Fred P. Kross P.C. Articles Georgia Still has Second Highest Bankruptcies despite Reduced Filings

Georgia Still has Second Highest Bankruptcies despite Reduced Filings

By Fred P. Kross P.C.  May. 20, 2013 9:25a

The number of bankruptcy filings in Georgia is down 15 percent but our state is still in the number two spot for highest bankruptcies in the nation. According to the American Bankruptcy Institute, the total number of bankruptcies in the U.S. was down by about 200,000 filings in 2012 compared to the year before. Georgia had the second highest per capita Chapter 7 and Chapter 13 bankruptcy filings with 6.54 per 1000 just behind Tennessee's 6.86 filings per 1000 individuals. Job growth in the state has improved but there are still many individuals who find themselves in a very difficult financial situation. Unfortunately, there are those who are in a weekly or monthly battle to stay afloat and hold on to their home, car or other property while keeping up with payments. If you are struggling with overwhelming debt or have gotten behind in payments then you should speak with a bankruptcy lawyer about your options.

Are you facing creditor harassment, foreclosure or wage garnishment?

Depending on your specific situation and individual goals, there may be a way for you and your family to get out from under overwhelming debt. Filing for bankruptcy is a very personal choice but an attorney can help by making sure you understand your options fully. You may be able to avoid foreclosure, repossessions or wage garnishment through Chapter 7 or Chapter 13 bankruptcy protection. There are also alternatives to bankruptcy such as debt negotiation or debt settlement if you do not qualify for bankruptcy or simply wish to pursue another route. If you are considering bankruptcy protection then the first step is making sure you qualify through the "Means Test". This test compares your financial situation with the average situation of others in your area. Depending on the outcome of this test, you may be able to file for Chapter 7 protection where you liquidate non-exempt assets to discharge your debts or Chapter 13 protection which involves negation with creditors and the development of a payment plan to discharge your debts after a few years. Whatever path you would like to take it is crucial that you have a knowledgeable legal professional on your side protecting your best interests.

Contact a bankruptcy attorney now!

Contact a caring and dedicated attorney at the Fred P. Kross P.C. to discover how you can get on your way to a brighter financial future. I have helped clients get rid of crushing debts which were causing a great deal of stress and unhappiness in their lives. I may be able to help you by putting a stop to harassing creditor calls and get you to more stable financial ground.

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