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Georgia Bankruptcy

Find a Bankruptcy Lawyer in Georgia with our debt relief directory and get a free BK evalution for a loan modification, chapter 7, 11, 13 or debt settlement that could lead to a fresh start. Find out from a local attorney if bankruptcy is the best for your situation.

Will I lose my house?
According to the State Bar of Georgia, if a debtor files a Chapter 7 bankruptcy case and has a home with equity, then there is the possibility that he or she could lose that home. It depends on how much equity the debtor has in the home. Georgia allows a certain dollar amount of any equity in a home to be exempt from the bankruptcy. If a debtor files an individual case, he or she may exempt up to $10,000 of equity and if a married couple files, then the amount doubles to $20,000. If the debtor's equity falls between these figures then no, they may not lose their home, however if the equity is higher, then the possibility exists. Equity in a vehicle works the same way with the figures being $3,500 for an individual filer and $7,000 for a joint filing of husband and wife.

If on the other hand, if a debtor files a Chapter 13 case and has equity over the exemption amount, then he or she can keep the home provided they pay their unsecured creditors an amount equal to the unexempt equity. If the debtor believes he or she cannot afford to keep the collaterized property because of the financial situation, there is an option to surrender the property back to the creditor.

How New Bankruptcy Laws Affect Georgia Bankruptcy
Bankruptcy filers are now required to produce extensive documentation, including tax returns, pay stubs, receipts, insurance declarations, bank account statements and proof of payment to various creditors. Bankruptcy protects consumers against lawsuit from creditors and provides the debtor with a fresh start. However, the automatic stay (bankruptcy protection) is not extended until you undergo the mandatory credit counseling and file your case with the courts. Until that time, credit card debt creditors can continue to collect your debts, and your lender can still proceed with the foreclosure if you're behind on your mortgage payments. So, it may not be a bad idea to let your lender know that you're facing bankruptcy. They may be willing to negotiate a loan modification that could save you a lot of money and keep you in the mortgage loan.

Atlanta bankruptcy lawyers and other bankruptcy lawyers in the State of Georgia can explain your options and advise you on the best ones to take. Avoiding bankruptcy will cause the least amount of damage to your credit, and a public record won't be generated against you. But, sometimes, bankruptcy just can't be helped. However, you are advised to prepare your case correctly the first time, because your right to re-file a case is significantly limited under the new bankruptcy law.

Georgia Bankruptcy Resources
New Bankruptcy Law Changes
Outlines major changes you should know about in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), also known as the new bankruptcy laws.

Find a U.S. Trustee Approved Pre-Bankruptcy Counseling Provider and Post-Filing Debtor Education Provider.

Georgia Bankruptcy Lawyers
Ginsberg Law Offices, P.C. - Atlanta Bankruptcy
Clark & Washington - Georgia Bankruptcy Lawyers
Lawyers.com Georgia Bankruptcy Lawyers

 

Bankruptcy Alternatives
Looking to avoid bankruptcy? Follow these links to find Consumer Credit Counseling Service (CCCS) providers and other resources to help you avoid bankruptcy.

Find a U.S. Trustee Approved CCCS Provider - for a debt consolidation program (not a loan).

FDIC Indymac Loan Modification Program
If you haven't received a letter also may call (800) 781-7399 to talk with an IndyMac Federal representative to see if you qualify for the new loan modification program.

HOPE for Homeowners Program

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