Atlanta Bankruptcy Law Blog

August 2011

After rollercoaster month, consumer confidence plummets

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Tuesday, August 30, 2011.

In a not-entirely-unexpected development, consumer confidence dropped significantly this month. The survey, which is administered to 5,000 households throughout the U.S., was conducted between Aug. 1 and 18. Those were the tumultuous weeks following the United States' downgrade on the S & P credit rating, during which the stock market wildly fluctuated.

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Tags: bankruptcy, consumer confidence, consumer spending, economy, recession

Government contemplates mortgage refinance plan

On behalf of Gingold & Gingold LLC posted in Foreclosure on Thursday, August 25, 2011.

Since the housing bubble burst, Americans have implored the federal government to take action and create a program that would lessen the burden of high interest rates and mortgage payments, protect against foreclosure, and keep homeowners in their homes. And although the government has attempted a few such programs, the results of those initiatives have been mixed, at best. Lawmakers have yet to propose a program that will help homeowners on a large scale while also making long-term repairs to the battered housing market.

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Tags: foreclosure, homeowner, housing market, mortgage, mortgage modification

New home sales fall in yet another hit to the housing market

On behalf of Gingold & Gingold LLC posted in Foreclosure on Tuesday, August 23, 2011.

Although the economic recession technically ended two years ago, many people in Atlanta and across the United States continue to feel its effects, especially if they are homeowners. Throughout the country, foreclosure has brought down median home values in many areas, making it difficult for standard sales and new home sales to offer competitive pricing. This has led to an unprecedented decrease in new home sales in many parts of the country.

Continue reading New home sales fall in yet another hit to the housing market...

Debt collector sued for threatening wage garnishment

On behalf of Gingold & Gingold LLC posted in Wage Garnishment on Friday, August 19, 2011.

Under the federal Fair debt Collection Practices Act, creditors and debt collectors may not use abusive debt collection practices. This means that companies and individuals may not intimidate, threaten, harass, or lie to a debtor when they are attempting to collect on a debt. According to the Federal Trade Commission, the number of consumer complaints about improper debt collection practices increased by more than 15 percent in 2010, likely due to the struggling economy.

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Tags: Fair Debt Collection Practices Act, debt, debt collector, garnishment, wage garnishment

Burt Reynolds faces foreclosure lawsuit

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, August 17, 2011.

A foreclosure lawsuit has been filed against veteran actor Burt Reynolds, alleging that he has not made a mortgage payment on his Florida vacation home in almost one year. The threat of foreclosure comes just a few years after Reynolds placed the mansion up for sale and subsequently removed it from the housing market due to the troubled economy.

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Tags: Florida, foreclosure, lawsuit, mortgage, mortgage lenders

Former Atlanta pitcher faces foreclosure

On behalf of Gingold & Gingold LLC posted in Foreclosure on Friday, August 12, 2011.

A former long-time pitcher for the Atlanta Braves is now facing foreclosure on a property he owns in Wyoming, according to a local newspaper. This situation shows that the ongoing housing market slump is having a devastating effect on people throughout Georgia and the country as a whole, regardless of career, status, or financial situation.

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Tags: Atlanta, bankruptcy, foreclosure

Could the U.S. be headed for another recession? (part two)

On behalf of Gingold & Gingold LLC posted in Foreclosure on Wednesday, August 10, 2011.

Earlier this week, we looked at the aftermath of the United States government's last-minute budget deal, which resulted in a downgrade of the U.S. credit rating and a 513-point plummet in the Dow Jones industrial average. Now, as economists survey the damage, many are predicting that a second recession is inevitable.

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Tags: Atlanta, foreclosure, housing market, recession, unemployment

Could the U.S. be headed for another recession? (part one)

On behalf of Gingold & Gingold LLC posted in Bankruptcy on Monday, August 8, 2011.

Although the political rhetoric and bitter debate that led up to the eleventh-hour budget deal made late last week has finally ended, it appears that the effects of Washington's inability to compromise will be felt by many Americans for months to come. Several economists are already predicting that the downgrade of the U.S. credit rating will lead to a second recession, and experts will likely be watching the stock market closely over the next several days after last week's near-record 513 point drop in the Dow Jones industrial average.

Continue reading Could the U.S. be headed for another recession? (part one)...

Tags: Atlanta, bankruptcy, foreclosure, recession, unemployment rate

Atlanta named America's fourth sickest housing market

On behalf of Gingold & Gingold LLC posted in Foreclosure on Thursday, August 4, 2011.

It is no secret that Atlanta, and the state of Georgia as a whole, has been struggling more than most other cities and states throughout the economic recession. To summarize, Georgia has higher rates of unemployment, bankruptcy and foreclosure than many other states in the country. This has caused the state to end up near the top of many "worst" lists, and another recently released list is no exception.

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Court: plaintiff's wages were improperly garnished

On behalf of Gingold & Gingold LLC posted in Wage Garnishment on Monday, August 1, 2011.

When a debt collector or law firm is ordered to collect on a debtor's unpaid bills, the company will use any means possible to achieve that goal. Often, cash-strapped debtors are powerless against these forceful methods of debt collection utilized by large companies, even when their attempts to collect are in violation of state or federal laws.

Continue reading Court: plaintiff's wages were improperly garnished...