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Mary V
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0.10 Dollars($)
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Post subject: Limit of dollar amount of secured debt on Chapter 13 |
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| Has the limit for secured debt increased with any of the goverment bailout programs? I live in CA and my debt exceeds the limit. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi Mary!
Welcome to forums!
As far as I know, the limit for secured debts has not increased. As per Chapter 13 rules, you shouldn't have more than $922,975 in secured debt. In case of unsecured debts, you should not have more than $307,675.
Sussane |
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mandy 1
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0.10 Dollars($)
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Post subject: chapter 13 |
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| I went through a divorce and child support will decrease after my exhusband recieves more parenting time with my child and I am left with a home, three other children and many debts that qualify myself for chapter 13 but how long does this stay on your credit report, and does it vary according toState and judge |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi mandy,
As far as I know, Chapter 13 bankruptcy will stay on your credit report for 7 years. It will also reduce your credit score by 200-250 points. The rules of Chapter 13 may vary from state to state.
_________________
Procrastination is the enemy of your financial sucess |
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ces3407
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0.10 Dollars($)
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Post subject: chapter 13 & back taxes |
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| I owe back taxes from 2006, should I wait till April 16th to file my chapter 13 bankruptcy? |
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Guest
0.10 Dollars($)
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Post subject: |
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| Well, in bankruptcy, your back taxes will not be fully forgiven and you will be liable to pay them off. I would suggest you to contact your bankruptcy attorney and take his opinion in this regard. |
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jimmy
Guest
0.10 Dollars($)
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Post subject: 2008 taxes sent on april 15 2009 |
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| In filing my 2008 taxes this april 15th, I expect to owe $30,000 of which I don't have. I also have very large unsucered dept. I do own some property that would cover my taxes and a small portion of my other dept. My question is, under chapter 13 will I be able to include 2008 taxes, or to say my bankrupsy cannot procede until I have paid them? I read that the prior year to filing must be paid in full??? i have paid my 2007 taxes in full. Can someone please clairify? Please help. I know I wil have to file bankruptcy as I will no longer be able to magage my existing debt. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi jimmy!
Welcome to forums!
As far as I know, back taxes are not discharged when you file bankruptcy. You'll have to clear off your back taxes. If you are facing hardship in paying off the taxes, you can contact the IRS and go for a payment plan. This will help you in clearing off the taxes.
Feel free to ask if you have further queries.
Sussane |
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msg
Guest
0.10 Dollars($)
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Post subject: bankruptcy |
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| I have filed for bankruptcy chp. 13. I got addicted to games using money, my debt got out of control. I want to know will this be held against me when I got to court? |
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Guest
0.10 Dollars($)
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| When you go to the court, the bankruptcy court will judge your financial situation and then decide whether you would be able to file bankruptcy or not. |
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me myself and I
Guest
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Post subject: taxes |
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| After filing chapter 13 bankruptcy filling, due I still have to pay taxes on foreclosed properties ( I have 2 properties, foreclosed on both) or this filling will shield me from paying taxes on the diferrence between the loan value and selling value/mkt value that is consider income for me next year. |
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Guest
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Post subject: |
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| Yes, you will have to pay the taxes. Bankruptcy will not help you in discharging your taxes. |
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wagmore
Guest
0.10 Dollars($)
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Post subject: Mortgage After Chapter 13 |
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| We will be one year into our chapter 13 in August. We are currently leasing our home and would eventually like to buy it. We have a good income (around 95,000/yr). About how long will it take us to find a mortgage company willing to take a risk on us? We have not accumulated any additional debt, so our monthly expenses are low. Thank you! |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Welcome wagmore,
You can get FHA loan after 1 year of discharge of your Chapter 13 bankruptcy. If you are planning to take a conventional loan, you would have to wait for 2 years.
_________________
Procrastination is the enemy of your financial sucess |
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Mitchell
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Post subject: Required reporting of property transfers |
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| As regarding real estate, how far back must a petitioner report on his/her past transfer and/or sale of a parcel? |
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