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bankruptcy law Tag

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 to file bankruptcy in Georgia.  Under Georgia law, a mortgage company is required to file a "confirmation of foreclosure" against you within 30 days of the foreclosure date.  Mortgage companies almost never conduct a confirmation of foreclosure in Georgia.  It is extremely rare for any mortgage...

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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 lawsuits.If you do not file Chapter 13 or Chapter 7, the answer to this questions depends on various factors.  It depends on the mortgage company and how much money the house is sold for at the auction on the courthouse steps.  If the house...

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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 that you may have to pay back only the value of the car and not the entire amount owed on your claim.  For people who are upside down on their car loans, this is a huge benefit.  If you would like to check out the...

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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 second mortgage companies are not willing to take the risk of paying off the first mortgage and then failing to recoup their investment at the sale on the court house steps.  With the current depressed values of real estate, I don't foresee second mortgage holders...

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Tunnel Hill GA Bankruptcy Attorney

We serve the Tunnel Hill area through our Dalton office.  Click here for directions to our Dalton office.We offer everyone a free consultation.  The total cost to file will vary based on the facts of your case.Law Office of Jeffery B. Kelly; a bankruptcy attorney can help you in best possible way. We would advise you on whether or not you will be able to keep your home, car, or other properties....

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Bankruptcy – What is the next step if you are ready to file?

If you have decided to file bankruptcy in Northwest Georgia, the next step is to call my office at 1-888-832-8249 to schedule an appointment.  I have offices located throughout Northwest Georgia in Dalton, Cartersville, Rome and Dallas.  Currently, I take late evening appointments in Rome on Thursdays.During this first appointment, we will go over your income and budget so that we can come up with a plan that works for you.  You need to have idea of your monthly expenses.  For example, how much do you spend on gas each week?  How much do you spend on food?  How much are...

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Bankruptcy – Will I have to go to court if I file?

If you file bankruptcy in Northwest Georgia, you will have to go to court with your bankruptcy attorney in Rome, Georgia.When you file Chapter 13 bankruptcy, you must attend two court hearings.  The first is called the section 341 meeting of creditors and the second one is called your confirmation hearing.  If you have had a chapter 13 bankruptcy case dismissed within the past year, you may also be required to attend a motion to extend stay hearing.Meeting of Creditors:  This hearing will take place about six weeks after your case has been filed.  During the hearing, the trustee will ask...

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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 any of the debts listed. Also, pull the credit reports for you and your spouse. Next, compare the reports to see if you are both listed on the same debts. Check Experian, Transunion, and Equifax.If you are cosigned on debts together, your...

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