Worried About Losing Your Home or Car Due to Debt in Atlanta?
Drowning in debt is an extremely stressful position for debtors. The idea of losing valuable assets is a constant worry – especially when those assets include an Atlanta home or a car. When you have nowhere to live and can’t commute to a job, debt problems can become significantly worse.
These issues are a common result of an unpaid mortgage or missed finance payments on a car. The creditors are within their right to take action to seize certain assets. In the case of a home, foreclosure is the process that is followed in Georgia. When car payments are not honored, the creditor can repossess the vehicle.
Consequences of Losing a Home or Car
Foreclosure on a home may only indicate the beginning of a debtor’s problems. Not having a registered address can become problematic if you are seeking employment or benefits. Debtors who are staying with family and friends may also find the situation uncomfortable and embarrassing.
Most Atlanta residents of working age rely on a car to get to and from their place of employment. Parents who are separated may find it difficult to honor custody arrangements without the ability to travel. These issues are made all the more stressful if the debtor faces both foreclosure on a home and repossession of a vehicle.
Filing for Bankruptcy
Filing for bankruptcy is one potential solution for saving your home and car. Depending on your circumstances, these valuable assets may be protected by exemptions in a Chapter 7 Bankruptcy. As an alternative, a Chapter 13 Bankruptcy could enable debtors to reorganize debt with a manageable monthly payment that covers most or all creditors.
To learn more about the benefits of filing for bankruptcy to protect a home or car, reach out to Gingold & Gingold for a confidential consultation in Atlanta.