If you are renting a home and you file bankruptcy, will you lose it?
My wife and I make about gross about 00/month and our monthly rent is 00.
Most of our debt is from expenses for pregnancy, income taxes, credit cards, etc.
I don’t think our rent may cause our bankruptcy. Do you think I should fear having to lose my rehome?
Posted August 18th, 2010 in Bankruptcy Q And A. Tagged: bankruptcy, credit cards, income taxes, pregnancy.
You won’t loose a rental, unless you get evicted. Preparing for a baby doesn’t cost that much unless you go overboard. Talk to a financial planner.
August 18th, 2010 at 7:30 pmno but the IRS is non bankruptable.
August 18th, 2010 at 7:30 pmNo – you don’t own the home so how can you "lose" it? As long as you can pay the rent, you’re OK. The first poster is correct that back taxes are not dischargeable through BK.
August 18th, 2010 at 7:30 pmYou can only lose property you OWN. You are allowed to keep reasonable furniture, household goods and motor vehicle. Payments depend on your income.
August 18th, 2010 at 7:30 pmAs the other answer suggests, what you owe in tax might not be put into the bankruptcy. It varies from country to country.
No, so long as you keep paying the rent.
Also, learn to save money. We have been going to this site http://www.daddymorebucks.com and used some of this guy’s techniques. Man they work. Saved my wife and I about $575 or so a month. Great stuff.
August 18th, 2010 at 7:30 pm