Filling for Insolvency Exclusion. Credit Card Cancellation of Debt:

Asked over 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


    Contributor Level 18


    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


    Contributor Level 20


    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


    Contributor Level 17


    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.
    Steven A. Leahy

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

    Contributor Level 19


    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
    Tax Lawyer
    Bellevue Tax Lawyer
    Everett Tax Lawyer
    Federal Way Tax Lawyer
    Issaquah Tax Lawyer
    Offer In Compromise Seattle
    Employment Tax Attorney
    Seattle Tax Audit Lawyer
    IRS Wage Garnishment Attorney
    IRS Collections Attorney
    Sales Tax Audit Lawyer
    Tax Court Lawyer
    Innocent Spouse Relief Lawyer
    Business Tax Lawyer Everett
    IRS Tax Penalties Lawyer Seattle
    Unfiled Tax Returns
    IRS Tax Help Everett

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.


Ask now

28,066 answers this week

3,125 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

28,066 answers this week

3,125 attorneys answering