BANKRUPTCY

FAQ

 

Can I keep my house?

Possibly. Depending on how much equity you have in your home and whether you are filing a chapter 7 bankruptcy or chapter 13 bankruptcy you may be able to keep your home. 

 

In a Chapter 7 Bankruptcy, the general rule is: so long as you don't have more than $21,500.00 in equity per spouse and you can keep making your current payment, you can keep your home.

 

In a Chapter 13 Bankruptcy, you no longer have to be concerned with the amount of equity, but you must be able to keep your payment current.

 

Can I keep my car?

Possibly. Depending on how much equity you have in your home and whether you are filing a chapter 7 bankruptcy or chapter 13 bankruptcy you may be able to keep your home. 

 

In a Chapter 7 Bankruptcy, the general rule is: so long as you don't have more than $5,000.00 in equity automobiles and you can keep making your current payment, you can keep your home. However, if you have more than $5,000.00 in equity in your vehicle an experienced Ellijay Bankruptcy Attorney may be able to save your car.

 

In a Chapter 13 Bankruptcy, you no longer have to be concerned with the amount of equity, but you must be able to keep your payment current.

 

What is the difference between a chapter 7 and 13?

Chapter 7 is a liquidation bankruptcy intended to completely discharge your debts, this is appropriate for most debtors without sizable assets, who have average or below average incomes, and who have not filed a bankruptcy recently.

 

Chapter 13 is a reorganization bankruptcy intended to allow debtors to consolidate their debt, reduce unsecured balances, and make 1 monthly payment over a period of years to reduce and possibly eliminate their debt. Chapter 13 is most likely appropriate for debtors with large assets, high incomes, or who have filed another bankruptcy recently.

3rd

Georgia’s rank in bankruptcy filings nationwide.

60%

The amount of bankruptcies filings caused by health issues or medical expenses

$21,500

The amount of equity you are allowed to have in your home when filing a chapter 7.

49,334

Bankruptcy filings in Georgia during 2015.

CONTACT

Inquiries

For any inquiries, questions or commendations, please call: 706-276-3636 or fill out the following form

Office

35 1st Avenue

East Ellijay, Ga 

30540

 

Email

Tel: 706-276-3636

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Contact us: 706-276-3636