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If you are not able to make your house payment do you have to file bankruptcy or will the bank foreclose on the house and not garnish your income?
Wiki User
∙ 17y ago
Bankruptcy only temporarily prevents foreclosure action. A house is considered secure property so it is up to the lender as to what action will be taken, foreclosure or reaffirmation of the loan. The bank would pursue foreclosure and not wage garnishment. If you're in a house you can't afford any longer, sell it. Too many homeowners wait too long. Don't wait for the bank to foreclose.
Wiki User
∙ 17y ago
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How long should a person wait after a chapter 13 bankruptcy is dismissed to file income taxes for that year to guarantee to receive the refund?
You have to file your income taxes yearly regardless of whether you have filed for bankruptcy or not. Yes, IRS may garnish your refunds to pay toward your debts. If your bankruptcy is over however, you don't have to worry about that.
Can the IRS garnish 401k?
yes IRS will garnish 401k because they see it as a income.
Can you file bankruptcy when you debt is federal and state income taxes?
You can file bankruptcy at any time you like, but I will tell you that bankruptcy court does not have the authority to drop the taxes. The IRS or State may allow a payment plan instead of allowing them to begin confiscating property. You will still have to pay the taxes due and it may be to your benefit to work out a payment plan directly with tax department and not have to pay the legal and court fees involved with the bankruptcy.
What will happen to your direct deposit while filing bankruptcy?
Direct deposit of any monies while filing for Chapter 7 bankruptcy are safe. However, under Chapter 13 bankruptcy, an automatic payment may be required to the trustee from a direct deposit of wages and other sources of income.
Is bankruptcy discharged debt considered taxable income?
No, discharge of debts through bankruptcy do not create taxable earned income. However, you can have Capital Gains or Losses if any real-estate was disposed in that bankruptcy.
How long should a person wait after a chapter 13 bankruptcy is dismissed to file income taxes for that year to guarantee to receive the refund?
You have to file your income taxes yearly regardless of whether you have filed for bankruptcy or not. Yes, IRS may garnish your refunds to pay toward your debts. If your bankruptcy is over however, you don't have to worry about that.
Can you stop paying credit cards only income ss?
You should consult with an attorney, but you may be able to. Declaring bankruptcy is one option. It may also be possible that they can't garnish SS income.
How are chapter 13 bankruptcy payments determined?
Determined by taking your income and subtracting expenses- anything left over is the required payment.
Can you file bankruptcy with income coming in?
Yes, you can file with an income coming in, which chapter of bankruptcy you file depends on your income
I have a judgment in ca. can they garnish me in fl.?
If you owe money and have a judgment against you, they can garnish your income.
Can the IRS garnish 401k?
yes IRS will garnish 401k because they see it as a income.
Chapter 7 bankruptcy dismissed can they still garnish?
Only holders of undischarged debt can come after assets or income after a discharged bankruptcy. Some debts may not be dischargeable in a bankruptcy, such as tax debt. The meaning of dismissed is different from discharged, however. A dismissed bankruptcy would be one that did not conclude. In that case, creditors may attempt any legal means to recover what is owed.
Can a landlord garnish state income tax?
NO.
Can a landlord garnish income tax refunds?
No.
How much will a trustee take out of your monthly income in a chapter 13 bankruptcy Is it a certain percentage?
It's your disposable income. The debtor files a statement of income and expenditures. The expenditures cannot be unreasonably high. The chapter 13 payment is the difference between the income and expenditures.
Can the IRS garnish an income tax refund if money is owed from an audit?
Yes, the IRS can, and will, garnish an income tax refund if money is owed from an audit.
Can you file bankruptcy when you debt is federal and state income taxes?
You can file bankruptcy at any time you like, but I will tell you that bankruptcy court does not have the authority to drop the taxes. The IRS or State may allow a payment plan instead of allowing them to begin confiscating property. You will still have to pay the taxes due and it may be to your benefit to work out a payment plan directly with tax department and not have to pay the legal and court fees involved with the bankruptcy.
