Q: I am under a repayment plan with the IRS. Can I file bankruptcy to stop a foreclosure on a rental property?
I want to keep the property and reinstate it. The mortgage company doesn't seem willing to work with me.
A: You will need to see a bankruptcy lawyer before the foreclosure date to determine if you qualify to file a bankruptcy case. Chapter 13 is most likely going to be the best way to stop the foreclosure and maybe keep the rental property. The IRS repayment can be dealt with in a chapter 13 plan and the fact you are paying the IRS now will not prevent a chapter 13 filing. This is a situation that is not DIY. You will need a bankruptcy lawyer asap to see what your options are. Look on Justia for a lawyer in your area. Hope it works out. Good luck!
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