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Benefit from the Experience of Attorneys Bill and Valerie Sherman Former Assistant Attorney General, Assistant County Attorneys and Magistrate Judge

We Can't Afford the Lake House Anymore, Do I Need to File for Bankruptcy?

Question: My wife and I bought a lake house about 10 years ago. It is a really nice piece of property right on a pretty lake. We also bought a boat and jet skis, an ATV and a truck to help us get everything we needed to the lake. Problem is, the economy has really hurt my business and we can no longer afford the lake house, the boat, jets skis, ATV or the pickup truck. I've gotten a foreclosure notice on the house and I think the boat and truck will be repossessed by the bank. Can I get rid of all these debts in bankruptcy?

Answer: Sadly, many people are in the same position as you are. The economy has made it so many people can no longer afford a vacation home, automobiles, jet skis (like Yamaha, Kawasaki & Sea-Doo), the ATV (such as Yamaha, Suzuki, Artic Cat, Polaris, Can-Am, Honda, KTM, Bombardier,) etc. Georgia has many scenic lakes and mountains where many people have chosen to purchase second homes. North Georgia is an area that is known as a great place for a country home, vacation home, mountain home or lake home. The fishing and hunting are noteworthy. And with vacation property often comes the desire to buy a boat, an ATV, a truck or jet skis.

As bankruptcy attorneys we strive to help people get out from under what can become a crushing debt burden. Each case is different, but yes, all the items you mentioned can certainly be addressed in a bankruptcy filing. We can usually eliminate any deficiency on a mortgage as well as on an automobile or motorcycle, jet ski, ATV or truck. A bankruptcy filing will delay a foreclosure. Our goal is to help you to get a fresh financial start by eliminating to the maximum extent possible your debt obligations.