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

To: deeno who wrote (74638)	3/23/2007 4:53:06 PM
From: Jim McMannis	Read Replies (1) \| Respond to of 306849

FL is one of those states that protects your home against BK but that law has been revised somewhat. Never the less, in this case it's the home itself that's in default. Typically those looking to escape creditors would throw all their assets into a house in FL to protect themselves from other creditors even after declaring BK. Even an ex-governor of FL did this.

To: deeno who wrote (74638)	3/23/2007 5:12:50 PM
From: Elroy Jetson	Respond to of 306849

That's right, Grace didn't know that you're taxed on debt you owe when the lender writes off a portion of your debt, as jpk1 posted today. Message 23395176 The foreclosure process and bankruptcy both extinguish the debt, but the bankruptcy process does so only if it is filed before the tax debt is due. The IRS has an appeal for insolvency, but this means without any assets. Even when I posted the IRS 1099-C, which the lender sends to the borrower when they write down debt, Grace still refused to believe it even though I had taken the time to fill out the form with her name and address. She even claimed I created the 1099-C form from scratch in Photoshop - a classic ding-a-ling. I guarantee you she wouldn't believe jpk1 either. She lives in her own imaginary world. bankrate.com .