QUESTION
Will filing bankruptcy prevent me from losing my home?
Asked on Oct 09th, 2012 on Bankruptcy - New Jersey
More details to this question:
Just got levied by IRS on military retirement. Over half check taken next 3 yrs.
10 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It might help. You would use the chapter 13 to pay the taxes over a period of 3 to 5 years. But, please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
Answered on Oct 14th, 2012 at 12:35 PM
Bankruptcy Attorney serving Myrtle Beach, SC
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Law Office of Margaret L. Evans, PC
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Question: Will filing bankruptcy prevent me from losing my home? *- it will delay it, but not necessarily prevent the ultimate loss. * Question Detail: Just got levied by IRS on military retirement. Over half check taken next 3 yrs. *- you may very well be able to work out an arrangement once you're in bankruptcy to keep the home and work out a different plan with the IRS; it will greatly depend on the specific facts of your case. *
Answered on Oct 12th, 2012 at 10:00 AM
General Practice Attorney serving Crystal Lake, IL
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Bruning & Associates, P.C.
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Certain tax debt is not dischargeable in bankruptcy, however depending on how long ago the tax debt was incurred, it is possible to discharge the debt under the right circumstances. You should consult with an experienced bankruptcy attorney to see if your tax debt would be eligible for discharge. If you are behind on your home mortgage payments but can catch up after being relieved from the levy, then bankruptcy might help; otherwise you may want to consider a chapter 13 to restructure your debt so you can pay it off and remain in the house.
Answered on Oct 12th, 2012 at 4:16 AM
You need to contact a bankruptcy attorney right away to discuss this situation. I would need more information to answer your question, but bankruptcy should stop the levy.
Answered on Oct 12th, 2012 at 3:19 AM
No way to tell given this limited information. I would be much more concerned with the IRS issue than with losing your home & would suggest that you see a Chapter 13 tax specialist for advice before anyone else. In many instances, IRS debt can be discharged or paid off at a reduced rate in Chapter 13.
Answered on Oct 10th, 2012 at 5:36 PM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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Yes, however you will have to continue to make payments. I suggest you consult with a bankruptcy attorney to discuss the details of your specific situation and which chapter is best for you.
Answered on Oct 10th, 2012 at 5:35 PM
If you are able to pay your mortgage, you should be able to keep your house by reaffirming the debt. Note: No information provided should be relied on as legal advice. You are not a client of this firm unless you keep a copy of a retainer executed by both you and an attorney of this firm.
Answered on Oct 10th, 2012 at 5:34 PM
Bankruptcy will stop the foreclosure process, but you will need to continue paying the mortgage. You may qualify for a loan modification. The IRS is usually not cooperative once a levy becomes effective. You may wish to try and work out alternatives for the deficiency. You need someone to analyze your financial position to offer options. No charge for initial consultation.
Answered on Oct 10th, 2012 at 5:33 PM
Daniel James Wilson
You need to talk to a BK attorney who also deals with tax issues. Your problem is really a tax one, not BK.
Answered on Oct 10th, 2012 at 5:31 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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Yes, bankruptcy can assist you with that
Answered on Oct 10th, 2012 at 2:45 PM