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Filing for Bankruptcy to Avoid Foreclosure, Part Two Atlanta, GA

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Filing for Bankruptcy to Avoid Foreclosure, Part Two

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Earlier this week, we talked about the growing trend of filing for Chapter 13 bankruptcy protection in order to halt Georgia’s fast foreclosure process. Under Chapter 13, a filer’s unsecured debts, such as credit cards, are generally waived, while a three- to five-year plan to pay off mortgages and other secured debts is created, which must be approved by a bankruptcy court. However, there are still restrictions and potential consequences: if a debtor misses a payment under the plan, he may still lose his home.

However, many Georgia residents are resorting to Chapter 13 as a way of halting the speedy foreclosure process and keeping their home, at least in the short-term. In Georgia and throughout the United States, a Chapter 13 bankruptcy filing will create an automatic court-ordered injunction to halt a foreclosure, regardless of the circumstances.

Even if the bankruptcy does not ultimately go through, the filer now has more time to sort out the situation. But homeowners need to remember that it does not mean they are protected from foreclosure forever, says Georgia State University law professor Jack Williams. “It’s like a time out. Like a game of freeze tag,” he said. “You’re safe, but only for a period of time.”

Georgia bankruptcy attorneys agree, stating that homeowners need to assess all of their realities and discuss their options with a debt counselor or bankruptcy attorney before making the decision to file for Chapter 13 bankruptcy. “If you’re upside down on the mortgage, the first question to ask yourself is: Is it worth it to stay in the property?” said attorney Michael Rethinger. “I see plenty of people trying to hold onto homes that aren’t worth it.”

Source: Atlanta Journal-Constitution, “Bankruptcy as a means of halting foreclosure, for a moment”, Katie Leslie, 18 January 2011

Posted on behalf of Jamie L. Gingold, PC

195 14th Street NE #1604
Atlanta, GA 30309

Phone: (678) 915-2634


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    Jack L.

    They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

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    Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

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