Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Your bankruptcy discharged your personal responsibility for any unpaid loan balance, and if the property is foreclosed before Jan 1, 2013, then federal law will relieve you from any tax liability, assuming that your aggregate loan balance on the property is less than $2,000,000, and the propery is your principal residence during two of the last five years before foreclosure.
Hope this helps.
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If you're talking about tax liabilities for the property, then yes. If you mean unpaid income taxes since your Chapter 7, then no.
Discharging federal income taxes requires them to generally be three years past due at the date of filing the Chapter 13 petition.
I sorry, I asked the question wrong. My house will be auctioned at around $120,000, I owe $450,000 on it right now. Will my Chapter 7 discharge cover me on the taxable
portion of the $330,000 left after the sale???