Posted on: 11th Oct, 2010 06:15 pm
I wonder if anyone can answer this one for me....we have a federal tax lien on our credit bureau which is attached to our 401k but we filed personal bankruptsy over a year ago and had the taxes included in that bankruptsy which makes us no longer personaly responsible for payment althought the lien is still attached to the 401k. So what I am wondering is can we qualify for a FHA loan without having to setup a payment plan on the lIRS lien since it was included in the bankruptsy and we are no longer personaly responsible to pay it ?
Hi Lori!
Welcome to forums!
The back taxes do not get discharged in the bankruptcy filing. Though you filed bankruptcy, you're personally liable for paying it off. Unless you pay it off, it'll be difficult for you to get a FHA loan. You can set up a repayment plan with the IRS and pay off the back taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The back taxes do not get discharged in the bankruptcy filing. Though you filed bankruptcy, you're personally liable for paying it off. Unless you pay it off, it'll be difficult for you to get a FHA loan. You can set up a repayment plan with the IRS and pay off the back taxes.
Feel free to ask if you've further queries.
Sussane