Posted on: 17th Mar, 2009 11:59 am
My wife and I are in the 5th month of our chap. 13 repayment plan. We had 5 properties, 1 primary and 4 investments. All went into foreclosure in 2008 except for one which was a short sale in the middle of last year. We couldn't pay the HOA's or property taxes and had too much credit card debt from using them to pay the mortgages and all related expenses and so had to file for chap. 13. We owe no back income taxes and student loans have been paid in full.
Are we going to be clear of the property taxes and all other debts related to them after completion of our plan? Can we buy a house during the process? Do we have to file an insolvency form this tax season to keep from being sued for property taxes? My attorney and accountant have not been the most helpful even though I feel they have been more than adequately compensated and yet I'm desperate for some professional help if you can provide any. Please let me know what other info you need to shed some light on my plight.
greatly appreciated in advance for any guidance,
Vincent
Are we going to be clear of the property taxes and all other debts related to them after completion of our plan? Can we buy a house during the process? Do we have to file an insolvency form this tax season to keep from being sued for property taxes? My attorney and accountant have not been the most helpful even though I feel they have been more than adequately compensated and yet I'm desperate for some professional help if you can provide any. Please let me know what other info you need to shed some light on my plight.
greatly appreciated in advance for any guidance,
Vincent
Wow! I am going through a similar situation as you and your wife. My primary and 3 investment properties are facing foreclosure. My attorney says to file for chap 13. I am still reluctant to do so. Would you say it was the right decision for you two? What were the tax implications you faced?
hi,
to vincent,
as far as i know, you will have to pay off the property taxes. as far as insolvency from the taxes are concerned, i would suggest you to speak to the irs. they will be able to help you in a better way. you will not be able to buy a property immediately after you are discharged of bankruptcy. as you have filed chapter 13, you will have to wait for a a year in order to get a fha loan whereas for conventional loan, you will have to wait for 2 years after the discharge date.
to seeingstars,
filing bankruptcy is not a bad option. you will be able to save your property though you file bankruptcy but you will have to pay the mortgage dues to the lender as per the alternative repayment plan given by the lender.
thanks
to vincent,
as far as i know, you will have to pay off the property taxes. as far as insolvency from the taxes are concerned, i would suggest you to speak to the irs. they will be able to help you in a better way. you will not be able to buy a property immediately after you are discharged of bankruptcy. as you have filed chapter 13, you will have to wait for a a year in order to get a fha loan whereas for conventional loan, you will have to wait for 2 years after the discharge date.
to seeingstars,
filing bankruptcy is not a bad option. you will be able to save your property though you file bankruptcy but you will have to pay the mortgage dues to the lender as per the alternative repayment plan given by the lender.
thanks