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Can I keep my house if I file bankruptcy in Georgia?

August 8, 2012 Leave a comment

Can I keep my house when filing bankruptcy in Cartersville?
Cartersville Bankruptcy Attorney Answers

In a Chapter 7 Bankruptcy, the Bankruptcy Code and Georgia Law contain various exemptions that in most cases will allow you to keep all of your property, including your home. Individuals are allowed $21,500 in home equity and married couples $43,000 (as long as the couple is filing bankruptcy jointly). With the current real estate market, most people filing bankruptcy are underwater in their homes and do not have to worry about equity being an issue. I have resources to quickly provide you the current market value of your home and determine if the amount of equity is going to be an issue in a Chapter 7 Bankruptcy

Another issue to consider is the status of your mortgage payment? If you are behind on your mortgage payment, you will likely need to file a Chapter 13 bankruptcy. A Chapter 13 payment plan will allow you to take whatever arrearage you have on your mortgage and finance it into the plan. This will often let homeowners who are facing foreclosure keep their homes. Be sure to keep in mind that even though the amount you are behind will be paid out in the plan, you will still immediately have to start making your monthly mortgage payments.

If you are facing foreclosure or are otherwise under financial stress, contact my today and lets get you on the right financial path.

Antonio B. Mari, Bankruptcy Attorney
5 S. Public Square, Suite 301
Cartersville, Georgia 30184
amari@marilaw.com
(770)334-8574
http://www.marilaw.com

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