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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Travis_Bickle who wrote (74620)3/23/2007 12:58:11 PM
From: jpk1Read Replies (1) | Respond to 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.



To: Travis_Bickle who wrote (74620)3/23/2007 4:23:24 PM
From: Jim McMannisRead Replies (1) | Respond to of 306849
 
If someone is relatively debt free except they can't make the payments on their house, what's the best course of action if they walk away? BK or no BK? What recourse does the Bank/Lender have?


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