Timing foreclosure and Ch 7
Are there advantages to filing Chapter 7 prior to foreclosure? How about filing after my foreclosure? Does it really matter if I file BK pre/post foreclosure? My main concern is avoiding taxes on forgiven debt.
I have a foreclosure trustee sale on a rental property scheduled for March 5. I need to know if I should file BK prior to the sale date. I originally planned to file on March 4. My attorney said the timing does not really matter. I have a tax refund that I need to spend and it would be easier to file a few weeks after the trustee sale on my rental property. I do not want to keep the property.
PS - I live in Arizona.
I have a foreclosure trustee sale on a rental property scheduled for March 5. I need to know if I should file BK prior to the sale date. I originally planned to file on March 4. My attorney said the timing does not really matter. I have a tax refund that I need to spend and it would be easier to file a few weeks after the trustee sale on my rental property. I do not want to keep the property.
PS - I live in Arizona.