Question: We live in The Country Club of The South and we need to file bankruptcy to stop a foreclosure. I owned a business in Alpharetta and it has not worked out. It worked great for 2 years and I thought I could afford moving from Alpharetta to The Country Club of The South. We bought a huge house with all the amenities, it is really nice. So I got a big mortgage and put a lot of expenses on credit cards.
But the business is way down and I can't make my credit card payments and we haven't made a mortgage payment in 4 months. The bank wants to foreclose. Last month I barely paid the water bill and my wife is really scared. I'm really not like some of my neighbors who are pro athletes. I know that The Country Club of The South has a reputation as a bankruptcy hot-spot. But we thought we were being frugal and smart.
We don't have to keep the BMW, the Corvette or the Mercedes. We can drive other cars if we have to.
Will filing bankruptcy stop a foreclosure? Can I keep the house is we file bankruptcy? We would like to keep the home.
Answer: Generally speaking, filing bankruptcy will stop a foreclosure. A chapter 7 will require a mortgage lender to raise the "stay" before they can foreclose. That could take anywhere from 1 to 6 months, generally.
A chapter 13 enables a borrower to put any arrearages into the bankruptcy and pay them off over 60 months. So, in your case, if you filed a chapter 13 bankruptcy, you would be able to put the 4 months of payments that are behind into the bankruptcy and you could pay those arrears over 60 months (along with the other debts you have).
Please call us directly at (678) 712-8561 so we can discuss the specifics of your matter. We have worked with many individuals who have lived in The Country Club of The South
Need a Johns Creek bankruptcy lawyer? We're always here for you.
When you need a fresh financial start, the Sherman Law Group will help you navigate the system. You deserve a fresh start. So when you need a bankruptcy attorney in North Fulton County to answer questions, just call us at (678) 712-8561. We proudly serve the entire Atlanta metro area and North Georgia.