If I file chapter 13. Will they use my actual mortgage payment on the expenses list or will they use the IRS standard for housing costs? The IRS standard is only $864 and my my mortgage payment is $1595 per month. ? I am confused.
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"Don't let your wants overload your a**"
(author unknown) -
Here's the nice thing about owning a primary residence and filing for Chapter 13.Originally posted by deadbroke99 View Post
You get to claim the full mortgage payment as well as the taxes and insurance on the home (Line 47 of Form B22C), as an expense!
Very nice... very nice.
However, if you were renting, you'd only get the IRS allowance.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
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Any advice provided is not legal advice, but simply the musings of a fellow bankrupt. -
oh Thank God. Thanks!"Don't let your wants overload your a**"
(author unknown)Comment
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That's a really good feature of a 13. Most of the time you get to use your actual expenses and not the IRS allowable ones. I was thankful for this because we have high medical costs that are way above the allowable amount and we had no problem using them. You just have to have proof.Filed Chapter 13 05/23/08
Converted to Chapter 7 Jan 2012
Discharged April 2012
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