When Filing Bankruptcy, can I keep my house?

Join Duluth Bankruptcy Attorney, John  Ernst of Ernst & Partners, as he answers the question "Can I keep my house when I file bankruptcy?".

If you are considering filing for bankruptcy, whether Chapter 7 or Chapter 13, you are probably wondering whether you will be allowed to keep your house, as well as other personal property.

All property you have when you file bankruptcy can become the property of the bankruptcy estate.  A bankruptcy trustee is assigned and that person can use your property to satisfy your debt.

However, any property the bankruptcy court classifies as exempt you will be able to keep.

Exactly what property is classified as exempt depends on your exact filing but here is alist of property that is commonly classified as exempt:

• Cars and Trucks
• Household Items such as appliances
• Jewelry
• Tools you use in your work
• Retirement accounts
• Most life insurance
• Personal injury awards

As for real property, e.g. your house, the main question to ask yourself is whether you can afford the mortgage payments.  The bankruptcy court can't force your mortgage lender to alter the terms of the mortgage.

All is not lost, however.  Listen to John Ernst, Bankruptcy Attorney in Georgia, discuss this very issue.


This video is #3 in a series of 10 videos.  To see the entire video series about filing for bankruptcy, go here.

If you have other questions about your home loan and bankruptcy, this article might be interesting.

Will All My Debt Be Erased By Bankruptcy?

John Ernst, a Duluth GA Bankruptcy Attorney from Ernst & Partners, tells us clearly what debt is and is not wiped out when you file for bankruptcy.
A second common misconception about filing for bankruptcy is that every last penny of your debt is wiped out.  Sorry to say, that isn't exactly true.
Some types of debt cannot be erased. For example you will still owe child support and alimony, as well as student loans.  Also be aware that any debts incurred as the result of fraud will still be owed. If you've defrauded someone and a judgment has been made against you, that won't be erased either.
Watch this short video while John Ernst, Bankruptcy Expert, explains:

For more videos about filing for bankruptcy in Duluth, GA, go here.

To read about Georgia bankruptcy laws, see this website.

John Ernst, Bankruptcy Attorney in Duluth GA on Bankruptcy Privacy

Before you decide to file for bankruptcy, listen to John Ernst from Ernst & Partners, Bankruptcy Attorneys in Duluth, GA, clear up common misconceptions about filing for bankruptcy.

I'm worried that everyone will know I've filed for bankruptcy. 

Unless you're a celebrity or a major corporation and the filing is picked up by the TV stations, the chances are very good that the only people who will know about a filing are your creditors.   There is no one coming by your house and putting a sign out in your yard that you filed for bankruptcy.  

While it's true that bankruptcy is a public legal proceeding there is no newspaper out there that are running the names of people who filed and even if there was one, no one would read that paper.  Likewise, in an interview for a job later, if they ask if you had filed bankruptcy I would answer truthfully because they could check.  

That question is more of making sure that you are truthful unless you are applying for a high level banking job or accounting firm which may have restrictions against people filing bankruptcy.  Those are only a few jobs out there.  

Since the crash, the numbers of people having to file was so massive that stigma against filing is not as bad.  Even Donald Trump’s business have filed for bankruptcy to restructure the debts.  

Watch more of our bankruptcy videos here.
Here is more bankruptcy  information from the State Bar of Georgia

Filing for Bankruptcy: How much does it cost?

Generally people thinking about filing for bankruptcy are in a rather uncertain financial situation. The idea that they will have to spend more money to get out of debt can, well, be hard to swallow.
This uncertainty means that people filing for bankruptcy are often "price shopping".  Maybe you have seen ads that say "File for Bankrutpcy, $75".

Sadly, you can not file for bankruptcy for $75.  Here John Ernst, from Ernst & Partners in Duluth GA tells you what to expect when filing for bankruptcy.


If you want to read more about the costs of filing for bankruptcy as well as other ins and outs of the process, please watch this video on youtube.

Another site with great bankruptcy information is: http://sites.lawhelp.org/documents/74261bankruptcy.html

How Do You Decide Whether To File Chapter 7 or Chapter 13 Bankruptcy?

Because bankruptcy is mostly governed by federal bankruptcy laws, the general bankruptcy filing process in Georgia is similar to other states. However, there is some Georgia-specific information you will need to include on your bankruptcy forms. You’ll also have to know about the Georgia bankruptcy exemptions and find an approved credit and debt counselor in Georgia.

Knowing how to manage this process can mean the difference in whether your filing is successful.

 

You can find more videos about your bankruptcy options here.

You can find bankruptcy definitions from the courts here.

Filing for Bankruptcy in Duluth

Filing for bankruptcy is sometimes a scary time.  It can be scary because you don't know what to expect.  Watch this video where one of our clients talks about the bankruptcy  process.

You can find most of the Federal guidelines for bankruptcy here.