Generally, no. Unlike debt settlement, where consumers frequently have to pay income taxes on the forgiven portion of the amount owed prior to the settlement agreement, debts discharged in bankruptcy usually result in no adverse tax consequences for a consumer. A 1099-C form is sent to taxpayers by a financial institution when it has cancelled…
As an Asheville bankruptcy attorney, I help people make decisions about what to do when they fall behind on their mortgage. An article which I contributed to (along with William J. Whalen at Pisgah Legal, and Walton Davis at Stone & Christy, PA) outlines some good advice in yesterday’s Asheville Citizen-Times. Here is a link…
As an attorney practicing bankruptcy law in Asheville, NC, I frequently sit down with folks who have for one reason or another fallen behind on their mortgage payments. They are wondering about when the mortgage company can foreclose, and what that process entails. First Mortgage Default After falling behind about 3-4 months on your first…
I believe the fundamental problem in our nation’s housing crisis is pretty simple: home values are not in line with loan balances. Read why our President’s call for more refinancing does not address the core issue here: The Permanent Foreclosure Crisis. Permanent principal reductions on mortgages save money for people who need it the most…