Chapter 13 Bankruptcy And Mortgage
My husband and I filed Chapter 13 Bankruptcy in September 2005. How will that affect our tax filing for 2006?
The case was approved August 2006. We continued paying our Mortgage and car payment but all else is part of the payment plan through the courts. Will that be considered income? Thats our concern for taxes due.
Read this and pay close attention to Debt Cancellation as it explains what is included as gross income, and what is excluded;
http://www.irs.gov/publications/p908/ar02.html#d0e1058
Chapter 13 Bankruptcy Explained
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Categories: Bankruptcy ,chapter, 13, 7, Bankruptcy, chapter 13 bankruptcy and mortgage modification, mortgage