Matthew T. Berry Bankruptcy Law Blog on Lawyers.com

Home foreclosures aren’t only affecting those out of work or people that are below the poverty line; they are also affecting the largest – and most well known homes out there. Take the case of a McMansion home from the popular “Extreme Makeover” television show. The home, which is located in Lake City, GA, recently escaped foreclosure due to a bankruptcy filing by the homes owners, Milton and Patricia Harper.

The residential showcase, a 5,300-square-foot beauty, was scheduled to be sold in foreclosure proceedings, but the couple filed for Chapter 13 bankruptcy in Atlanta, which stalled the foreclosure, the Atlanta Journal-Constitution reports. Before Extreme Makeover entered their lives, their home had many problems including septic tank issues. The home they rebuilt has multiple fireplaces, a three-car garage, and a solarium and music room.

The “Extreme Makeover” television show remodels homes for families who have gone through tough times. It seems the home didn’t do anything to change the family’s financial status. The reason for their bankruptcy? The home became collateral for a $450,000 loan the family used to finance a construction business that failed.

It should be noted that the government is considering a new measure, known as a “cram down,” that would let borrowers have their mortgage debts reduced in bankruptcy. This may help the Harper family. Time will tell.

If you are dealing with Chapter 13 in Atlanta or are considering filing, be sure you talk to our lawyers first. We can help you navigate the waters so you don’t lose everything.

Atlanta personal bankruptcy - Berry & Associates

2751 Buford Hwy, Atlanta, GA 30324
Phone : 1-877-715-0306

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