Legal Question in Bankruptcy in Georgia
My husband and I have been homeowners since 2008 since the recession we still have not "revived" our finances. We've found our home and will not be moving, my question is can we put our home in bankruptcy - chapter 7 (we don't have equity and we owe more than the house is worth) yet still keep our home?
3 Answers from Attorneys
You don't "put" any house, other property, debt, or anything else in bankruptcy. YOU go into bankruptcy, and all your assets and liabilities go in with you. How these things are dealt with in a bankruptcy case is based on far more facts than you can provide here.
If you file for bankruptcy under chapter 7, you have the advantage of getting a complete discharge from your debts as compared to a multi-year repayment plan. If your home is worth less than the mortgage, chances are the mortgage company will be willing to offer a loan modification to you instead of initiating a foreclosure (or forcing you to get rid of the property via short sale or deed in lieu of foreclosure).
Contact me to obtain more information regarding legal representation: [email protected]
regards,
When you file your house has to be part of the case. Typically, with no equity, it will be possible to keep the house and discharge other debts assuming you qualify to file.
I'd be glad to discuss the details with you. Call me Monday at 404-768-3509 to set up a consultation.
Related Questions & Answers
-
Chapter 7 case was dismissed due to my not attending creditors meeting 2 times,... Asked 2/07/11, 8:52 am in United States Georgia Bankruptcy Law