“How fast do I need to file bankruptcy to stop a foreclosure in Georgia? When is it too late to file? Can I wait until the last second?”
I get these questions from potential bankruptcy clients in Dallas, Cartersville, Rome, Calhoun and Dalton, Georgia every month.
Technically, as long as you have a bankruptcy case number before the house is cried out on the steps of the courthouse on foreclosure day (the first Tuesday of every month), you are safe. However, I don’t file cases at the last minute and no one should take a gamble that they will be able to find a Georgia bankruptcy attorney who will do so at the last minute.
I don’t file stop foreclosure bankruptcy cases at the last minute because:
1. I don’t want to run the risk of losing your house because of a computer glitch. Sometimes, the bankruptcy court computer system has to be shut down for maintenance. In rare situations, the power goes out and shuts down my computer system. During the winter, we may have an ice storm which can prevent anyone from being able to make it into work. During January 2011, I had to shut my office down for four days in a row because of the snow. The bottom line is that I don’t want to wait until the last second.
2. Before we file any bankruptcy case on your behalf, I want to make sure its in your best interest. I want to spend the time going over every single page of the bankruptcy petition and make sure all of the information is accurate.
In most situations, Chapter 13 is a great option for stopping foreclosures. In a Chapter 13, we may be able to eliminate all of your unsecured debt (credit card debt, medical debt and signature loans) and put any arrears you have on your mortgage into the plan. For most people, paying their future mortgage payments is a lot easier when they don’t have to worry anymore about the credit card bills.
In other situations, filing Chapter 13 may not be realistic. For example, filing Chapter 13 is a bad idea when you can’t afford the future mortgage payments. If your mortgage payment is $3,000 per month and your total income is $2,00o per month, you are not going to be able to keep your house unless you either get it refinanced or get a loan modification. If you file Chapter 13 and then miss paying your future mortgage payments, you will lose your house.
3. I don’t wait until the last second to file your case because I want analyze all of your necessary documents before we file the case. Your monthly income and household expenses affect how much your Chapter 13 payment will be. I need time to evaluate. The types of debt you have affects the amount of your plan payment.
The bottom line is that you should not wait until the last second. Take advantage of a free consultation and call me today at 706-295-0030 to see if Chapter 13 is a good option for saving your home.