Important Georgia Foreclosure and Bankruptcy Laws
If you’re trying to avoid foreclosure or considering bankruptcy, you have many options and some decisions to make. First off, how can you avoid foreclosure? Technically you can use bankruptcy to avoid a foreclosure. You can also sell your home or use a short sale to avoid foreclosure. Foreclosure laws vary from state to state, so if you’re unsure about the process, it’s time to consult with an experienced Georgia bankruptcy attorney or real estate expert. To get you started, let’s go over the basics of Georgia foreclosure and bankruptcy laws.The Power of SaleIn Georgia foreclosure, you can lose a home by either judicial or non-judicial means. the power of sale is important here too. the “power of sale” is the term used when the owner of the property signs a document explaining that by defaulting on the mortgage the home can be sold to pay off the balance. in a non-judicial foreclosure, there is a power of sale in effect. in a judicial foreclosure, no power of sale has been signed, so the foreclosure will go through different means. if there is no power of sale – with a judicial foreclosure – a lawsuit will be filed to gain the power to foreclose on a property.
Chapter 7 BankruptcyTechnically you may be able to use a Chapter 7 bankruptcy filing in Georgia to avoid a foreclosure. While Chapter 13 is usually far more effective, Chapter 7 can be used to discharge other debts, while you affirm certain debts such as on your home and car. To be eligible for Chapter 7, you must not make too much money, the average median income for Georgia. if you are unsure about this, contact an experienced Georgia bankruptcy lawyer.
Chapter 13 BankruptcyIf you own a Georgia home, Chapter 13 bankruptcy is the most useful strategy to save it from foreclosure. You might have fallen behind on payments, but want to keep it. You may owe too much debt and have recently lost some of your income. You may have no other place to live if you lose your home. if you can afford to make some payments, and if you file before the foreclosure is started, you can keep your home. It’s important to file before the foreclosure process has started. if you wait until weeks before they are to take your home, it’s too late. if you take action early, file some form of bankruptcy and speak to a lawyer, you may save some money.Your Right to a Georgia LawyerFinally, if you want to avoid foreclosure, it’s time to consult with some legal help, and that means working with an experienced bankruptcy lawyer. A lawyer can best explain your options. Bankruptcy may be best. You may save more with a short sale. You may want to simply leave the home. if you want to keep your home, a lawyer can be invaluable.
Important Georgia Foreclosure and Bankruptcy Laws
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