Sometimes our property taxes are due, and though we may not take it as a very big issue, they can put us and our family at risk of Foreclosure by the City’s Tax Collector. Even though failing on your property taxes can be paid back later, if and so it happens, still, the State and Local Tax Authorities make the process very lengthy, complicated, and expensive. Though not a very big deal at times becomes a big one later on. So why fall into it? Know these, so that you don’t face an issue later.
1) Why is it that I cannot pay back only what I owe, but have to pay extra?
You might see, that in a very little period, the amount of property tax due may double or triple. The local government around New York state has a slight reputation for charging a very high penalty, interest rates, and even fees. So that makes it pretty evident, why the charges due double up so soon. Also, most of the cities and countries around do not allow homeowners to have payment plans that last for more than two years. Even if, by some miracle, your Tax Collector’s office becomes your well-wisher and is willing to enter into a longer-term payment plan, the bureaucratic red tape plays the villain there and often restricts the tax collector’s office from doing so.
2) Chapter 13’s contribution in a foreclosure
By filing a Chapter 13 Bankruptcy, a homeowner will be able to immediately cease a tax foreclosure process. So filing for a chapter 13 bankruptcy is the best way to get yourself out of tax foreclosure. Another added benefit you get in Chapter 13 gives you the option to select your payment plan, for a period of up to 5 years, which is 2.5 more times than what you would have got directly by working with your tax collector. If you get the right Attorney, who knows what they are doing well, it is even possible to reverse a tax foreclosure sale. Make sure you choose a good attorney, who knows Chapter 13 at the back of their hands. You can also contact Recovery Law Group from Los Angeles & Dallas, TX for the Same.
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3) What happens to my other debts if I plan to go for Chapter 13?
So this is where Chapter 13 helps you. Chapter 13, apart from helping you with foreclosure, help you get rid of your other debts too. In addition to all of this, it will also help reduce your small mortgages from your house and your vehicle loans. If filed and done properly, in the end, the result will provide massive debt relief. Provided, your attorney knows what they are doing. This can be a very good benefit, especially when you know you have a lot of property taxes that you have to pay back.
4) Want to know more about Chapter 13 and Property Taxes?
Remember, be it any kind of debt that you have, chapter 13 can provide an easy and affordable solution, especially if your problem is related to property taxes. Also, you need to remember that Chapter 13 is not as simple as it looks to be. It is pretty complicated in itself, especially within the Bankruptcy Code. So don’t make and take any decisions on your own. Consult an attorney, and only then take a step as to what you do.