Many of our clients are concerned about how filing bankruptcy will affect their home. The good news is filing bankruptcy may be the best way to save your home, especially if you are facing foreclosure. Filing bankruptcy can also help you save the equity in your home if you want to sell it in the future.
Below is a brief summary of how filing bankruptcy can help save your home.
Most importantly, as long as you continue to make payments on your home, it is generally protected under bankruptcy exemptions in Georgia.
If you are behind on your mortgage payments, filing bankruptcy will put an immediate stop to a home foreclosure. You will still need to get caught up on your payments. Filing Chapter 13 bankruptcy allows you to put your mortgage arrearages into your payment plan and pay it off over a three-to five-year period. By eliminating or reducing other forms of debt such as credit card bills, you will find it easier to keep up with your house payments after filing bankruptcy.
If you want to sell your home and protect the profits, you may be able to do so when you file Chapter 13 bankruptcy. You may be allowed to protect all profits (up to certain exemptions, your attorney can assist you). You will need approval from the Chapter 13 Bankruptcy Court before you can sell your home.
For more information about whether you can keep your home after filing bankruptcy, contact the attorneys at King and King. Call us at 404-524-6400 for a free consultation or visit us online at www.kingandkingattorneys.com