Legal Question in Bankruptcy in Georgia
I am considering filing for bankruptsy. I own a home and I am 3 months delinquent on my mortgage. I am planning on moving out of state in the near future. Is it possible to rent out my home if I file or would I have to sell it?
3 Answers from Attorneys
Whether you can keep the home or not is dependent on quite a few numbers we don't have, including the value of the home, and amount of the mortgage (and other factors).
Note that even if you otherwise could keep it, with an arrearage the morrtgage company is likely to want to foreclose unless something is done to catch up payments.
I handle cases from your county and have done bankruptcies for 30 years. Feel free to call me for a consultation (404 768 3509) You will need to bring a completed worksheet (from www.glenashman.com )
There are different types of bankruptcies for people depending on their specific situation. A Chapter 13 bankruptcy allows one to keep their home. And yes, many people keep rental properties. I would be more than happy to talk to you further about your specific situation.
The chances of keeping the home in a Chapter 7 or 13, while moving and not living in it, are not good anyway. Add in the fact that you are behind and it makes it almost impossible in most cases. What is theoretically possible is often not reality.
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