I filed bankruptcy and my mortgage and home equity loans were discharged (chapter 7). Will I have to pay tax on deed in lieu?
Andrew's answer
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Answered on February 26, 2014
If you are correct that the loans were discharged and not re-affirmed, then no, there will be no tax liability on debt forgiveness.
I have around $30,000 in unsecured debt. ($22000.00 in credit cards, and $8,000.00 in personal loans).
Andrew's answer
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Answered on February 26, 2014
You can file bankruptcy wihout being accused of fraud, but you can't use any credit card within 90 days of the filing. I appreciate your detail...
If Ally Financial said they typically do NOT repossess if I continue to make payments after Ch 7, should I reaffirm?
Andrew's answer
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Answered on February 26, 2014
I am aware there is a divergence of opinion among the contributors to this site, but my opinion is: reaffirm. According to the BAPCPA of 2005,...
Archived
Chapter 7
Andrew's answer
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Answered on February 26, 2014
We can't get into the nitty-gritty of your situation from a website. It sounds like you are being told: catch up, or convert to a 7. Ch 7 is a...
Archived
My husband and I filed a chapter 7 bankruptcy and had it written off in 2013.
Andrew's answer
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Answered on February 25, 2014
In large part, it depends on the current status of proceedings, e/g/. is the Trustee coming after you claiming you have committed fraud. You may...
Archived
I recently received my chapter 7 discharge paperwork my house was included in the bankruptcy and I am still paying the mortgage
Andrew's answer
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Answered on February 25, 2014
We can't say what you should do, we can only inform you as to the possible consequences of your available choices. Even at that, this is general...
Can traffic tickets be discharged in a chapter 7 bankruptcy?
Andrew's answer
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Answered on February 25, 2014
Good question, and I have two answers: "yes" and "no". Seriously, here's the scoop: first of all, the tickets themselves can't be discharged, so...
Archived
Are businesses able to go Chapter 7?...
Andrew's answer
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Answered on February 25, 2014
Yes, businesses can go Chapter 7, but that might not help you: Typically, back taxes are not dischargeable. Also, if you are a d/b/a rather than...
Will my 341 meeting date and trustee change if I file an amended chapter 7 petition?
Andrew's answer
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Answered on February 25, 2014
No, the creditors meeting will go on as scheduled and you and your lawyer will explain that circumstances have changed and you will be filing...
Archived
Convert from 7 to 13 bankruptcy
Andrew's answer
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Answered on February 25, 2014
You can convert, but that might be even more expensive. You can ask permission to withdraw, but it is up to the judge to grant or deny that...
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