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Cumming Personal Bankruptcy Attorney
The Impact of Bankruptcy on Your Home and Car
Many people who are thinking about filing bankruptcy are concerned about whether they will be able to keep their home and car after filing bankruptcy. Unfortunately, there is no simple answer that addresses everyone's concerns. It is possible to temporarily keep your assets after filing bankruptcy, but you must be able to continue making payments to permanently keep your assets in both a Chapter 7 and a Chapter 13.
In addition, even if you are able to continue making payments toward your home, it can be a good idea to consider a home or car with smaller monthly payments. If you are thinking about bankruptcy and want to understand your options, I can help.
I am attorney Marcus A. Rosin, P.C., and I have experience helping individuals use Chapter 7 and Chapter 13 bankruptcy to protect their property.
Understanding Your Options With Chapter 7 Bankruptcy
If you file a Chapter 7 bankruptcy and you want to keep your home and car, you must be current with your home and/or car payments. If you are not current, you must be able to become current during your bankruptcy. You also must be able to maintain your payments in the future. If you are behind on your payments, filing for Chapter 7 bankruptcy may not enable you to stay in your home, but it can provide you with more time to figure out what you will do next.
For some people, staying in their home is not the wisest financial option, but they don't know what else to do. When I meet with individuals, I help them sort through the different options regarding their home and car.
Understanding Your Options With Chapter 13 Bankruptcy
If you file a Chapter 13 bankruptcy, all past due payments on your home or car that you want to keep will be part of your monthly payment plan to the trustee. By spreading your past due payments over a three to five year time period, you will be paying past dues over time. This will allow you to become current and allow you to stay in your home or keep your car. This debt restructuring offers individuals throughout Georgia the asset protection they need.
Whether you are filing for Chapter 7 or Chapter 13 bankruptcy, an experienced bankruptcy lawyer can help you understand your options and make positive decisions about your financial future. Learn more about the options available in your homeowner's situation. Contact me online or call 678-648-1667 to schedule your free initial consultation.
