Recently in Chapter 7 Bankruptcy Category

Add another one to the bookstore bankruptcy column. Outwrite Bookstore & Coffeehouse will close down on January 26, 2012, reports the Atlanta Journal-Constitution.

The iconic bookstore in Midtown, had been facing financial difficulties for some time. Owner Philip Rafshoon tried to keep the store going longer, but ultimately was not successful.

In an outgoing email Rafshoon wrote:

"Thanks to all of you who made Outwrite the special place it has been over the past 18 years. Thank you to all who came in on a regular basis, showing your commitment to supporting independent, local businesses. And thank you to all of the authors, poets, artists, musicians, volunteers, and activists, who have entertained, educated and energized us."

Paul Ossmann, a former broadcaster on 11 Alive in Atlanta, has found a new gig after a tough patch which included going through a bankruptcy, reports the Atlanta Journal-Constitution.

The long-time broadcaster will now be working as a weekend weather forecaster for CBS Atlanta. He will be on regularly at 6 and 11 pm, both Saturday and Sunday.

Not only is this a good media story in Atlanta about a local celebrity, but also has a helpful bankruptcy component to it. It turns out that Paul Ossmann went through a Chapter 7 Bankruptcy, which was discharged last October.

The 2011 bankruptcy statistics held a little bit of a surprise, as total bankruptcy filings declined by nearly 12 percent, reports The New York Times.

In total, there were about 1.4 million bankruptcy filings last year, according to the University of Illinois College of Law.

Most of the filings -- nearly 70 percent -- were Chapter 7. This is a type of bankruptcy that allows an individual to avoid repaying his or her debts if they pass certain qualifying "tests." It is also equivalent of a liquidation.

If you can buy or refinance a home these days, you are in an enormous amount of luck, as the thirty year mortgage rate is down to a record 3.91 percent, reports the Atlanta Journal-Constitution.

The explanation for why mortgage rates are lower is because "they tend to track the yield on the 10-year Treasury note, reports the AJC. It is not as important to understand what that means as to note it.

Of course, just because the financing is good these days doesn't mean that people are buying. In fact, until recently, Georgia's foreclosure rates have been quite high, beating most of the country.

There is increasing evidence that cremation and the economic recession may be connected, reports the New York Times. In fact, after being barely accepted as a practice a few decades ago, now over forty percent of American deaths are resolved through cremation. A great selling point for cremation is that it is considerably cheaper than burial. In fact cremation has accelerated during the downturn, a study cited by the article found.

Just further proof that sometimes economic concerns stay with us even beyond death. A big driver of the economic concerns that lead to the cremation decision are medical bills, reports the NYT.

Following Florida and Missouri, drug testing for welfare recipients is under consideration in Georgia, reports Raw Story.

The proposed legislation for Georgia drug testing for welfare recipients would require all applicants of Medicaid and the Temporary Assistance for Needy Families (TANF) to pass a drug test. It has been proposed by state senator John Albers.

Thank the banks: Credit Unions now have 650,000 new customers.

As a result of the popular "Bank Transfer Day" initiative, more than 650,000 people switched from retail banks to credit unions, reports the Credit Union National Association (CUNA).

The social-media driven initiative really looks like a success. CUNA is estimating that credit unions have added $4.5 billion in new saving accounts recently. And CUNA President, Bill Cheney, seems to be of the opinion that credit unions are the right solution for people making less money. He points out that people living paycheck to paycheck can save more than $70 a year just in fees.

Georgia jobs are getting a shot in the arm from a couple of large home improvement stores, namely, Lowe's and Home Depot.

After Lowe's reported that it would bring 600 jobs to Georgia, now Home Depot is getting on the Georgia jobs action as well.

The 700 new jobs in Cobb County will come of a Home Depot in Chastain Meadows, reports the Atlanta Journal-Constitution. It will be open by late 2012.

In the game of football its rare for the punter to be celebrated, usually the quarterbacks and linebackers steal all the accolades. Every now and again though, there is a punter like Ray Guy who is recognized as the best at his position. He won the Superbowl three times and is in the Georgia football hall of fame.

But, sadly, Ray Guy is now bankrupt, and his three gold Superbowl rings with diamonds in them are being put on the auction block, reports the Augusta Chronicle.

Ray Guy spent fourteen years in the NFL. He was a seven-time All-Pro selection, and he was named to the NFL's 75th anniversary team as the punter, reports the Chronicle.

The bedraggled, bankrupt, book-selling company, Borders Group, did not receive any bids that might have allowed it to avoid liquidation and so it will be liquidating all 399 stores immediately, including 10 in Georgia, reports the Atlanta Journal Constitution.

At the height of its business in 2003, Borders operated almost 1,300 stores under the Borders and Waldenbooks names.

There is some hope among Atlanta area independent booksellers that Borders's demise will translate into more sales and more customers for them. Speaking to the AJC, the general manager of Eagle Eye Books in Decatur, expressed such a hope.