Sold my house and after pay tax I kept the cash. is it illegal?

Generally, any gain has to reported on your tax return. There may be exceptions or exemptions, but you will have to have a qualified CPA review...

What is "setoff" in a Chapter 13 bankruptcy?

A set off is a term used to describe the application of funds to an existing debt rather than a pay out to the Debtor for money owed. A very good...

My husband died 4 days ago and he owed the IRS back taxes for about 8 years worth.

I, too, offer my sincere condolences to you and your family. Generally, tax debt will follow the taxpayer. If the returns were not joint returns,...

Way under water, waiting for foreclosure. Is there a limit on savings allowed at foreclosure?

If you are asking if the mortgage company can claim your savings upon foreclosure, the answer is no. I am not a Washington attorney. However,...

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Bankruptcy bifurcation

It is possible to split a chapter 13 case - or for one party to convert to Chapter 7. Under chapter 7 your obligation to the mortgage company...

Do I need to pay my 2nd on my house

Your Chapter 7 discharge, discharged your 2nd mortgage obligation. However, the 2nd mortgage company maintains its lien on your property. ...

Forfeited property taxes

Generally, in Cook County there is a three year redemption period. You should confirm the date of sale and secure your rights. I hope this...

My attorney failed to transfer over a deed on a property that we surrendered in bankruptcy.

The Statement of Intentions is just that - your intentions. The statement has no legal effect. In order to change ownership of property, the deed...

Is it a legal stealing of a home owner's equity? Why does BofA foreclose my property and auction it @ 50% below market value?

Generally, property sold at auction retrieves a lower price than property sold in the normal course. That's not unusual or "stealing." That is...

What can the federal courts do to me for not filing papers in time.

A large number of Chapter 13 cases never reach discharge. There are a host of reasons debtors seek protection under the bankruptcy code. From...