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So called “tax free” exchanges or “1030 exchanges” (1031 is the section of the Tax Code that authorizes these deals) are popular with property owners looking to defer capital gains taxes. Normally, if you sell a property for a profit, you owe a tax on the gain or profit.
Delinquent property taxes after chapter 7 bankruptcy I filed for chapter 7 bankrupty and was discharged in may 2009. One of my properties included in the bankruptcy is taking forever to foreclose, and i have received a bill in the mail for school taxes that are now past due.
Lenders have a very long term memory for the customers that they have had problems with in the past. Unpaid bills or tax: Outstanding bills such as council rates or late tax bills are a type of bad credit history that may not initially show up on your credit file but may be visible on the supporting documents you need to provide.
Sometimes, property taxes are paid through a mortgage escrow account that the lender sets up when a borrower takes out a home loan. With an escrow account, the borrower pays money to cover property taxes-and also typically homeowners’ insurance and possibly other items, like homeowners’ association dues-along with the principal and interest as part of the monthly payment.
It’s a common misconception that you can’t discharge tax debts in bankruptcy. It’s possible, but discharge is subject to a good many rules. Income tax debts might be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code, depending on how old they are and some other criteria.
Dischargeability of Personal Property Tax in Chapter 7 Bankruptcy Bankruptcy statute 11 usc 524(a) prohibits the collection of debts that are discharged in a bankruptcy case. However, this does not apply to nondischargeable debts, which can be collected after a debtor receives a discharge, but not during a pending bankruptcy when the.
If you need to stop a Property Tax foreclosure Bankruptcy may be your best option. When you don’t pay property taxes, investors purchase the property taxes and then foreclose. Often debt collection attorneys will purchase tax liens by setting up a company that purchases the property tax lien.