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Georgia joins economic ‘most stressed’ list for the first time Atlanta, GA

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Georgia joins economic ‘most stressed’ list for the first time

bisinessman analyzing data

Despite a reduction in economic stress for much of 2010, the end of the year saw an increase in stress throughout the country. High foreclosure rates are likely the main contributor to the increased economic stress, despite a drop in unemployment, economists say. In Georgia, high foreclosure and bankruptcy rates combined to make the state one of the top five most stressed for the first time.

From November 2010 to January 2011, the national unemployment rate decreased from 9.8 percent to 9 percent, which seems like it would decrease economic stress. However, the real estate market is still struggling to recover in most states, which outweighed the stress-reducing factor of low employment.

Economic stress is calculated on a scale of one to 100 based on county unemployment, foreclosure and bankruptcy rates. The threshold for stress is relatively low: a county need only score 11 or more to be deemed ‘stressed’. Among the 3,141 U.S. counties, approximately 40 percent were considered stressed in December, which is an increase from November.

Stress lessened in all but five states during 2010, which is a good sign. Unfortunately, with high foreclosure, bankruptcy and unemployment rates, Georgia is one of those five with a stress level of 14.5. The other four ‘most stressed’ states are Nevada, Florida, California and Arizona.

Currently, Georgia has a 2.2 percent bankruptcy rate, which is greater than all other states except one (Nevada). Georgia also has the seventh-highest foreclosure rate, which stems from the state’s real estate boom and subsequent crash. “Bankruptcies and foreclosures are the side effects of the damage from the real estate bust,” said Georgia State University economist Rajeev Dhawan. “First, you have the real estate problem, and then it’s going to spill over into bankruptcies and foreclosures. That is what has been happening in Georgia.”

Source: ABC News, “AP Analysis: Foreclosures Raise US Economic Stress“, Martin Crutsinger and Mike Schneider, 8 February 2011

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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!

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.

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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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