Legal Question in Bankruptcy in Georgia

Mortgage deficiency judgement & Bankruptcy

I foreclosed on 2 homes in 2006. In both cases the 2nd lender got nothing, and have pursued me for the deficiency. One of the lenders is trying to get a judgement against me for $40K, and I know the other 2nd lender will soon follow suit as well to the tune of $200K. I have little income and no assets.

Should I consider filing Chapter 7 Bankruptcy instead of wasting money fighting the deficiency litigation in court? What course should I follow?


Asked on 6/10/08, 12:47 pm

2 Answers from Attorneys
Bernd Stittleburg Stittleburg Law Offices, LLC

Re: Mortgage deficiency judgement & Bankruptcy

A mortgage deficiency is an unsecured debt and therefore dischargeable in a bankruptcy filing. In order to determine whether you would be able to file, more information would be needed. Feel free to visit my website at www.4georgiabankruptcy.com

Read more
Answered on 6/10/08, 12:52 pm
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Mortgage deficiency judgement & Bankruptcy

Without a full look at your finances, no one can answer you, but generally it would cost five figures to litigate a deficiency case, so that is obviously a flawed (and usually unsuccessful) strategy. Get a free bankruptcy packet at my website, fill it in and call me if you'd like me to review it.

Read more
Answered on 6/11/08, 3:21 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Georgia