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
