I needed to gather more info to ask you about filing for bankruptcy chapter 7. We bought 2 properties-- one condo in Las Vegas and one in New Mexico (we live in the primary one in colorado). We received a 1099-a for las vegas property that said that we owed in box 2 162K, and fmv in box 4 is 70K; box 5 was checked yes. We have not received a 1099-c yet, so we are assuming that the bank has not discharged the debt yet. There was only one primary loan on this property. If we were to file for bankruptcy, where do we include this in the schedules?
Also, we receive 1099-a for the property in new mexico. We have a first and heloc on this property. We received a summon for the heloc a month ago. We received a 1099-a last december and in box 2 it had a balance of principal outstanding of 48K (which is what we owe on the heloc), box 4 had fmw at 140K, and yes the borrower was liable is checked. The principal balance was 99K. So our question is, where do we include this in the schedules of the bankruptcy?
We will probably need to include at least the las vegas so that the bank can't come after us in the future correct? And since we haven't received 1099-c for both properties, it's better to file before we get them??? Your help is very much appreciated and we don't mind paying more for this answer.
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