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

Woodstock, GA: Stop my foreclosure!

Question: I just got notice in the mail that our mortgage company is going to foreclose on our house. I haven't paid the mortgage in about 9 months. I was hoping that we'd have more time in the house. We need to have some more time so we can move into my mother's house in Woodstock. I know that if we file either a chapter 7 or a chapter 13 then we can have some time to move out of our house. But if they foreclose then we have to leave pretty much have to leave in 2 weeks.

I just need to stay there an extra month. We really don't want to keep the house because the payment is just too high and we can't afford it. I work and so does my wife but we can't afford this home; I don't know why we bought it. I own a bar in Woodstock and my wife works as a dental hygienist.

If we file bankruptcy will we get that extra month or two at our house before the foreclosure kicks in? I need to know because I'm working hard trying to open another bar and we need to do some renovations at my mother's house because we have 3 kids.

K.J. in Woodstock.

Answer: A bankruptcy filing will stop the foreclosure, at least for a little while. You can put the mortgage arrears into the monthly payment to the bankruptcy trustee and pay the arrears off over 5 years if you choose to file a chapter 13. If you file a chapter 13 it may completely prevent the foreclosure.

Or, if you file a chapter 7, that should buy you some time before the foreclosure. If you file a chapter 7, there is no exact time before the foreclosure will occur. Generally speaking, it will delay the foreclosure from 1 to 4 months.

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