Question: I need to file bankruptcy and I need to keep my house in Roswell, GA. We’ve lived there for almost 20 years and I have debt I need to get rid of now; it’s gotten so big because of the interest rate and the late fees.
I get calls all day from creditors; debt collectors call all day for credit cards and a personal loan that I took out over 3 years ago to pay for some dental work for me and my wife wanted an expensive vacation in Europe with her sister who just got a divorce from a raging alcoholic. I think he beat her.
The calls don’t stop and I admit I put some dumb stuff on the credit card like restaurants, bar tabs, Internet porn, my Ashley Madison membership and some new Italian suits. I use my phone a lot since I’m in sales and all the calls from the bill collectors are unbearable now. I think my boss knows they call all the time.
Besides the calls I’m really worried about lawsuits because I know they will get a judgment and then freeze my bank account and garnish my wages. Then I’ll be in a world of hurt and I won’t be able to pay my bills.
I live here in Roswell and I need to keep my house because I don’t know where we’d go without it and I have two children with special needs and a dog that requires surgery.
Please tell me if I can keep my house even if I file for bankruptcy.
R.W. in Roswell, Georgia
Answer: We certainly understand that people need to keep their home when they file for bankruptcy. You don’t necessarily have to lose your home if you file for bankruptcy, and that’s true even if your house has equity in it.
Most homeowners who file bankruptcy don’t have to worry about their house. Basically, with modest or no equity in a house you can file a chapter 7 bankruptcy. And individuals who have even a decent amount of equity can usually file a chapter 7.
Even wealthy people with substantial equity in their home can file a chapter 13. Even with a large amount of equity in the dwelling, you can keep it under a chapter 13 filing.
As bankruptcy lawyers, we always do a financial assessment for our clients to ensure that they understand all of their options. They know before any bankruptcy is filed how it may potentially impact their home. Of course, we answer any questions our clients have about their houses.
We also help our clients value their house to ensure that they get the maximum amount of protection under the bankruptcy laws.
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