Foreclosure Notices Spike in Atlanta Metro Area, Leave Many Considering Bankruptcy
Foreclosure notices in metro Atlanta rose 16 percent from a 30-month low set in June, according to The Atlanta Journal-Constitution. There were 8,579 notices in the 13-county area, a 4 percent increase from July 2010.
Atlanta Bankruptcy Lawyers know that many of these homeowners are hurting and wondering what to do and where to go. Many will seek out home loan scams or debt consolidation companies in the hopes that they can help them keep their house. But they should also consider filing bankruptcy in Atlanta.
Whether a homeowner is one month behind on house payments or their house is being sold on the courthouse steps tomorrow, filing bankruptcy will stop it immediately. It is the only 100 percent sure way of stopping a foreclosure and millions of Americans have found out how helpful bankruptcy laws can be in reshaping a person's financial future.
The Atlanta Journal-Constitution reports that foreclosure notices published this month are for auctions at the courthouse scheduled for next month, leaving time for banks and homeowners to negotiate a resolution, if possible. The newspaper reports that it's unclear how much of an impact the highly-publicized problems with mortgage documents are having on the figures.
The breakdown of notices by county:
Gwinnett: 1,817
Fulton: 1,580
DeKalb: 1,322
Cobb: 1,019
Clayton: 688
While most of the foreclosure notices relate to residential properties, analysts have also seem a rise in hotels and motels and other commercial properties that have been given notices in Georgia.
As the Atlanta Bankruptcy Attorney Blog previously reported, Georgia led the nation in the increase in foreclosure listings between March and April. Researchers believe that a flood of foreclosed homes continue to keep home values for all Georgians relatively low. And as foreclosure notices increase and people abandoned their houses, other homeowners suffer.
This cycle is brutal and will cause consumers heartache and frustration until it fixes itself. When that will happen is anyone's guess. But in the meantime, homeowners on the edge of foreclosure or who already are in the process should consult with Atlanta Bankruptcy Lawyers as soon as possible. Quickly assessing your case will help you avoid more unnecessary pressure from creditors, lenders and collection agencies.
There are many options for people who have bad credit, mounting bills and a house you can't afford. It's possible that chapter 7 bankruptcy, which allows consumers to consolidate their debts and wipe them clean, could be your best option. But if you own large assets and want to keep them, such as a house, chapter 13 bankruptcy could be a better option. That allows consumers to work out a payment plan over three to five years in order to satisfy some of their outstanding debt.
Whatever the plan that's best for you, we'll find it. We work together with our clients to determine the best option. Take control of your finances and don't let creditors continue hounding you. Let us help you. Set up a free consultation today.
If you need to speak to an Atlanta bankruptcy attorney call the DebtStoppers Bankruptcy Law Firm at 800-440-7235 today for a free debt analysis.
More Blog Entries:
Increase in Georgia Foreclosures Lead Nation, Keep Home Values Down: June 29, 2011
Additional Resources:
July foreclosure notices up 16 percent in metro Atlanta, by Henry Unger, The Atlanta Journal-Constitution