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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I need to talk with a bankruptcy attorney to determine if I

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I need to talk with a bankruptcy attorney to determine if I am eligible for Chapter 7
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*



Hello,

My name is FiveStarLaw. I shall strive to provide you with legal information. My answers are information only and do not form an attorney/client relationship.

If at any time the information which I provide is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button. When we are done, please take a moment to click the rating tab to rate my work. My goal is EXCELLENT and I hope your rating reflects that.

Specifically what would you like to know? How many people are in your household?
Customer: replied 4 years ago.

I am a widow and live alone in my home. I recently transferred my home to a Living Trust. I believe I am eligible for Chapter 7. Would I lose my home which has a balance of $182,000 on a Home Equity Loan?


Thank you for your information

If at any time the information which I provide is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button. When we are done, please take a moment to click the rating tab to rate my work. My goal is EXCELLENT and I hope your rating reflects that.

Georgia law provides a $21,500 exemption for a home. This means that if you could sell your house for less than $21,500 more than the amount that you owe on the loan, you would not lose your home unless you stop making the mortgage payments
Customer: replied 4 years ago.

The mortgage payments are one of the reasons I need to file for Chapter 7. Unfortunately my house doesn't fit the Georgia exemption. The house is not in my name now. How does that affect it?

Unfortunately a living trust does not assist in a bankruptcy situation. The Court views the living trust as if it was owned in your name personally
Ellen and other Bankruptcy Law Specialists are ready to help you