Atlanta Bankruptcy Law Blog

Record lows for new home prices

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, March 30, 2011.

Earlier this year, the number of new home sales sank to a record low, with overall home prices dropping to their weakest levels in the past decade.

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Tags: foreclosure, foreclosure sales, homeowner, housing market, new homes

Banks hoping to increase sales with foreclosure improvements

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, March 25, 2011.

Many banks are beginning to make changes to the appearance of their foreclosed homes in an attempt to boost sales. Making aesthetic improvements to a home has been a selling strategy for real estate agents for decades. Now banks are beginning to heed that advice in order to sell their record numbers of foreclosed properties.

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Tags: banks, foreclosure, foreclosure sales, homeowner, housing market

Congress considers cutting job training programs

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Wednesday, March 23, 2011.

In recent months, economists throughout the country have been touting the economic recovery. But in Georgia, where many residents are still struggling with debt, unemployment, bankruptcy and foreclosure, that recovery seems slow or even nonexistent. In January, the unemployment rate in Georgia was 10.4 percent, which is well above the federal rate of 9 percent.

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Tags: Georgia, Workforce Investment Act, bankruptcy, economy, unemployment

Atlanta bank admits errors in foreclosure processes

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, March 18, 2011.

Last year, mortgage lenders across the country were forced to halt their foreclosure procedures after mass allegations that the lenders were improperly processing foreclosure documents in a practice that came to be known as 'robo-signing'. However, the lenders quickly restarted foreclosure processes, claiming that they had found no issues and refusing to take any blame for the issues. One Atlanta-based bank has bucked this trend, recently announcing that it discovered issues with over 4,000 of its active foreclosure cases.

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Tags: Georgia, banks, foreclosure, mortgage lenders, robo-signing

Metro Atlanta small business bankruptcy filings decrease

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Wednesday, March 16, 2011.

In the metro Atlanta area, small business bankruptcies decreased during the fourth quarter of 2010. This marked the fewest number of small business bankruptcy filings since the first quarter of 2008, when the economic recession was beginning to take hold in Georgia and throughout the country.

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Tags: Atlanta, bankruptcy, bankruptcy filings, small business, unemployment

Assisted living center bankruptcy forces residents to move

On behalf of Gingold & Gingold LLC posted in Chapter 7 on Friday, March 11, 2011.

The ongoing economic recession has made life more difficult for the majority of consumers and companies in Georgia and throughout the country. This is especially true for non-profit businesses and charities that have seen their donations and other funding plummet as Americans and local and federal governments cut corners to stay afloat in their new financial reality.

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Tags: Chapter 7, Georgia, assisted living center, bankruptcy, non-profit

Georgia homeowners are fighting foreclosure

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, March 9, 2011.

A new study is reporting that Georgia homeowners are actively working to keep from defaulting on their mortgages. According to the study, which was performed by financial analysts from Atlanta-based Equifax Capital Markets, homeowners are more commonly diverting funds from other financial obligations toward mortgages in order to stave off home foreclosure. In addition, fewer homeowners are resorting to purposeful strategic defaults in Georgia and throughout the country.

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Tags: Georgia, credit card debt, default distance, foreclosure, mortgage

Study: bankruptcy reform act worsened housing crisis

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Monday, March 7, 2011.

In a new study released by a state Federal Reserve Bank, researchers claim that the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) may have unintentionally worsened the housing market crash and continuing crisis. This is because the BAPCPA makes it more difficult for homeowners to use Chapter 13 bankruptcy to make mortgage payments and keep their homes out of default and foreclosure, the study says.

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Tags: Bankruptcy Abuse Prevention and Consumer Protection Act, Chapter 13, Chapter 7, bankruptcy, foreclosure

Georgia unemployment rate above national rate for 40th consecutive month

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Thursday, March 3, 2011.

Once again, the unemployment rate in Georgia has beaten its own record, reaching an all-time high of 10.4 percent in January. With this report, Georgia has officially been above the national unemployment rate for 40 consecutive months. Further, as the national rate has dropped from 9.7 percent to 9.0 percent over the last year, Georgia's rate has remained stagnant at 10.4 percent, leading experts to believe that the state's economic recovery has idled.

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Tags: Georgia, bankruptcy, economy, unemployment, unemployment rate

Georgia lawmakers seek to criminalize foreclosure fraud

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, March 1, 2011.

Last fall, foreclosures in Georgia and throughout the country came to a halt after complaints were raised against mortgage lenders, claiming that they regularly engaged in various methods of foreclosure fraud. Specifically, it was alleged that lenders "robo-signed" or otherwise falsified home foreclosure documents, which allowed them to speed up the foreclosure process at the expense of homeowners who were improperly foreclosed upon.

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Tags: Georgia, foreclosure, foreclosure fraud, mortgage lenders, robo-signing