Legal Question in Credit and Debt Law in Georgia

Can creditors make it so I have to sell my home or cause foreclosure? I have been laid off since May of 2008, still looking for employment, I am 64 years old. I owe around $50K not including interest they have added since lay-off. I have been able to keep up my house, 2nd mortgage and car by taking early social security. It is barely keeping me alive. My house payment is cheaper than I could pay in rent.

Thank you.

Asked on 8/12/10, 9:14 am

2 Answers from Attorneys

Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Unless you take proper steps your creditors can levy on your home and bank account and seize other assets.

Depending on your numbers you may be able to get rid of the 50K and keep your car and home via a bankruptcy. My office handles those and I'd be happy to discuss that as a possible option (as well as looking to see if there are other options). My phone number is 404- 768- 3509.

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Answered on 8/17/10, 6:03 pm

Creditors cannot necessarily get your house but it depends on what it is worth, whether it is mortgaged and the amount left owing on it. The same is true of other assets, like your car. You can exempt a certain amount of equity. You don't have to worry about wage garnishment (one of the few benefits of being unemployed). Social security income is also exempt from seizure by your creditors, but you have to ensure that it is not commingled with the funds of another person or with non-exempt funds.

However, you should sit down with a bankruptcy attorney. You and the attorney can evaluate your assets and debts and determine if bankruptcy is right for you. If you cannot file or don't want to file bankruptcy, the best option is to settle your debts.

How many debts do you have? I work with a debt settlement company as well as settle debts on my own. They have programs for seniors as well. If not, I also handle debts outside of the program.

Feel free to contact me if you are interested.

Rachel Hunter

Attorney at Law

[email protected]


Admitted in GA, PA & NC

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Answered on 8/17/10, 9:11 pm

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