According to Channel 2, Georgia has the 3rd highest rate of bankruptcies behind Nevada and Tennessee. 1 in 50 Georgia households filed for bankruptcy between January and November of 2009. This is 22% higher than the same time frame in 2008.
If you are in a financial bind, my suggestion is that you seek help as soon as possible. Many people turn to bankruptcy to prevent foreclosure. This may not be necessary if you let your lender know what is happening and work out a payment plan. This is easiest when you are not yet behind. If you wait until they have initiated the foreclosure process, they will likely require an initial lump sum payment and you'll be responsible for attorney fees related to the foreclosure filing.
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