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  1. #1
    Join Date
    Oct 2009
    Posts
    2

    Default Taxes for Chapter 13 Discharge and Percentage for Secured Loans

    Hi,

    Do we need to pay taxes for Chapter 13 discharge amounts?

    I know, For unsecured loans, it is probably 5 to 10% of the total amount.

    But for secured loans, what is the percentage for mortgage loans in chapter 13?

    This is my case details.

    I have two rental properties (Arizona) which went on foreclosure (not sure whether sold or not), out of which on one house i have second mortgage of $95,000.

    First house Loan 1 # $150, 000
    First house Loan 2 # $95, 000

    (First house worth - $85,000)

    Second house Loan 1 # $195, 000

    (Second house worth - $150,000)

    Please let me know, if anybody has idea about the percentage for these loans, if i file for chapter13?

    Thank you.

  2. #2
    Join Date
    Apr 2007
    Location
    Southeastern Michigan
    Posts
    1,226

    Default Re: Taxes for Chapter 13 Discharge and Percentage for Secured Loans

    Chapter 13 repayment (non-business filing), as I understand it, is repayment in full (100%), including taxes owed at the time of filing.

    I may be wrong so, as always, it's best to consult a bankruptcy attorney in your state for the precise amounts owed (secured and non-secured) and what's best in your situation.

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