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Rental property under foreclosure
I own a rental property that I hold title only in my name. My husband holds title on our primary residence only in his name. The rental property is currently in foreclosure. I owe 520K property values went way down to 390K. I was told that if I file B.K the taxes that would incur from a 1099 can be wiped out. Is this correct? Will my husband have to file B.K. along with me? Can they put a lien on my primary home? This is in California.
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If you file a Chapt 13 or a Chapt 7 it will temporarily stop the foreclosure of any property in your name or that you have an interest in. Your husband doesn't need to file. A BK rarely wipes out taxes. It is unlikely that they can put a lien on property that doesn't have your name on it. Check with a BK attorney for details. They should give you a 30 minute consoltation for free through the local bar association.
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