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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17248
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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If I own a property in Florida but am living (renting) in Illinois,

Customer Question

If I own a property in Florida but am living (renting) in Illinois, how do I fill out Form 22A? I do not see where I can put that I have to pay both my mortgage and rent payment. Does my rent payment need to go in Part VII?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
no you put it into part 42, future payment to secured creditors, the mortgage is a secured creditor. However, if you will not live in the home, their is no future payment to the secured mortgage. If you keep both, you would add it with the rent you paid 20a,20b and 21.
Customer: replied 7 years ago.
I do not live in the home, but if I do not make payments the house will foreclose. I am trying to avoid foreclose by discharging the debt and property through bankruptcy instead.

For line 42 I have:
BofA - 1st mortgage on FL property - $1,200/mo
Wells Fargo - 2nd mortgage on FL property - $350/mo

For line 43 I have:
Home Owners Assoc. on FL property - $400/mo

So then, if I understand you correctly I have filled out 20B as:
a. IRS Standard of IL - $1,193
b. Housing Payments - $1,550 (Line 42) + $1,500 (IL rent)
c. Net - $1,857

Would this be the correct way to fill out Form 22A for my situation?
Expert:  WALLSTREETESQ replied 7 years ago.
LINE 42 IS FOR SECURED MORTGAGES WHICH IS THE HOME YOU PAY FOR REGARDLESS IF YOU LIVE THEIR. THE RENT YOU PAY GOES FOR HOUSING PAYMENT.

Customer: replied 7 years ago.
Thank you for your help. I think I may understand now. Let me just clarify one more time and then I will accept the answer.

Line 20B
part a. IRS Housing Standard: $1,193
part b. Housing debts: $0 (I put zero here because I live in an apartment in IL, not my secured debt home in FL)
part c. Net: $1,193

Line 42
BofA (1st Mortgage FL property): $1,200
Wells Fargo (2nd Mortgage FL property): $350
Car: $400

Line 43
HOA payment for FL property: $400

Is this the acceptable way to list my deductions?

Thanks!
Expert:  WALLSTREETESQ replied 7 years ago.
your rent should go on 20b part a

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