One of the key pieces of the puzzle in Media, Pennsylvania Chapter 7 Bankruptcy relief is to understand what happens to your property during this time. During a Chapter 7 bankruptcy it is extremely important that you keep your belongings in your home, so there is not really a need to get them into a storage unit. A large percentage of people who file Chapter 7 bankruptcy do not have much in the way of property, because their income has fallen, and this is very common. Media, PA information can be seen at this link.
There are many advantages to keeping your personal belongings in your home, and one of the biggest advantages is tax planning. It will save you money on taxes, as well as making sure that your creditors receive their payment. It will also allow you to avoid paying for property taxes, and property insurance. The reason this is necessary is because if you were to sell your property and the sale price was much higher than the amount owed on it, you could be hit with a substantial tax liability. A real estate agent may be able to help you determine how much the tax liability will be, but he can only advise you based upon your current financial situation. Discover facts about Lawyers For Chapter 7 Bankruptcy in Media, Pennsylvania.
Once you have decided to stay in your home, there are other things that you can do to lower your property taxes. One thing that you can do to help lower your property taxes is to use a deed in lieu of foreclosure. This will let you pay the amount owed, and then your lender will take the deed, which is the legal title, off of your property. You will have to pay back the money you owe with the deed, but this is much less expensive than having to sell the property. Another good idea is to use a short sale, which allows you to get rid of some of the equity that you have in your home, and it also lets the bank receive some of their money. By using a short sale, you can often save yourself as much as forty percent on your mortgage.
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