In a recent article on CourierPostonline.com, journalist Jeannine Aversa points out the economic reality we in Georgia are facing. Georgia is unique, but not in a good way. We have a 10% unemployment rate, with the country averaging 9.6%. If you factor in foreclosures, which, according to RealtyTrac.com, amount to 1 in every 250 homes every month, the problem is clear.
And economists are not foreseeing many economic changes in 2011. What will the Georgia economic outlook be in 2011? The average rate of unemployment for the U.S. has traditionally been 5-6%. That may sound incredible, but in reality those numbers were very common in the past decades, through recessions and booms. Economists, as noted in the Aversa article, are not predicting much of a change in unemployment in 2011. Some are predicting the national average in 2011 to be just under 9%, at about 8.7%. In previous estimates, it was expected that unemployment would be lower than this.
Is Georgia different? We have more unemployment than most states, more foreclosures than most states, and more bankruptcies too. And incomes have gone down too: in the years 2006 to 2007, when compared to the time of 2008 and 2009, incomes have dropped about 13%, averaging about $6,000 less income per person.
This is the economic reality we face.
Are there solutions? The entire country is facing tough economic times, though states such as Georgia and Florida have been hit particularly hard, especially in the wake of the mortgage crisis.
You may have to change spending habits. The pricey car, dream home, and expensive college education for your child may have wait. You have to start thinking of cutting down on expenses. And you have to continue with the hope things will change. They will. Not everyone in the country is being hit hard, and there are still many options for all of us.
You may consider filing Chapter 7 bankruptcy to discharge your debts if you are unemployed. If you are working, but fall behind on your mortgage, you may file Chapter 13 bankruptcy to avoid a foreclosure. Chapter 7 is the most common form of bankruptcy, yet Chapter 13 should be considered too, especially if you own a home.
Chapter 7 is best for eliminating unsecured debts – medical and credit card monies owed, most commonly. Chapter 13 takes more time, and does not eliminate the debt, but allows you to pay over time. If you are facing foreclosure, you may want to consider Chapter 13.
If you are unemployed, how can you afford to file bankruptcy? Filing is not very expensive. Bankruptcy lawyers with experience are willing to work with you, to help you save money, and to protect your assets. If it’s $1,500 total to discharge $20,000 or more, filing is more than worth it.
Similar Posts:
- Why Is Unemployment So High in Georgia?
- When Should You Consider Filing Georgia Personal Bankruptcy?
- Jobless Numbers Rise Unexpectedly in Early August
- Georgia Foreclosure Rates Go Up in 2010 – Bankruptcy Solutions
- Your Georgia Bankruptcy and Foreclosure Options
