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

Georgia Bankruptcy: Can I keep my house?

Question: It’s getting too much. I just want to keep the house and get out of debt. I’m getting calls from debt collectors and collection agencies every day. They just keep calling asking for money. Money I don’t have and don’t think I’ll ever get. I need to file bankruptcy to get some relief and get these creditors off my back.

And you should know that I’m also getting sued for an old credit card debt. I got served with a lawsuit. It’s been such a long time I can’t remember what I even used the credit card for. But I know the credit card company doesn’t care about that at all, they just want money.

Problem is, I don’t have money to pay them all. I have eight credit cards. I got into some gambling issues because I was drinking too much. I was going to casinos and betting on sports, mostly the Atlanta Falcons and the Braves. And my job isn’t paying what it used to pay. I’m a commercial real estate broker in Atlanta and I was making more money a few years ago, and that’s when I got into most of the real debt.

I work in Atlanta and I live here in Roswell. Things were great for a while, and then the alcoholism and gambling started and I wasn’t working as hard as before and the debt grew and grew.

I need to keep my home and I want to file bankruptcy. I can make the mortgage payments; so far that’s not been a problem. But I want to know if I file bankruptcy, can I keep the house. If I can’t, I still might file, but I might not.

I’m married and my wife doesn’t work because she has anxiety and depression and she doesn’t know about my debts. She doesn’t know about any of this, really. I secretly opened accounts and used credit and got cash advances and used that money for gambling and partying and drinking. I even used some for cocaine, which I’m not proud of.

I would rather keep the house, but I need to file bankruptcy and I need some advice and my friend said you were the Roswell bankruptcy lawyer that helped her and you did a great job.

N.J. in Roswell, GA

Answer:  Yes, you can keep your house if you file bankruptcy!

Without a large amount of equity in the home, many homeowners file a chapter 7. A chapter 7 wipes-out your debts and gets you a fresh start. You can definitely file a chapter 7 even if your home has equity, it just depends how much equity.

Even with significant equity in the home, you can still file to eliminate your debts and keep your house. In fact, filing a chapter 13 is perfect for many people who have a lot of equity in their home. A chapter 13 allows a person to pay off his or her debt on a monthly basis over three to five years. Once you file a chapter 13, you cannot be harassed, sued, garnished or even contacted by creditors. The bankruptcy statute prevents them from contacting you at all.

Call us and we can schedule a consultation to discuss how you can file bankruptcy, eliminate your debts, and keep your home. Look forward to speaking with you.

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