Georgia Ranks High in Bankruptcy Rates

In the state of Georgia, 72,198 personal bankruptcies were filed in 2011. At 7.35 filings per 1,000 people, that put the state at the second-highest in the country in bankruptcy rates. Nevada led the nation in per capita bankruptcies, with close to 9 filings per 1,000 people. The personal bankruptcies in Georgia were almost evenly divided between Chapter 7 and Chapter 13 filings; 51 percent of the filings were Chapter 13 while the remaining 49 percent were Chapter 7 cases. Despite its top ranking in per capital filings, the number of bankruptcies in the state decreased from 2010 levels by 0.57 percent.

While bankruptcies across the nation have been on the decline, credit card debt has begun to climb. According to the Federal Reserve, consumer credit card spending increased 9 percent recently, climbing to more than $798 billion. Student loans have also increased, surpassing credit card debt in 2012 to the $1 trillion mark. Those who rack up student loan debt generally are unable to eliminate this form of debt through a personal bankruptcy. Many bankruptcy attorneys and student groups find this fact to be discriminative and are trying to get bankruptcy laws changed to help reduce this problem. In January 2013, three U.S. Senators co-sponsored the Fairness for Struggling Students Act of 2013 to address the discrepancy.

Bankruptcy Attorney Serving Gwinnett County, Georgia

Bankruptcy is a legal process which can prove to be confusing, heavy on paperwork, and difficult. Getting it done properly is important to reduce problems, complications, or denials. At Fred P. Kross P.C., you can work with a bankruptcy attorney who has handled thousands of cases in and around Gwinnett County and who will help you find alternatives to bankruptcy, should you need other options. These options may include debt settlement or debt negotiation, depending on your situation.

Getting educated about the bankruptcy process and possible alternatives is your first step when realizing that your overwhelming debt needs to be addressed. You can gain valuable information about all of these subjects at the firm's website at www.fredkrosslaw.com. You can also contact the firm to schedule an appointment with an experienced attorney to discuss your case.