Posted on: 08th Jan, 2009 04:20 pm
I claimed bankruptcy in Jan and have a home in foreclosure. Should I ask for a deed in lieu or am I okay if I included this home in the bankruptcy. what about the taxes?
hi bsinvest!
welcome to forums!
you have not mentioned the type of bankruptcy you have filed but i guess you have filed for chapter 13. you may or may not include your house in bankruptcy which is facing foreclosure. if you want, you can include the property in bankruptcy.
as far as taxes are concerned, in chapter 13, taxes are not discharged. it will be considered as priority debts and must be paid in full during the chapter 13 plan without interest. in case of chapter 7 bankruptcy, a person is not relieved from the liability of paying the estate and gift tax, sales tax, or fuel taxes. the only tax eligible for discharge is federal income tax.
feel free to ask if you have further queries.
sussane
welcome to forums!
you have not mentioned the type of bankruptcy you have filed but i guess you have filed for chapter 13. you may or may not include your house in bankruptcy which is facing foreclosure. if you want, you can include the property in bankruptcy.
as far as taxes are concerned, in chapter 13, taxes are not discharged. it will be considered as priority debts and must be paid in full during the chapter 13 plan without interest. in case of chapter 7 bankruptcy, a person is not relieved from the liability of paying the estate and gift tax, sales tax, or fuel taxes. the only tax eligible for discharge is federal income tax.
feel free to ask if you have further queries.
sussane