By: Mary Ann Pekara
November 02, 2010
A recent study by the National Bankruptcy Research Center indicates that Georgia has been hit hard by personal bankruptcy. The study shows that four counties in Georgia are in the top 10 counties in the country with the highest rates of personal bankruptcy per household, Times-Georgian.com reports.
A bankruptcy lawyer in Douglas County, Georgia, which was fourth on the national list, said her law office experienced a 30 percent increase in bankruptcy filings since last year, with a large portion of the growth being made by Chapter 7 bankruptcy filings. Chapter 7 bankruptcy is considered by some to be the most drastic, as it provides for the liquidation of some assets for the benefit of creditors.
Another Georgia bankruptcy lawyer claimed that the state has a tradition of Chapter 13 bankruptcies, the less drastic kind that provides for a repayment plan, but that she has seen a dramatic rise in Chapter 7 filings that she attributes to the housing crisis, which left many paying a mortgage worth more than the house it was attached to.
"Most of our cases are Chapter 7. People are under water with no jobs and are not trying to save that house from foreclosure," she said, according to the news source.
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