Posted on: 18th May, 2009 08:05 pm
i HAVE 2 INVESTMENT PROPERTIES THAT i AM NOW BEHIND ON AND CAN NO LONER MAKE PAYMENTS ON. wE WERE TOLD IT WOULD BE SMART TO DO A BANKRUPCY, SO THAT IS WHAT WE HAVER STARTED. tO DO A CHAPTER 13 YOU MUST OWN NO MORE THAN $1,010,000 IN MORTGAGESW. wE OWE A TOTAL OF $1,145,000, SO WE TOOK OUT MONIES FROM OUR RETIREMENT FUND AND PAID DOWN OUR PRIMARY HOME IN ORDER TO GET BELOW THE STANDARD TO DO THE BANKRUPCY. aT THE TIME IT SEEMED TO BE OUR BEST BET, BUT i HAVE SINCE FOUND OUT THAT WE WILL HAVE TO PAY APPROXIMATELY $$50,000 FOR TAX ON YHAT RETIREMENT MONEY AS WELL AS WE ARE REAL ESTATE AGENTS AND ANTICIPATE MAKING AN ADDITIONAL $60,000 COMMISSION FOR THE YEAR. i NOW WONDER IF WE SHOULD CANCEL THE BANKRUPCY AND PUT MONIES WE HAVE BACK INTO THE RETIREMENT FUND AS IT HASN'T BEEN 90 DAYS SINCE WE TOOK IT OUT. tHEN JUST BANKRUPT YHE PROPERTIES. i HAVE A FEELING THAT THIS IS WHAT WE SHOULD HAVE DONE. yOUR THIGHTS.
tOM
tOM
Hi TOMNEAGLE,
You need to pay the taxes for the retirement money. As far as canceling the bankruptcy is concerned, it would be better if you could take some professional help. Consult a bankruptcy attorney and take his opinion in this regard.
Thanks
You need to pay the taxes for the retirement money. As far as canceling the bankruptcy is concerned, it would be better if you could take some professional help. Consult a bankruptcy attorney and take his opinion in this regard.
Thanks