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In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold (liquidated) by the trustee to repay creditors.
If a separate bankruptcy estate was created, the trustee must reduce the bankruptcy estate's tax attributes by the cancelled debt. [44] The taxpayer then "inherits" the ending tax attributes of the bankruptcy estate.
In the absence of urban planning policies, property tax on real estate changes the incentives for developing land, which in turn affects land use patterns. One of the main concerns is whether or not it encourages urban sprawl. The market value of undeveloped real estate reflects a property's current use as well as its development potential. As ...
“If your mortgaged property isn’t excluded from a Chapter 7 bankruptcy, a lender with a lien can force its sale,” Adams says. Filing Chapter 7 doesn’t typically wipe out your mortgage debt ...
Whether you’re a savvy real estate investor or a homeowner selling the house you raised your children in, you’re likely counting on the impending sale to generate ample profits. However ...
Bankruptcy. The mere word can evoke shame, fear and dread -- and for good reason. When you file for bankruptcy, your credit score takes a major blow, possibly dropping as much as 240 points,...
For federal income tax purposes, the bankruptcy estate of an individual in a Chapter 7 or 11 case is a separate taxable entity from the debtor. [14] The bankruptcy estate of a corporation, partnership, or other collective entity, or the estate of an individual in Chapters 12 or 13, is not a separate taxable entity from the debtor. [15]
Property owners in all 50 states pay real estate tax, according to the Tax Policy Center. Some pay it directly to their local tax assessor. Others have it included with their mortgage payments, in ...
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