Legal Question in Bankruptcy in Georgia
Stop forcloser on home
After closing a business, I filed a chapter 7 bankruptcy on business loans that I was personaly responsible for. Because of the amount of equity in my home (250,000.00 +), I was told by my attorney that My wife and I would be able to stay in our home until the trustee sold the home. The first and second Mtg. filed for forclosure on the property and the trustee granted them permission to forclose after 5 months of filing. When recieving the filing, I called my attorney and was told not to worry that he would take care of it and that the trustee would not agree to the filing with the amount of equity in the home. I filed bankruptcy to save my wife's half of the equity in the home. My wife was not included in the bankruptcy. My question is, Should the house not sell within the 5 months, what options do we have to stop the forclosure? Can my wife sue to stop the forclosure to save her equity and how would she go about it? Could we have a friend or relative buy the first and second Mtg. and contuniue to sell the home under the bankruptcy? Any other advice will be helpful. Thanks
2 Answers from Attorneys
Re: Stop forcloser on home
Only your attorney knows enough about your case to answer. You've paid him to be available for questions. Ask him.
Re: Stop forcloser on home
You are paying a lawyer, so you need to address this question to him/her.
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