Filling for Insolvency Exclusion. Credit Card Cancellation of Debt:

Asked about 1 year ago - Lowell, MA

My house is my only residence. Do I need to list my house as an asset when I list my total assets? The house is far from paid off. Also I have a lot of other credit card debt that I am not paying do to financial hardship etc.

Thank you,

Attorney answers (4)

  1. Diane L Gruber

    Pro

    Contributor Level 18

    7

    Lawyers agree

    Answered . First of all, it is not a good idea for you to try to handle your own BK without FIRST having a consultation with a BK attorney. That said, yes you list your house & total value on Schedule A, and the mortgage(s) on Schedule D. How much home equity you can protect depends upon the exemptions you are allowed in MA. Another reason to meet with a BK attorney. Good luck.

    Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662.... more
  2. Dorothy G Bunce

    Pro

    Contributor Level 20

    5

    Lawyers agree

    Answered . Why would you think that you can exclude anything from court paperwork that you have to sign under penalty of perjury? Get to a lawyers office NOW! Hope this perspective helps!

  3. Steven Anderson Leahy

    Pro

    Contributor Level 17

    4

    Lawyers agree

    Answered . Generally, there are exceptions to paying taxes on forgiven debt. These exceptions are not complex - however, it may make sense to have a professional tax preparer complete your taxes for the year in question. A mistake on this one, may wind up costing you money and creating lots of trouble for you.

    I hope this helps.
    Respectfully,
    Steven A. Leahy
    www.chicagotaxteam.com

    Please note that the above is not intended as legal advice, it is for educational purposes only. No attorney-... more
  4. Christopher Michael Larson

    Pro

    Contributor Level 19

    1

    Lawyer agrees

    Best Answer
    chosen by asker

    Answered . If you are talking about your Form 982 to exclude the income, you do need to list your house as an asset. Your mortgage will be listed as a liability. These are netted.

    Christopher Larson
    Insight Law
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