Can I Keep My Home If I File Bankruptcy in Georgia?

As in all states, the decision about whether a homeowner can keep his or her home in a bankruptcy proceeding is dependent on whether the homeowner can continue to make his or her mortgage payments in accordance with the plan agreed upon in the bankruptcy proceedings.

The homestead exemption in Georgia is limited to $10,000. That means that $10,000 of equity is protected from creditors who do not have a security interest in the property. If the borrower has significantly more than $10,000 worth of equity in the home then the bankruptcy judge may order that the home be sold and that the equity over $10,000 be distributed to creditors.

Other Georgia Foreclosure FAQs

Q: Does Georgia Law Allow for a Redemption Period After a Foreclosure?
A: No, there is no statutory right of redemption in Georgia. More
Q: Where and When do Foreclosure Sales Take Place in Georgia?
A: Georgia law sets specific time requirements for foreclosures on Georgia property. Foreclosure sales occur on the first Tuesday of the month between 10 am and 4 … More
Q: What Public Notice Requirements are There for a Real Estate Foreclosure in Georgia?
A: Georgia law permits both judicial and non judicial foreclosures depending on the terms of the mortgage contract. In a judicial foreclosure, public notice is … More
Q: Can a Lender Sue a Borrower for a Deficiency Judgment if the Lender is Still Owed Money After a Foreclosure Sale in Georgia?
A: If the amount earned from the foreclosure sale of a Georgia property is less than the amount owed on the loan then a Georgia lender has the right to sue the borrower … More
Q: How Can a Lender Foreclose on a Property in Georgia?
A: How a Georgia lender foreclosures on a property is dependent on the terms of the loan agreement. If the loan agreement contains a power of sale clause then the … More
Q: How Long Does the Typical Foreclosure Process Take in Georgia?
A: Most Georgia property foreclosures take between 1-3 months to complete. Out of court foreclosure sales must be preceded by 4 weeks of public notice and foreclosure … More