In Atlanta GA foreclosures rise while house prices fall. All over the country, cities are being hit hard by the housing crisis. The economy shows little sign of improvement. As recent as November 2010 the housing market showed the worst numbers since the housing market bubble burst. There are reports coming out today that say the housing market may never get back to where it was in 2007.
Get the Best Bankruptcy Attorney is Atlanta GA
During the summer of 2007 the housing market was at its highest point, but now those price levels have plummeted more than 26%. This resulted in the skyrocketing number of home foreclosures around the metro Atlanta GA area in November of 2010
. By this same month it was shown that within Atlanta GA foreclosures, those having past due mortgage loans rose above 3% while the entire state of Georgia read over 2%.
Those living in the metro area that might be among those involved with these Atlanta GA foreclosure rates should first know they aren’t alone. The second is to know a few facts about new programs to help those filing bankruptcy. Here are a few facts:
1) There is the possibility that a homeowner can get an Order of Relief after filing for either Chapter 7 or Chapter 13 bankruptcy.
2) The Order of Relief is an official petition of the court that requires creditors to stop calling, writing, or any other sort of debit collection until the bankruptcy case is settled.
3) Chapter 7 bankruptcy is the option which could cancel the debt protected by a home such as home equity loans.
A bankruptcy case in Atlanta may forestall a sale of foreclosure by 12 – 16 weeks. Yet none of this is set in stone. To make sure no timelines are missed, opportunities for settlement overlooked, or other legal details skipped, hire the best bankruptcy lawyers in Atlanta. The benefits of hiring a great bankruptcy lawyer could be the swift settlement debt and home loss prevention. The first step is to act now.
