Filling for Insolvency Exclusion. Credit Card Cancellation of Debt:
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.
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.
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.
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-client relationship is created or is intended to be created hereby. You should contact a local attorney to discuss and to obtain legal advice.