Legal Question in Bankruptcy in Georgia

You don't put anything into bankruptcy. YOU file for bankruptcy, and all of your assets and liabilities are listed and go in with you. What then happens with the assets and liabilities requires far more facts than you provided, and depends on what tyoe of bankruptcy case you file (7 or 13). Whether you qualify, and whether it is even a good idea to file if you do qualify, are also important questions requiring many facts.

If you file, ALL your debts and all your assets MUST be included (that includes mortgages). If you omit them, relief can be denied, you can be heavily fined, you can lose your assets and you can spend 5 years in prison.

The decision to file is one you would make after meeting with an attorney to see which chapter you may qualify for and what will happen t your debts and assets. Some people may qualify, in a 13, to strip the lien from a 2nd mortgage.

To determinee if you would benefit from bankruptcy and whether you can keep your home, see a lawyer with detailed financial information. If you are in north Georgia, fill in a free worksheet at www.glenashman.com and call me for an appointment.