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snapple candy · 06-12-2009, 08:14 AM

Pb,
I think you have to pay taxes on the difference between what it was sold for at auction and what is owed. I am not sure that applies to the HELOC. I think only the first. This may vary from state to state.

I HIGHLY recommend you have a personal consult with your BK attorney to make sure that there are no mis-steps on your part. You need to know exactly what you liabilities are of you choose certain scenarios or take certain steps. Just guessing or interpreting these statutes on your own is a mistake. It is worth the piece of mind to pay the consult fee. This could really cost you in the end if you make a wrong move.

06-12-2009, 08:14 AM	#67 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,307 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WaMu/Chase Mod Moving Forward Pb, I think you have to pay taxes on the difference between what it was sold for at auction and what is owed. I am not sure that applies to the HELOC. I think only the first. This may vary from state to state. I HIGHLY recommend you have a personal consult with your BK attorney to make sure that there are no mis-steps on your part. You need to know exactly what you liabilities are of you choose certain scenarios or take certain steps. Just guessing or interpreting these statutes on your own is a mistake. It is worth the piece of mind to pay the consult fee. This could really cost you in the end if you make a wrong move.