Legal Question in Bankruptcy in Georgia

The sale date in Georgia is not July 25th. Bankruptcy will usually stop a foreclosure, but whether that is a good long term option is a question for a meeting with a Bankruptcy lawyer. What are you going to do after you file? Can you afford the balance at that time?

First, if the property is in Georgia, all foreclosure sale dates are the first Tuesday of every month. So, July 25th is not correct. Bankruptcy will stop a foreclosure, but what you do in the bankruptcy will determine whether you will keep the home or not.

Any bankruptcy filing will stop a pending sale, but only a chapter 13 bankruptcy would assist you in catching up the payment over time. You would need to be able to pay the mortgage payments going forward, plus an amount to pay the arrears and whatever other debt you are required to pay under a filed chapter 13 plan. I suggest you sit down with a bankruptcy attorney asap to go over your options. What you have received is a letter from the mortgage company saying you have to pay by July 25 or they are sending it to foreclosure, a process that can take as much as 60 days or more. Once the home is actually in foreclosure, an attorney for the mortgage company will send you a certified letter with the foreclosure date (the first tuesday of the month is the only day foreclosures can occur unless the tuesday is a holiday, and then the day after). Also, notice of the foreclosure has to be running in the paper for the 4 weeks prior to the tuesday foreclosure sale. Therefore, you have some time, but need to go ahead and see someone.