livewire78602
Junior Member
What is the name of your state (only U.S. law)? Texas
Under Claiming Insolvency.
When creating a list of Assets and Liabilities. Under Liabilities, do I put all "Monthly" payments such as on Cars im financing, Mortgage, Insurance, Loans etc, or do I put what the "total amount" owed on these things such as total amount of loan owed? example 400 a month car payments, still owed 18,000 on vehicle so total Liabilty would be 18,000 And even tho I still owe on my vehicles, do I list the FMV of the vehicles under Assets even tho I owe more?
Reseon for 1099-c was:
Example, I owed around 485,000 on my house. A short sale was done for 435,000. The FMV was 450,000 so I would list under Liabilities 485,000 for house mortgage and under Assets would put 450,000 correct? Thus total liablity on this that I can use was 35,000
Under Claiming Insolvency.
When creating a list of Assets and Liabilities. Under Liabilities, do I put all "Monthly" payments such as on Cars im financing, Mortgage, Insurance, Loans etc, or do I put what the "total amount" owed on these things such as total amount of loan owed? example 400 a month car payments, still owed 18,000 on vehicle so total Liabilty would be 18,000 And even tho I still owe on my vehicles, do I list the FMV of the vehicles under Assets even tho I owe more?
Reseon for 1099-c was:
Example, I owed around 485,000 on my house. A short sale was done for 435,000. The FMV was 450,000 so I would list under Liabilities 485,000 for house mortgage and under Assets would put 450,000 correct? Thus total liablity on this that I can use was 35,000