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Barrister
Barrister, Attorney
Category: Legal
Satisfied Customers: 23861
Experience:  14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
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I own a single family home in Seabrook NH at a fixed 12 % interest

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I own a single family home in Seabrook NH at a fixed 12 % interest rate with a payment of $4300.00 a month which is only the P & I, $500/mo for taxes and $200/mo for insurance. Unfortunatley, the loan is upside down so I can't refinance. My credit was good but since I couldn't refinance I chose to stop paying on my mortgage in October or 2011 in hopes that the bank would consider modifying my loan, it didn't work.

I have since remarried and moved to California, I still have that property in NH and now we are renting in CA. My credit is now poor and I would like to just get rid of the home and rebuild my credit. I am considering filing bankruptcy to get rid of the house and eventually my credit will get better.

I have two questions related to filing for bankruptcy.

Since the property is only in my name, would my new husband have to be involved in the bankruptcy? I filed married filing separately last year, our first year together as a married couple.

My second question, my income is $80000/yr and his is $ 85,000/yr would the courts insist on using his income before qualifying me for bankruptcy? His income pays for rent, food, car and other expenses for us to live in California.
Submitted: 1 year ago.
Category: Legal
Expert:  Barrister replied 1 year ago.
Hello and thank you for using JA! My goal is to provide you with excellent service and help with your legal problem.
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Since the property is only in my name, would my new husband have to be involved in the bankruptcy? I filed married filing separately last year, our first year together as a married couple.
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No, if this is solely your debt, then there is nothing that would require husband to be involved in you filing personal bankrutpcy to discharge the mortgage debt and wipe the slate clean so you could start rebuilding your credit. There is nothing that prevents one spouse from filing their own separate bankruptcy and it will not affect the other spouse.
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My second question, my income is $80000/yr and his is $ 85,000/yr would the courts insist on using his income before qualifying me for bankruptcy?
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No, if you are filing personal bankruptcy, the courts will only look at your personal income and assets when deciding whether you would meet the qualifications to file bankruptcy. If you were both filing, then both your incomes would be relevant.
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Thanks.

Barrister

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Please remember to rate my service. If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

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I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.


Customer: replied 1 year ago.

Thanks you so much! I have just two more questions and then I am all set, if I may.


 


I looked into short sales and deed in lieu of foreclosure and from what I am reading I could incur a tax liability, I assume with bankruptcy everything is written off and I would not get a tax liability for what is forgiven by the courts.


 


My last question , which I believe I know the answer already, is do I need to get a lawyer in NH and attend bankruptcy court in NH or is there another option since I live out of state.

Expert:  Barrister replied 1 year ago.

I looked into short sales and deed in lieu of foreclosure and from what I am reading I could incur a tax liability, I assume with bankruptcy everything is written off and I would not get a tax liability for what is forgiven by the courts.

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Actually there is a debt forgiveness if you did a short sale The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

 

 

This provision applies to debt forgiven in calendar years 2007 through 2013. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). If you did a deed in lieu, the bank just accepts the property back and extinguishes the outstanding mortage so there is no gain or loss to you.

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So whether you did a short sale, DIL or BK, you wouldn't have any tax liability.

 

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My last question , which I believe I know the answer already, is do I need to get a lawyer in NH and attend bankruptcy court in NH or is there another option since I live out of state.

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No, you don't have to file BK where the house is located. You can file in any state and just list the house in NH as a debt under your creditor list that you need to have discharged. They don't make you go to the state where the property is to file BK.

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Thanks.

Barrister

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.

Please remember to rate my service. If you need further help, just reply to me via the “REPLY” button and I will be happy to continue.

.

I cannot enter into an attorney client relationship, this is a public forum, and all posts are available for public viewing. There is no duty of confidentiality that attaches to any posts. The information provided is not a substitute for a local attorney’s legal advice.

 

 

 

Barrister, Attorney
Category: Legal
Satisfied Customers: 23861
Experience: 14 yrs practice, Civil, Criminal, Domestic, Realtor, Landlord 24+ yrs
Barrister and 7 other Legal Specialists are ready to help you
Customer: replied 1 year ago.

WOW! Thank you so much and have a great day! I will rate you next.

Expert:  Barrister replied 1 year ago.
You are very welcome. Glad I could help.
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Thanks
Barrister

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