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Georgia Consumer Bankruptcy Filings Slow in November Atlanta, GA

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Georgia Consumer Bankruptcy Filings Slow in November

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In Georgia and across the country, the steady increase in Chapter 13 and Chapter 7 bankruptcy filings finally slowed in November for the first time in several months. However, consumer analysts are hesitant to be optimistic about the decrease, as the United States is on track to reach a record high 1.6 million consumer bankruptcy filings in 2010.

According to the American Bankruptcy Institute’s analysis of data from the National Bankruptcy Research Center, there were almost 115,000 fewer consumer bankruptcy filings in November than in October, representing a nationwide drop of 13 percent. However, November’s filings were still over two percent higher than the same month last year, and there have already been more filings in 2010 than there were in all of 2009.

Analysts expect that 2010 will have seen approximately 1.6 million consumer bankruptcy filings by the time the year ends in a few weeks, which is the highest number since the federal bankruptcy process was overhauled by Congress in 2005. Before that legislation, which made it more difficult to receive bankruptcy protection, there was a rush of filings by people who would not be able to file under the new laws, causing the record surge.

Despite this year’s overall increase in filings, analysts say that the November drop could represent a slowdown caused by financially wary consumers spending and using credit less. Analysts say that this may contribute to a dismal economy in the short term, but will be better in the end. “When consumers pull back, two things happen,” said American Bankruptcy Institute Executive Director Samuel Gerdano. “The economy stalls, but in the longer term we do see a leveling off and then perhaps even a dip in consumer bankruptcy filings.”

Source: Wall Street Journal, “Personal Bankruptcy Filings Slowing but High“, Sara Murray, 1 December 2010

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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!

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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.

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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.

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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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