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March 25, 2009

Georgia Has Third Highest Bankruptcy Filing Rate In Nation

Georgia ranks number three in U.S. bankruptcy filings, according to statistics released recenlty by the U.S. Courts System.

Are you considering bankruptcy, too? Whether this is your initial search for information or you have already done your bankruptcy homework, one great resource for state-specific information is the State Bar of Georgia. It offers a consumer pamphlet series, including an overview of state bankruptcy laws designed to answer general questions about the bankruptcy process. “Anyone considering bankruptcy should speak with an attorney who is familiar with or specializes in bankruptcy for specifics and a greater explanation of the law,” the pamphlet advises.

Our attorneys will help you select the best bankruptcy option for your situation, and ensure that all of your creditors are included in the debt relief settlement. They will guide you through the complexities of this difficult decision, including mapping out every step you must take to qualify for bankruptcy protection and appearing with you in court.

Federal law requires that your debts are a financial hardship beyond control. Common situations that create such circumstances include:

  • Loss of employment,
  • Medical bills,
  • Stopping foreclosure on your home, or
  • Divorce.

We understand that your situation is unique, and you may be experiencing any number of the common or other financial hardships. We are here to help you change your situation and gain control of your debt.

 

March 5, 2009

High Unemployment, High Bankruptcy Rates…

Unemployment claims in Northwest Georgia continued to rise in January, with many counties in the area coming in at or above 10 percent.

The Georgia Labor Department issued its report on unemployment claims in January leaving many wondering when the joblosses will end.

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The state’s seasonally adjusted jobless rate came in at a record 8.6 percent, the highest since the U.S. Department of Labor standardized the way unemployment rates were calculated across the states.

According to the Georgia Labor Department, 412,770 unemployed Georgians are looking for work, an increase of 62.9 percent over the year. Of that number, 183,829, or 44.5 percent, are receiving unemployment insurance benefits.

High jobless numbers have also translated into large numbers of consumer bankruptcy cases. Georgia ranked third in the nation with per capita bankruptcy filings.

According to the U.S. Bankruptcy Courts, there were 6.35 bankruptcy filings for every 1,000 residents of Georgia. Tennessee and Nevada topped out the list with 7.65 and 7.2 bankruptcy filings per 1,000 residents.

Court records showed that 1,074,225 personal bankruptcy cases were filed in 2008. That is the largest number of bankruptcy filings since Congress passed changes to bankruptcy law in 2005 limiting the debts that could be discharged and setting income limits for Chapter 7 bankruptcy protections.


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