Legal Question in Credit and Debt Law in Georgia

I am debating dismissing a bankruptcy case due to not being able to make the monthly payments. I am in Georigia, and had to file chapter 13 VS chapter 7 due to having to much equity in my home. I did not realize I could have possibly settled before making that decision. I was being sued by discover. My total debt is around 28,000. I owe 75,000 on my house and it has appraised for 170,000. I am trying to take a loan against my equity to pay it off. My question is if they sue me again, can they take home, or will they put a lien on it? My mortgage is up to date.

Asked on 5/25/18, 6:23 am

1 Answer from Attorneys

Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Only one person can answer you - your Chapter 13 attorney. Your retainer included 5 years of advice. Why have you not called him? No one here has seen your schedules etc.

It is usually an AWFUL mistake to dismiss a confirmed case, especially if you want to borrow to fix debts, always a bad plan, and a nearly impossible one with a 13 on your credit. Lenders won't make the loan, or will overcharge you badly. But have your lawyer run the numbers.

If the case is dismissed, you should expect discover to sue, and get a lien on your home unless you pay them. All the interest you would have lopped off will be due again. Bad plan, likely, but ask your lawyer.

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Answered on 5/25/18, 9:08 am

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