Chapter 7 bankruptcy – A Chapter 7 bankruptcy allows you to discharge some of your debts, with the possible exclusion of student loans, child support debt and unpaid taxes. You may be required to liquidate some of your possessions to resolve your debt, but you can usually keep your home.
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Related Products. If you owe more on a secured debt than the collateral is worth, the difference (called a "deficiency") becomes a debt that can be discharged in bankruptcy. But the lender still has the right to take back the collateral if you default on your payments.
1) A reportable capital gain on the sale of property – Under Federal tax law, the IRS likens a foreclosure or the disposition of a home as a sale 2) Cancellation of debt income or income for debt being forgiven – Generally, when a taxpayer receives a loan, they do not have to pay taxes on it because it must be paid back.
B. The Differences Between secured property taxes and Priority Property Taxes. 1. Another area of some confusion when dealing with property taxes in a bankruptcy setting is whether the taxes should be treated as secured or priority and what this distinction can mean. In Indiana, real property taxes
As a private lender, you may have the option to pursue a non-judicial foreclosure if the foreclosure laws in your state allow non-judicial foreclosures. It is a less expensive foreclosure process for the lender and is also faster in being able to repossess a property (because the private lender does not have to file a lawsuit and be placed on.
· Does a property loan to my son attract tax?. of missed mortgage payments than a commercial lender.. consider taking a charge over the property (in the way a mortgage lender.
Mortgage Discharge After a Bankruptcy. After the bankruptcy is finalized, the borrower has no liability to the lender for missed payments and debts that were incurred prior to the bankruptcy filing. The borrower then can give the keys back to lender, sign documentation of the.
Common Foreclosure and Cancellation of Debt Issues for Real Property. This presentation is designed for common foreclosure and cancellation of debt issues faced by individuals and sole proprietorships who owned real estate property disposed of through a foreclosure or similar disposition and those who received a loan modification.