Filling for Insolvency Exclusion. Credit Card Cancellation of Debt:

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1. 

   Diane L Gruber

   West Linn Family Law Attorney

   Contributor Level 17

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   Answered February 11, 2013 10:09. 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.... moreBe sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662. Please be aware that each answer on this website is based upon the facts, or lack thereof, provided in the question. To be sure you get complete and comprehensive answers, based upon the totality of your situation, contact a local attorney who specializes in the area of law that involves your legal problem. Diane L. Gruber has been practicing law in Oregon for 26 years, specializing in family law, bankruptcy, estate planning and probate. Note: Diane L. Gruber does not represent you until a written fee agreement has been signed by you and Diane L. Gruber, and the fee listed in the agreement has been paid. less

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2. 

   Dorothy G BuncePro

   Las Vegas Chapter 7 Bankruptcy Attorney

   Contributor Level 20

   

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   Answered February 11, 2013 11:03. 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!

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3. 

   Steven LeahyPro

   Chicago Tax Lawyer

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   Answered February 11, 2013 11:04. 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-... morePlease note that the above is not intended as legal advice, it is for educational purposes only. No attorney-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice. less

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4. 

   Christopher LarsonPro

   Seattle Tax Lawyer

   Contributor Level 19

   

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   Answered February 17, 2013 13:55. 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
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