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Resources on Foreclosure, Credit & Debt, and Bankruptcy

How to File for Chapter 7 Bankruptcy

Chapter 13 Bankruptcy

The New Bankruptcy: Will It Work for You?

Selling Your House in a Tough Market

Foreclosure: Articles and FAQs

Guide to Avoiding Foreclosure (HUD)

Avoiding Foreclosure: State Resources (HUD)

Foreclosure Survival Guide

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Foreclosure Survival Guide (1st Edition)

Capital Gains Tax

If your adjusted tax basis on your house is less than the sale price of the house, you may incur a capital gains tax. For example, if you bought your house for $200,000 and it sells for $300,000, you have a $100,000 capital gain, minus the cost of any improvements you added to the property. This gain will be taxed at the capital gains tax rate, subject to your one-time exclusion ($250,000 for one person, $500,000 for a married couple). Check with a tax expert to see whether you’ll face a capital gains issue at the sale or foreclosure of your house. If you will, consult a bankruptcy lawyer for advice on how filing for bankruptcy might help.