You left your house and it was sold for less than you owed now you are being sued for the difference you filed bankruptcy now the IRS says that you owe taxes on that you did not get anything out of it?
Debt forgiveness is a type of income. If you borrow $1000 from your friend and then friend then forgives the debt, you have $1000 taxable income. In this case, you borrowed money to buy a house. You couldn't/didn't make the payments and lost the house. If you borrowed $200,000 and it sold for $190,000, you have $10,000 in tasable debt forgiveness. However, if you were insolvent at the time that the debt was forgiven you may qualify for an exception of counting this as income. Insolvency is defined, generally, as having debts that exceed your assets. If you lost your house, it's likely that this was the case for you. If that's the case this might be as simple as filing an amended return to claim the insolvency exception.
What is the difference between a chapter 11 bankruptcy voluntary dismissal and a chapter 11 bankruptcy dismissal via consent order?
If your wages are being garnished after you filed for bankruptcy in Ohio can the collection agency keep what they've taken and how can you stop the garnishment?
If a spouse passes away two months after you filed bankruptcy are the courts entitled to their life insurance policy and if so how long should you wait before filing a claim?
of course you can. One does not inhibit the other. If you filed for bankruptcy as a couple, then the bankruptcy will proceed during the divorce, it just may complicate things. If you filed for bankruptcy as an individual then there should not be too much of an issue because you were only filing for bankruptcy as to your individual debt.
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed. You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed. You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed. You need to…
If you filed chapter 13 and had it dismissed and paid of the debt is there any way to get it off of your credit report?
No. Filing a bankruptcy creates a public record that does not go away because you did not complete the bankruptcy. - once you file and get a case number you have filed for bankruptcy. if you didn't follow through and it got dismissed is regardless. you still filed for bankruptcy and it will still be on your credit report.
Can bankruptcy be removed from your credit report if you filed for Chapter 7 but did not complete the proceedings?
If one files for bankruptcy in the United States, you do not have to prove that you are, and you do not have to be insolvent. Therefore, you are bankruptcy in a legal sense if you filed for bankruptcy. If you want to prove that you are NOT bankrupt all you have to show is that you have not filed for bankruptcy. If you meant insolvent, rather than bankruptcy, to prove that you are not…
If you filed bankruptcy and have decided to sell your house Do you have to let the realtor know about the bankruptcy?
If you have a promissory note from a person who filed for bankruptcy in Texas can you still recover the money you were owed?
If a bankruptcy was filed in one tax year and completed in the following tax year should it be filed in the former or latter tax year?
If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding.
After filing for bankruptcy in Canada you may borrow money. The risk is borne by the creditor. During bankruptcy, after filing but prior to being discharged, you may obtain credit with a value of up to $1,000. without advising the creditor of your bankruptcy. Should you seek to borrow more than $1,000 you are obliged to advise the lender that you have filed for bankruptcy.