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What is a Motion for Relief from Automatic Stay in Bankruptcy?

A Motion for Relief from the automatic stay is basically a request from a creditor to the Bankruptcy Court for permission to take back collateral.  Motions for Relief are set down for hearings before the Bankruptcy Court.  In Northwest Georgia, these hearings are held at the Federal Building in downtown Rome GA.  Debtors and their bankruptcy attorney have the opportunity to defend against the motion. If a creditor has good cause for filing the motion, it will be granted. If the debtor and the bankruptcy attorney can mount a reasonable defense, the request will be denied.For example, lets say a...

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Filing Bankruptcy- You Must Know the Value of Your House

The purpose of this blog is to give you a rough idea about why you must know the value of your house before you even think about filing bankruptcy in Georgia.  Under Georgia Law, a single person can exempt a maximum of $10,600 of equity in their house when they are filing either Chapter 13 or Chapter 7 (see GA Code 44-13-100).  For married couples filing bankruptcy in Georgia, the maximum exemption is $21,200.Lets say a married couple has a home in Rome, GA worth $100,000.  They owe $70,000.  Their equity in the house is $30,000.  If we subtract the...

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Debt Management Company Scare Tactics About Bankruptcy

I recently spoke with a client who was the victim of Debt Management Company Scare Tactics.  After I met with this client and confirmed that the qualifies for Chapter 7, he went home and called his Debt Management Company and asked that they stop deducting money from his checking account because he was filing bankruptcy.  The representative from the debt management company responded that my client could not file bankruptcy.  When my client asked, "Why?", the debt management company representative lied to my client by saying "that anyone who owns a house can't file chapter 7."   The debt management company representative...

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Second Mortgage On My House To Pay Off My Credit Cards?

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 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 or a Chapter 7 is to surrender the house to your creditor.  To keep the house, all payments must be made on the...

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Borrow Against My 401K To Pay Off My Credit Card Debt or Medical Debt?

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...

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Filing Bankruptcy After a Default Judgment in Georgia?

The answer to this question depends on your situation.  We can file a motion to avoid the judicial lien shortly after we file your case.  The main issue is how much property do you own?  I want to go over every single asset you own and make sure that they are protected by Georgia exemptions.  If the value of your equity in your assets exceeds the Georgia exemptions, you may need to file Chapter 13 to protect yourself from the default judgment.  Whatever you do, don't ignore the judgment.  Default judgments can lead to garnishment of your wages and/or the...

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Missed a Few Mortgage Payments While in Chapter 13

If you miss a few mortgage payments while you are in Chapter 13 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 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. You must keep proof of all mortgage payments you make. If you...

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