Legal Question in Bankruptcy in Georgia

About 2 years my fiance and I bought a home. We did an owner finance through a business acquaintance of his. My fiance passed a way shortly after. Its been almost 2 years. I am a single mom and recently have lost my job. I am steady looking for a new job but havent found one yet. The man financing my home is starting foreclosure... I am not completely sure how bankruptcy works with all the changed laws. Would it be an option for me to keep my home? AND even if i dont decide to keep it is it an option for me with my other bills, cars payment and loans? I was told that all I can include in the bankruptcy on the home if I keep it is the arrears and I will have to still pay the regular payment to the owner? Is that true? And will the man its financed through be able to stop me from filing bankruptcy and including the home? I am confused so sorry about all the questions. I am single mom and I am worried. I put a lot of money in the home remodeling the basement and even without that I have no where else to go.....


Asked on 6/14/11, 2:16 pm

1 Answer from Attorneys
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

First of all, the answer will not be found online. You need to sit down with all the numbers and crunch them with a lawyer. My office handles such cases and can do that (depending on what county you live in) if you call us (4047683509) after you complete our free worksheet at www.glenashman.com .

If you file Chapter 7, you can walk away from the home, or, if you can cut a deal with the lender during bankruptcy, may work out a way to keep the home. If nothing else you will postpone the foreclosure by a few months.

If you file a Chapter 13 you can either surrender the home or keep it by paying over time what is due and past due.

The lender cannot stop you from filing. Bankruptcy also will help with most other debts.

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Answered on 6/14/11, 3:20 pm


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