Legal Question in Real Estate Law in Georgia

Re: Foreclosure/Bankrupcy

If you cannot pay before foreclosure, bankruptcy may be the only viable option. You can file for bankruptcy right up to the forclosure date, although you do not want to rush at the last minute. Keep in mind you must complete a credit counseling session with a qualified counseling agency prior to filing, and this should defeinitely not be a last minute thing. Also keep in mind that bankruptcy is not the long term answer for saving your house. You will get a breather for perhaps a couple months or more, depending on the chapter, prior filings, etc., but in the end you will have to make up for those missed payments in addition to regular payments. Maybe getting some relief from other debts will allow you to put more money toward the mortgage payments. Since it looks like BR is likely, go ahead and think about getting the counseling requirement out of the way... and they may help you without the need to file. Try www.cccsinc.com for COnsumer Credit Counseling. Of course, think about seeing a local BR lawyer as well.