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Georgia bankruptcies increase while number drops nationally Atlanta, GA

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Georgia bankruptcies increase while number drops nationally

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From May to June of this year bankruptcy filings in Georgia rose by 13 percent. Nationwide the rate of bankruptcy filings actually dropped by more than six percent over the same time period. Of course regional economic factors will always play a role in the number of bankruptcy filings for any given states. Some states saw increases as much as 30 percent.

In the short term, rising and falling dates of bankruptcy filings may not say as much about the health and growth of the overall economy as it may at first appear. While the overall health of the economy certainly has an effect on long term trends in bankruptcy filings, other factors, such as the availability of credit, are larger factors in the month to month fluctuations in the numbers of bankruptcy filings.

Bankruptcy rates have been increasing for the last several years during the economic downturn and early stages of the recovery. The decrease in nationwide numbers is likely the result of a loosening of standards for consumer credit. When are able to borrow more from credit cards and other sources, they may be able to hold off on bankruptcy a bit longer.

Unfortunately for many this is a short term solution to what can be a longer term problem. After maxing out this additional credit some consumers find themselves with no real improvement in their ability to repay their debts, but now have additional bills. Additional borrowing on high interest credit lines may contradict the accepted wisdom that the first step to getting out of a hole is to stop digging.

While the thought of bankruptcy may be unsettling at first, the reason that it exists is to give people a fresh start when they are unable to repair their debts. It provides an orderly process to stop the collection calls and satisfy creditors.

Source: New York Times “Fewer Americans File for Bankruptcy” TARA SIEGEL BERNARD, July 6, 2011

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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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