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Bankruptcy – Should I File If I am Letting the House Go?

If you have a first and a second mortgage, you may need to consider bankruptcy even if you are willing to let the house get foreclosed.  For more information on second mortgage issues, please see click here. If you have only one mortgage and you don’t have any other debt issues, you probably don’t need […]

After Foreclosure in Georgia, When Will the Second Mortgage Holder Sue?

In Georgia, if you file Chapter 13 bankruptcy or Chapter 7 bankruptcy, the answer is never.  Creditors can’t sue you in a Chapter 13 and a second mortgage holder can be wiped out in a Chapter 7 and a Chapter 13 if you are surrendering the house.  In bankruptcy, the automatic stay protects you from […]

When is Chapter 13 a better choice than a Chapter 7?

If you have a car that was purchased more than 910 days before you file bankruptcy, Chapter 13 might be a better option for you as opposed to Chapter 7.  In a Chapter 13, if your car was purchased more than 910 days before filing, section 506A valuation will apply to your plan.  This means […]

Can the Second Mortgage Holder Foreclose?

Yes.  While a second mortgage holder may have the power to foreclose, they almost never take this course of action unless there is a significant amount of equity in the home.  In order for a second mortgage holder to foreclose on your house in Georgia, they must first pay off the first mortgage holder.  Most […]

Bankruptcy – Is My spouse Going To Be Affected By My Filing?

When filing bankruptcy in Georgia, if your spouse is not listed with you on any debts, their credit score will not be affected by your filing. Before you file bankruptcy, make a list of every debt you have and go over the list with your spouse. Ask them if they remember signing a contract for […]

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