Hammond & Hammond, P.C.

Consumer Bankruptcy

Are more people in Georgia filing for bankruptcy?

The decision to file for bankruptcy is not one that is taken lightly by anyone who has faced it. While the benefits -- such as debt relief and a stay on foreclosure proceedings -- can be felt immediately, a bankruptcy filing can represent a substantial shift in one's spending habits and lifestyle.

Residents of Georgia who find themselves in a financial bind are encouraged to speak with an experienced bankruptcy attorney who can help them to understand the requirements, obligations and benefits of a bankruptcy filing. And while some consumers might think of Chapter 7 or Chapter 13 bankruptcy as something to be embarrassed about, this simply isn't the case.

In fact, for many people, putting off a bankruptcy filing essentially just delays the relief they desperately need. People who are overwhelmed with debt find it difficult, if not impossible, to emerge from this kind of situation on their own. Postponing speaking with a bankruptcy attorney may lead to even more serious issues later on.

It's also important to know that people from all walks of life have filed, and continue to file, for bankruptcy. Having a large income does not prevent people from getting into debt; with greater access to credit, people who earn more might end up with just as little breathing room in their budgets if they have bigger debts.

More people in Georgia file for bankruptcy than almost anywhere else in the nation. In fact, residents of only two states had a higher filing rate through the first half of 2015 than did Georgians. A south Atlanta metro bankruptcy can be a great resource for someone in Georgia who is contemplating financial changes in their life.

Source: ACA International, "Bankruptcy Filings Decline 12 Percent for the First Half of 2015," July 8, 2015.

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