Sample Letter Payoff Mortgage File For Bankruptcies In Georgia
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Bankruptcy Attorneys for Chapter 7 in Georgia Chapter 7 in Georgia is a liquidation bankruptcy that allows you to wipe out most of your unsecured debt. Chapter 7 bankruptcy filers in Georgia often ask if they can keep their houses and cars in bankruptcy. You can even keep your house and car in Chapter 7.
This exemption is known as the homestead exemption: For a case filed by a single unmarried debtor, the homestead exemption is $21,500. This means you can up to $21,500 equity and the Trustee would not sell your house.
After all payments have been completed, the Chapter 13 Trustee will file a Motion to Return any Excess Funds to Debtor and to Terminate any Payroll Deduction by Employer. If the Motion is granted, the Court will enter an order granting the motion and issue two notices.
Georgia Code Section 44-13-100 allows debtors in bankruptcy to keep up to $5,000 in personal property (including motor vehicles). Add to this amount Georgia's $1,200 “wildcard” exemption of plus any unused homestead exemption amount up to $10,000.
The state allows for an exemption of up to $21,500 per person or $43,000 if a couple files for bankruptcy together. That amount goes against the equity held in the house. For example, if married spouses file for Chapter 7 bankruptcy and own a home worth $150,000, they will need to know their equity stake.
That being said, here's what you're not allowed to do with a Chapter 7: Lie under oath about your financial or property assets. Keep property that must be used to discharge your debts. Miss payments to certain creditors in order to keep your home.
You might be asking: What are the income requirements for Chapter 7 bankruptcy in Georgia? In Georgia, you must pass the means test to qualify for Chapter 7 bankruptcy. If your total disposable income over 60 months is less than $7,475, you qualify.
Under Chapter 7, however, there's no guarantee that you will be able to keep certain assets or property. You may be able to file for Chapter 7 without losing your house as long as you are current on your mortgage payments and the equity in the house is protected by available exemption laws.
The Georgia Homestead Exemption is something that most people have heard about but few really understand. It is basically a legal way to protect some of the value of your home from taxes and creditors.
