Power Breakfast: Atlanta bankruptcies up, home prices down, Obama speech, Toyota recall, Jekyll

Bankruptcies in metro Atlanta and outlying counties rose significantly in 2010 — yet another sign that the devastating effects of the economic crisis continue to plague many people here, AJC staffer David Markiewicz reports.

Personal filings in the U.S. Bankruptcy Court for the Northern District of Georgia increased 10 percent last year to 54,564, Markiewicz writes. The grim number has risen every year since 2006 when there were only 24,326 filings.

Business filings also increased 10 percent last year to 1,844, Markiewicz reports. Most of the bankruptcies were in the district’s Atlanta division, which covers Cherokee, Clayton, Cobb, DeKalb, Douglas, Fulton, Gwinnett, Henry, Newton and Rockdale counties.

And the worst may not be over.

“We’ve not yet hit the crest in bankruptcy filings,” Jack Williams, a law professor at Georgia State University who specializes in bankruptcy, told Markiewicz. “You can expect these numbers to continue to get worse if we’re still talking about a real estate problem.”

Also in the AJC:

In other media:

- Henry Unger, The Biz Beat

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5 comments Add your comment

01HAWK

January 26th, 2011
6:54 am

No end in sight to the mess this country is in. What I see also is the inability of the people who are working who do not try to help the less fortunate. It is all about me attitude that most people have.

I have helped others quite a bit but fail to see some of my other friends do the same. GOD is watching and you can best believe you will have to answer to him at the end.

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Kevin Jordan

January 26th, 2011
1:16 pm

I think the part that is the most disturbing about this type of speech is how certain facts are so “dumbed down” for the general public. It really is insulting. The level of spin is incredible. He mentions how the “stock market has come roaring back” as an indication that his policies are working. That is why we try to post articles and commentary on the alternate view. Many, many economists agree that the stock market is up because of the liquidity being pumped in by world governments. It is simply another bubble. Take a look at our free charts of the S&P 500 over at Stockcharts, and our blog with many fascinating graphics and articles on housing, gold, food, and the economy.

Charts:http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3274981

Blog: http://www.precisiontradingsolutions.blogspot.com

Ron

January 26th, 2011
1:55 pm

I concur “the worst may not be over”. Bankruptcies are likely to continue to rise. Unemployment is 9.4% nationwide (probably higher). Here in the southeast the current unemployment rate is at 10.2% for the seven state region. If people don’t have jobs then they can’t pay their bills. If people don’t have jobs they can’t shop and support the economy. And businesses can’t continue to operate without customers.

In the last two weeks we’ve learned that all seven southeast states i.e., Al, Fl, Ga, Ms, Sc, Nc, & Tn reported increases in their unemployment for December. Some increases were significant, Mississippi jumped from 9.9 to 10.1 percent. Tennessee who officially reported “no change” at 9.4% actually saw a small increase in their unemployed numbers (not enough to move the percentage). Here in Ga. we’re at 10.2% unemployed that translates into 478,833 unemployed workers.

(http://rcwelch.com/Analytics/Current_Research.html)