Posted on: 08th Feb, 2011 02:25 pm
Hello,
My husband and I filed Ch. 7 bankruptcy last Nov. 2010. It was recently discharged in January 2011. We had 2 out of state investment properties that were discharged as a result of our BK. We are now getting ready to file our 2010 tax return and would like to know how the BK will affect our taxes.
Thank you!
My husband and I filed Ch. 7 bankruptcy last Nov. 2010. It was recently discharged in January 2011. We had 2 out of state investment properties that were discharged as a result of our BK. We are now getting ready to file our 2010 tax return and would like to know how the BK will affect our taxes.
Thank you!
Hi vsm,
I don't think the bankruptcy filing will affect your taxes. Nevertheless, you should contact a tax adviser and take his/her help while filing your taxes.
Thanks
I don't think the bankruptcy filing will affect your taxes. Nevertheless, you should contact a tax adviser and take his/her help while filing your taxes.
Thanks
forcloser is imminent if I file bankruptcy c 7 and the difference between the final price and the amount owed on the home be taxed as income the way a loan modification amount is
welcome puts,
if you reaffirm your mortgage when you file chapter 7 bankruptcy and pay the mortgage on time, then your property won't be foreclosed. however, if the property is foreclosed, then you may be liable for paying the taxes for the forgiven debt.
if you reaffirm your mortgage when you file chapter 7 bankruptcy and pay the mortgage on time, then your property won't be foreclosed. however, if the property is foreclosed, then you may be liable for paying the taxes for the forgiven debt.