If you lack the income to pay on your home, you may think you are out of options. If you have some income, but have fallen behind in payments, it's understandable to be worried. If you recently lost your job and suffered through months where you could not pay your bills, you may be curious about your options. While this guide promises no miracles, there is always hope, and you are not alone in this struggle. You can get help quickly if you take action.
Georgia Homestead Exemption
If you cannot continue making mortgage payments, it's time to make some decisions. First, you do have a $10,000 exemption in Georgia on your home. However, if you fall behind in debts, and have $10,000 or more of equity in your home, by filing bankruptcy you endanger having your home sold to pay back creditors. On the other hand, if you file correctly, you stand to save your home. Remember this is a fine line.
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Georgia Foreclosure
Can they sell your home? Technically, if you stop making mortgage payments you can lose your home. And if you wait too long - if you wait until the foreclosure process has begun - even a bankruptcy can only delay it a few months. Foreclosures are very common in Georgia, with in 1 in 250 homes being lost every month, so don't wait too long to take advantage of your options.
Chapter 7 in Georgia
Chapter 7 bankruptcy in Georgia means you are canceling debts you cannot afford. This is a liquidation process, technically, where your assets are sold to pay off creditors but where the majority of your debts, including secured and unsecured, can be discharged. In Georgia, you must make less than the median income, as follows. For 1 person, you can make up $38,748; for a family of 2, the income level is $51,184; for a family of 3, you can make up to $55,767; for a family of 4, you can earn up to $68,122. If you have a larger family, add $7,500 for each family member.
If you're eligible, you do not have to make the home part of your bankruptcy. If you want to be free of the home, to let the foreclosure happen, you can discharge the debt, buy yourself a few months to find a new residence, and be free of the mortgage. If you want to keep the home, and can pay on it, you can pay the lender outside the bankruptcy. Chapter 13 is more effective if you want to keep your home.
Chapter 13 in Georgia
Chapter 13 bankruptcy, when used correctly, can save your Georgia home. The requirements are much less stiff, so unless you owe hundreds of thousands to millions of dollars, you should be eligible to file. The only point of emphasis is you must have enough of an income to pay into the repayment plan. You will be paying on debts, not eliminating them. If you file before the foreclosure process starts, the judge will put an automatic stay stopping all collections and any foreclosure before it begins. You can then make manageable payments and keep the home.
The Best Option?
Chapter 13 bankruptcy is usually better for protecting your home. But remember you have to file before the foreclosure process begins. If you have a lot of unsecured debts you want to be free of, Chapter 7 may be smart, if you can pay on your home outside the bankruptcy. This is dangerous territory, so consult with an experienced Georgia bankruptcy lawyer.
Get Legal Help
Do not make decisions based on this article; it's just meant to help you with the basics. You need to consult with someone who can best explain your options, and that's an experienced lawyer.
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