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I filed in 2007 and surrender a property. The

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I filed for bankruptcy in...
I filed for bankruptcy in 2007 and surrender a property. The bank decline to foreclose because the property is not worth it. The property still on my name and accruing real state taxes. How can I take this property off my name and am I responsible for taxes for a property I surrender to the bank?
Submitted: 2 years ago.Category: Tax
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Answered in 13 minutes by:
7/9/2015
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,877
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi,If you surrendered the house in CH7 your are no oonger responsible for any debt onthe property..One of the forms you are required to complete in your bankruptcy papers is the “statement of intention.” If you want to surrender your house, you simply check the box indicating your decision to surrender on the statement of intention..If this was done, then your attorney and/or the trustee did not do their job...I would first approach the trustee and ask why the house is still in your name....Let me know your questions from here....Lane.If this HAS given you enough , I would appreciate a positive rating (using the stars or smiley faces on your screen)… That’s the ONLY WAY I'll be credited for the work here, Thanks!
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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
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Customer reply replied 2 years ago
It was chapter 13 not 7. I do not know if that makes a difference
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
yes, it does..In Ch 13 you pay the arrearage and keep making current payments if you want to keep the home. The CH 13 simpy outs a stay on foreclosure until the Ch 13 has been discharged (competed)..If they won't foreclose, then what will happen with the property taxes is eventually the taxing authority (the property tax authority, usually county or other municipality) will sieze the home and sell it to ay any property taxes..You can certainly write a letter to the bank saying that you'd like to surrender the home (deed in lieu) OR simpy do nothing, but everntually the house will be attached..One other thought is to find a real estate agent and do a short sale (get what ever CAN be gotten for the house). The property taxes outstandng will have to be paid from the proceeds at closing. ... and this will reduce what goes to pay off the mortgage..That, of course leaves you on the hook if for the remainder of any mortgage not paid ... but the Ch 13 shoud have stripped off any 2nd mtg or line of credit above the first mortgage..Questions?.Let me know
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12,877
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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