Protecting Real Estate When Filing For Bankruptcy
Our law firm knows that when a person is considering bankruptcy, one of the main concerns is real estate. Our experienced Duluth bankruptcy attorney can help you navigate through what can happen to your properties in the event you file for bankruptcy. We can provide information and help for all types of properties, including homes, commercial and even investment properties. If you are going to file for bankruptcy and own real estate, then contact us first.
Chapter 7 And 13 And Real Estate
One of the first questions you probably have when filing chapter 7 is in regards to being allowed to keep your home. However, this answer depends on a few factors, such as whether or not there is equity in your property that falls under federal or state exemptions. If you are having financial problems, then you probably have little equity in your home, but you will need to be current on your mortgage payments and continue to stay current.
You might choose Chapter 13 instead of 7, and if you do this, then you are probably doing it to protect your property. If you end up falling behind mortgage payments, and you filed for Chapter 7, then the property would have to be surrendered. However, if you file for Chapter 13, then you will have some time to catch up on mortgage payments that you owe, while at the same time making regular mortgage payments to stay current. Filing Chapter 13 may not be the best decision, economically speaking, if your property’s value is less than the mortgage balance that is outstanding.
Handling Real Estate Disputes
With extensive knowledge and expertise in real estate related disputes, as well as issues concerning insurance, Attorney Keith Cornwell provides professional representation for his clients. To alleviate the stress and burdens that may be associated with real estate litigation, it is recommended that you retain the services of an attorney who has extensive knowledge about the property laws of Georgia as well as civil litigation procedures. The types of disputes for which Attorney Keith Cornwell can provide his services include:
- Title Insurance claims
- Wrongful foreclosure
- Boundaries and easements
- Defects in Title to Real Estate
Title Insurance Claims
Possessing vast experience in the processing of title insurance claims for both the title insurers as well as their insureds, Attorney Keith Cornwell will be able to assist you in any disputes that may arise in relation to your title insurance policy.
Matters concerning real estate foreclosures is another area of expertise for Attorney Keith Cornwell. He
will be able to advise regarding the procedures necessary to ensure a proper foreclosure. If you have a dispute related to foreclosure under Georgia law, he can offer valuable assistance.
Alternate Dispute Resolutions (ADR)
There are other options for resolving disputes outside of the courtroom. These are referred to as ADR. Depending on the transaction that is governed by the agreement, some disputes that can be settled, through the binding arbitration or nonbinding mediation, as required by some contracts. If the ultimate cost and time will outweigh the possible result, then it may be prudent to settle and avoid possible bankruptcy. Tenacity in the negotiation of a settlement often yields a successful outcome from such proceedings.
No matter the state of your properties or the disputes that need to be settled, Keith Cornwell’s experience and knowledge can make the process less stressful and taxing. Contact the Cornwell Law Firm today!