georgia bankruptcy
What will happen if we file bankruptcy?
I have about 20 acres in Georgia with 4 total houses on it (family lives in them). I have done a ton of work to it as I raise horses. I had a great job that I worked at for 25 years and a new boss didnt like me and had me fired. I have another job and my wife got one too but the pay is no where near what I use to make. The family tries to help too but we are no where in the same shape with money. Its hard on us all and there is no promise that we will have our jobs tomorrow. On top of everything my knee is starting up again. I had to have surgery a few years ago on it and now I am in constant pain.
I have fantastic credit that I have worked my whole life for. I am not sure of the score as of right now but its in the 700s I know.
My question is that if I do end up having to file bankruptcy will I loose everything that I have worked for. I know that my credit will be shot but I really dont want to loose my property. Can anyone give me advice. Thank you so much.
There is a good chance you will loose the land and houses-bankruptcy can only allow you ‘one’ home for your own use. Does the rest of the family pay you rent, the taxes, anything? If they don’t-then it’s time for you to stop letting them freeload off you and pay their share! This would help your financial problems. If they ARE paying shares or rent or something-this counts as INCOME to you-and may affect you even getting a bankruptcy.
My suggestion-if you are not behind in bills now, then DON’T get behind. Stop using credit cards-period. Pay with cash…no splurging, no extravagent nights out, etc. Make up a budget for each month that covers ALL bills, even budget out insurance or tax bills that aren’t due for months-set aside a monthly amount AND DON’T TOUCH IT-so you have it when the bills come due.
Then see how your budget works with your income…and if you are in the negative-see what you can cut back on. $100 a month cable or satellite bills? Ridiculous…you can only watch 1 program at a time. Basic cable (a rate you will never see advertised but they have to have it) is under $20 and gets you all the big networks, public tv, and probably a dozen more. Caller ID, call forwarding, call waiting…get rid of it unless you need it for business. I’ve never had it, don’t want it, and don’t pay for it-and my total business phone bills for 2 businesses and 3 lines is less than $125 a month.
If you really think bankruptcy is in your future-then get a good lawyer NOW. You might be able to deed over some of the property to the family, or set up a ‘trust fund’ or something to protect it. But you have to do it fast-a bankruptcy judge can BACK DATE transactions to get your assets back for dispersal! So don’t wait.
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