We serve Calhoun and all of Gordon County with our offices located in Rome, Dalton and Cartersville. I look forward to meeting with you soon.
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It is not too late. Judgment liens can be removed in most Chapter and Chapter 7 cases. If your house is worth $20,000 more than what you owe, we may have a problem. Call me today at 706-295-0030 so that we can discuss your options. It does not cost anything just to speak with me.
A judgment resulting from a DUI and criminal fines cannot be discharged in Chapter 13 or Chapter 7 Bankruptcy does not protect you from criminal prosecution.
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Taking a second mortgage out on your house to pay off credit card debt is a bad idea in most cases. In the event you need to file bankruptcy, credit card debt can be wiped out if necessary. Even in a Chapter 13 /a> plan where you are paying back all of your debt, the interest rate paid on credit card debt is zero. In contrast, the most common way to get rid of your second mortgage in a Chapter 13 /a> or a Chapter 7 is to surrrender the house to your creditor. To keep the house, all payments must be made on the second mortgage. Why would you ever want to exchange a type of debt that can be wiped out or paid back at zero percent interest for a new type of debt that must be paid back with interest and could result in the loss of your house if you ever get into a position where you can’t make the payment?
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Borrowing against your 401k is a terrible idea. With Georgia Bankruptcy Exemptions, your 401k most likely will be 100 percent protected from your creditors.
One of the most common mistakes I see people make is that they will borrow against their 401K to pay off credit card debt or medical debt. Within a short period of time, they realize that they are not going to be able to make the 401k loan payment. Trying to get by, they skip other important bills like car payments and house payments. Then, they come to my office to file Chapter 13 to save the house and car. The reason I feel so bad for these people is because we could have wiped out the credit card debt and the medical debt in a Chapter 13 /a> or a Chapter 7 but now we are stuck with this 401k payment that they cannot afford.
Defaulting on the 401k loan is a bad idea because of the tax penalties. When a person defaults on a 401k loan, they will have to pay the government taxes that they otherwise could have completely avoided if they had never taken out the 401k loan to begin with.
Your 401k is meant for your retirement. Don’t ever treat it like an emergency fund.
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If you miss a few mortgage payments while you are in Chapter 13 /a> in the Northern District of Georgia, the attorneys for the mortgage company will file a Motion for Relief against you. They will charge you approximately $800 for filing this motion. Generally, we can work out a deal with them to put their attorney fees into your Chapter 13 /a> plan and spread out the missed payments over six months. If this is not feasible, the motion will be granted and your house will be foreclosed. Call me if you have any questions.
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In my opinion, this is a bad idea. If you are able to make your mortgage payments, do so. I recently spoke with a person who quit making mortgage payments so that his mortgage company would consider him for a loan modification. They filled out all the papers as requested by the bank for the modification. After about four months of not receiving any payments, the bank started foreclosure proceedings. The debtors never opened their mail from the foreclosure attorney and ignored a certified letter that was sent to their residence. As a result, there house was foreclosed and there is nothing they can do to get it back. Chapter 13 /a> does not lower your future mortgage payment but it can wipe out credit card debt to make is easier to pay the mortgage.
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The answer to this question is that it depends on your mortgage company. Here is what the mortgage company must do in Georgia to foreclose on your house. First, they must advertise your house for four weeks prior to the foreclosure date. Normally, foreclosures are conducted the first Tuesday of each month. Holidays can mess up this general rule. Second, the mortgage company is required to send you notification of the foreclosure You should have at least four weeks notice of the foreclosure date. Notice to you is generally accomplished by sending you a certified letter. Chapter 13 /a> can stop the foreclosure and save your house. Call me today at 1-888-832-8249 for your free consultation.
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Do I still need to file Chapter 13 if my mortgage company is telling me that they will work with me?
The answer to this question is maybe. If you have a foreclosure scheduled against you, you should file Chapter 13 to stop the foreclosure and save your home. I have had so many clients where someone from the mortgage company called and told the homeowner that they would try to work something out to stop the foreclosure Nothing got worked out, and they lost their home. Ask yourself this question, “If the mortgage is willing to work with me, why did they file the foreclosure action against me in the first place?” If your mortgage company says they are going to call off the foreclosure, GET IT IN WRITING before the foreclosure date. If you are considering Chapter 13 to the stop the foreclosure, call me today at 888-832-8249 for your free consultation. We need time to get your paperwork prepared. Don’t wait until the last second.
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If someone tells you to pay them money so that they can “renegotiate your loan,” don’t do it! There are so many scams. Speak to your mortgage company directly. You don’t need to pay anyone to help you with any type of loan modification. Go to the Federal Trade Commission website and read all about the foreclosure scams. Call the FTC at 888-HOPE-NOW.
If you would like to learn how Chapter 13 /a> can stop the foreclosure of your home, call me today at 706-295-0030.
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Yes. If you file Chapter 13 /a> and are able to continue to make regular monthly mortgage payments, your house cannot be foreclosed on while you are in Chapter 13 /a>. The important question is, “Can you afford your future payments?” If so, Chapter 13 /a> is a great option for you. Any past due payments on your mortgage can be put into your Chapter 13 /a> plan. Call me today at 888-832-8249 for your free consultation.
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