Yes, a gift received after the filing of the bankruptcy does not become part of the bankruptcy estate. An inheritance within 180 days of the filing would, but not a gift as long as it's after the case was filed.
Well many of the other answers would be correct in some states but not in Oregon. Here we have an odd statute of limitations which is only what is called an "affirmative defense." It must be raised in the first appearance or Answer or it is lost. Thus it does not prohibit a collection suit after 6 years but provides a defense if done soon enough and correctly.
The other fact you mention though is important: If the debt is not yours, you should say so in writing and keep a copy of the letter....
I agree with the other responses but would add that the 6-year statute of limitations defense in Oregon is one that must be raised in the first response (Answer or Motion filed with the court). If not, it is waived and cannot be used. So yes, get the mail and consult with a local attorney who handles collection defense and bankruptcy.
Internal Revenue Code Section 108 generally treats cancelled debt as taxable income; however, it also lays out certain exceptions, including a discharge of debts in bankruptcy and others. Be aware that even though debts cancelled in bankruptcy are not taxed as income, they can reduce what are called "tax attributes," such as loss carry-forwards and basis in property, though these do not affect most of my clients. IRS Form 982 is the form to use, or have your accountant use, if you receive a...
Since your husband is not on the loan, a foreclosure or even lates would not affect his credit. If the investment property is sold in a short sale or foreclosure and debt is written off, you may get a 1099 for cancellation of debt, which can be taxable as ordinary income. See a tax lawyer or CPA as to how this may apply to your specific tax situation. Good luck.
I take it that by "in a non collectible account" you are referring to the IRS placing you in Currently Non-Collectible Status, or "CNCS." What this means is while you are so designated, they will not initiate collection from wages, bank accounts, etc. BUT they're not going to send a refund to you either. You should still file though or it could lead to bigger troubles.
I agree with the answers posted by the other attorneys above. Your boyfriend should get a second opinion from an experienced local attorney who focuses on tax problems and debt. I would add that here in Oregon the Department of Revenue is not limited to a 10-year collection period,but there other ways to handle those debts also.
Yes, they can choose to foreclose here in Oregon either judicially or non-judicially. You should sit down soon with an Oregon attorney who handles foreclosure defense and chapter 13 bankruptcy so you can find out what your risks and options are and make an intelligent decision.
Unfortunately it is my experience, based on years of settling these accounts on behalf of clients, that debt collectors will never, ever (no never) agree to file the above documents mentioned by my esteemed colleagues. What you must do though is: confirm they have
acquired the right to collect your debt and get the settlement terms in writing before sending funds. Afterward, you can file a dispute with the CRAs (credit reporting agencies) to get the account shown as no longer owing. Mr...
Yes, I agree with Mr Gill, they can take refunds for this and future years. They can also potentially seize other funds and assets. Here in Oregon there is generally no deficiency on a foreclosed residential mortgage. But USDA loans are an exception. Talk to a local bankruptcy attorney about options in your specific situation.