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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Travis_Bickle who wrote (74620)3/23/2007 12:58:11 PM
From: jpk1Read Replies (1) of 306849
 
Yes but the insolvency does not give you any exemptions as allowed under bankruptcy so it is very likely you could be solvent enough to owe taxes, ie equity in 401 k's,IRAs, your auto , furniture, personal items etc.. Furthermore, the IRS will bill you and unless you're aware of the insolvency rule you will be paying. Also, the will taxes owed prior to your bankruptcy are non dischargeable the discharge of your mortgage during a bankruptcy will discharge any tax liability as you are declared insolvent.
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