Does Your County Have the Highest Atlanta Personal Bankruptcy?

It is indeed good news that the Southern area of the country is doing much better with regards to bankruptcy. However, it was reported in an article published in Wall Street Journal that 6 out 10 counties with the highest personal bankruptcy are found in the areas near Atlanta. Although the number of bankruptcy filings is still higher in the West especially in Arizona and California, one cannot miss the fact that Atlanta personal bankruptcy lawyers have been busy as well. According to Ronald Mann, a law professor in Columbia University, as he studied the reports given by the National Bankruptcy Research Center, the reason for this increased case of Atlanta personal bankruptcy is some banks in Atlanta have a high rate of subprime loans. As a matter of fact, the average delinquency rate in the United States was 5.7% in 2010. However, 6 counties in Atlanta have an average of 9%. This percentage represents the number of mortgage loans that are at least 90 days past due. Wondering who’s on the top?  Clayton County. Clayton County has a personal bankruptcy percentage of 13.7%. The primary cause of the area’s high Atlanta personal bankruptcy statistic is the increased credit card delinquency rate. While the country has the national average of 1.7%, Clayton county has 3.1% (more than 60 days past due).  Douglas County. According to the National Bankruptcy Research Center, Douglas County, Georgia is the 4th highest per-capita rate of personal bankruptcy. Like Clayton County, one of the major reasons that might explain this county’s high personal bankruptcy rate is the credit card delinquency rate (3.1%). Another factor is the decreasing home values in the county. Other counties with the highest Atlanta personal bankruptcy rates are Newton County (ranks 2nd), Henry County (ranks 3rd) and Rockdale County (ranks 6th). Aside from the reasons mentioned above, Atlanta-based residents also have an auto loan delinquency rate of at least twice of the national average. Many Atlanta personal bankruptcy lawyers aren’t surprised with the report. As a matter of fact, many offices have received an increase of these cases compared with the previous year. These lawyers have also noticed that people are filing their Chapter 7 with the intent to walk away. Reports have shown that people who file Chapter 7 are those with large debts and do not have the ability to restructure them. Thus, if you are living in Atlanta and are having problems with your own debts, it is important to consult with your local Atlanta personal bankruptcy lawyer as soon as possible. Do not let the problem continue to grow or get worse over time.