that “given today’s exceptional economic environment, we support its swift passage.”

Under terms negotiated with Citibank and other banking interests, a bill under consideration in the United State Senate will apply only to mortgage loans made before the bill is enacted.

Congressional leaders hope to make the law part of an economic stimulus plan touted by President-elect Barack Obama, who has said he supports the allowing bankruptcy judges to modify mortgages.

Critics point to a report issued by the Comptroller of the Currency shows that 37% of homeowners whose mortgages were modified in the first quarter of 2008 were in default again in six months to argue against the plan.

They also say that it will undermine contract law and drive up the cost of borrowing for everyone.

If you can hold on until the bill is passed and signed into law, you could negotiate with your lender for more favorable terms on your mortgage. If you are already behind on your mortgage and your lender is threatening foreclosure, you should speak to an Atlanta bankruptcy attorney today to find out what your options are in the meantime.

“The deteriorating assets in the financial markets are rooted in the deterioration of people being able to pay their mortgages and stay in their homes,” he said.

The statement, which puts him at odds with current Treasury Secretary Henry Paulson, was made at a press conference announcing his choice of New Mexico Governor Bill Richardson as his choice for commerce secretary.

Paulson has criticized a plan put forth by FDIC Chairwoman Sheila Bair that will use $25 billion from the bailout to restructure loans to lower payments for homeowners who are in danger of losing their homes.

The policy directive from the president-elect may have little influence on the Bush administration’s decisions on how to spend the money, but many homeowners might be glad to hear that Obama is considering some help for them once he takes office.