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Bankruptcy filings drop in first half of 2012 Atlanta, GA

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Bankruptcy filings drop in first half of 2012

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According to recently released federal data, the number of bankruptcies filed in the first half of 2012 was significantly lower than the number of filings made during the same time period last year. In fact, both consumer and business bankruptcy filings fell to levels that were last seen prior to the economic recession in 2008. If these numbers remain constant through the end of the year, they may indicate that the national economic picture is, slowly but surely, improving.

There were 631,130 bankruptcy filings made in the first six months of 2012, a 14 percent decrease from the number of filings in the first six months of 2011. Specifically, 601,184 consumers filed for Chapter 7 or Chapter 13 bankruptcy, a 13 percent drop from last year, and 30,946 businesses sought Chapter 11 bankruptcy protection, a 22 percent decline.

According to Samuel Gerdano, the executive director of the American Bankruptcy Institute, the decrease is likely due to low interest rates. Since the economic recession began, the U.S. Federal Reserve has worked to keep interest rates low, he says.

If bankruptcy filings continue at the current momentum, about 1.2 million people will seek bankruptcy protection by year-end, as well as 60,000 businesses. This means that, while the decline is certainly good news, there are still thousands of Americans that are still struggling with insurmountable debt, bankruptcy and foreclosure. This is especially true in Georgia, which has continually been near the top of the list of states with the highest numbers of bankruptcy and foreclosure. Hopefully, these downward trends continue, both in Georgia and across the country.

Source: Reuters, “U.S. bankruptcies on pace to fall to pre-2008 level,” July 5, 2012

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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