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Can I put my wife on Title to claim the credit

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    #31
    Ando, this is a numbers issue.

    If you sell the house for $170k and take the proceeds and negotiate with each creditor for 30% of outstanding debt (or less) you will have 1099 income to deal with for the forgiven debt. However, your tax bracket is not going to be 70%...so you will have left over funds. Work out what your expenses will be assuming you have to pay the tax on X% saved. It still is better then giving it all to the Trustee!
    Filed CH 7 9/30/2008
    Discharged Jan 5, 2009! Closed Jan 18, 2009

    I am not an attorney. None of my advice is legal advice in any way..

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      #32
      Thank you Starting Over , I will definitely look into that . Is that like $2500 for every $10,000 forgiven debt? Don't forget that I also have $38000 mortgage left. Flip tax will be $17000, misc tax,lawyer fees for closing , lawyer fees for negotiating the deal with creditors . After all that I don't think I have any money left , so why don't I just file 7 and get my $50000 exemption ,this way I don't have to deal with taxes on the forgiven debt since it will be wiped out, and I can walk out with $50000 in my pocket from the whole deal . I am just speculating ,I can be wrong , can you convince me not to file 7?

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        #33
        If you are filing jointly, the equity in the house would be a non-issue whether she is on the title or not. If the question ever came up she could assert a beneficial interest in the equity due to you being married to her.
        7-2-2009 Filed
        8-28-09 341 Concluded, no assets
        10-28-09 DISCHARGED/CLOSED!!!!

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          #34
          Originally posted by whipster1 View Post
          If you are filing jointly, the equity in the house would be a non-issue whether she is on the title or not. If the question ever came up she could assert a beneficial interest in the equity due to you being married to her.
          Ahuh, Now it is becoming interesting, my idiot lawyer told me since she was not on the title I would only get single exemption , he did not explain whether if the two of us file that I would get the full exemption.

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            #35
            Originally posted by ando View Post
            well , here in NY $30 grand will buy you a hut, or a hot dog cart , or a nice truck to sleep in , but what if the weather gets cold? lol
            What would buy with a BK under your name?
            My comments are solely based on my opinion. The information and links that I have
            posted are provided solely for informational purposes, and do not constitute legal advice

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