First time Home credit & My Bankruptcy?
Hi.
My bankruptcy was discharged on January 2010; but I kept my house and paying on it. Only credit cards were involved in the bankruptcy. Bought the house on Feb 2009.
I have filed my tax and waiting for the $8000 tax credit and I am just a little worry.
Do you think I might be in trouble because of the bankruptcy? Some how it shows discharge on my credit and not on my wife whi was Not part of the bankruptcy.
My attorney said becauz it’s a realEstate it couldn’t be reafirm but coul ony says Discharged.
We still in the house and making payment on time.
Do you think this wil be an issue with the IRS for the credit
Thanks
That means that your personal responsibility for the mortgage was discharged but your wife’s wasn’t. If you are late on a payment, they will go after her for it, but not you.
The question about the $8000 tax credit is a question for your bankruptcy attorney. You should have disclosed the anticipated $8000 tax credit on your bankruptcy Schedules, and your attorney would have had to use the exemptions available to you in your State in order to exempt it. Otherwise you may well need to turn it over to the Trustee for repayment of creditors.
April 22nd, 2010 at 10:43 am
That means that your personal responsibility for the mortgage was discharged but your wife’s wasn’t. If you are late on a payment, they will go after her for it, but not you.
The question about the $8000 tax credit is a question for your bankruptcy attorney. You should have disclosed the anticipated $8000 tax credit on your bankruptcy Schedules, and your attorney would have had to use the exemptions available to you in your State in order to exempt it. Otherwise you may well need to turn it over to the Trustee for repayment of creditors.
References :
Former Legal Assistant with a bankruptcy law firm