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.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.