If I am a College Graduate With a High Income in Atlanta, Georgia, can Bankruptcy Benefit Me?
Yes; filing bankruptcy provides many benefits to college graduates and other high income earners. In fact, according to Aaron Smith of CNNMoney, bankruptcy filers have gotten more educated over the past five years, as financial distress has increased among those with college degrees.
The Institute for Financial Literacy recently released the results of its four-year study that examined the financial status of debtors since the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act. The study involved more than 50,000 participants and ran from 2006 to 2010.
The study found that the rate of college graduates filing for bankruptcy has increased by 20%. Since the study began in 2006, there was a gradual shift in bankruptcy filings toward higher income earners. In fact, in 2010, more than 9% of the debtors participating in the report made more than $60,000.
How can bankruptcy help you?
- It could be beneficial for small business owners in Atlanta, Georgia to file bankruptcy in order to either repay business creditors or avoid paying business debts altogether.
- It could be helpful to protect jewelry by filing Chapter 7 or Chapter 13 bankruptcy in Atlanta, Georgia.
- If you are at risk of foreclosure in Atlanta, Georgia, it could be beneficial to file Chapter 7 or Chapter 13 bankruptcy in Georgia to protect your home from foreclosure.
- You can protect cars and other assets by filing bankruptcy in Atlanta, Georgia.
So, while it may seem like a failure to consider filing bankruptcy, the reality is that many highly educated people have declared bankruptcy and then gone on to make their lives better. If you would like a bankruptcy lawyer in Atlanta, Georgia to conduct an analysis of your financial situation to determine if bankruptcy can benefit you, contact the Law Offices of Charles Clapp at 404.585.0040 to schedule a free initial consultation.
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