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

To: Jim McMannis who wrote (74639)	3/23/2007 9:47:59 PM
From: ChanceIs	Respond to of 306849

>>>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.<<< Funny you mention that. States are weird about BK. The general theory is that BK exists to get you back on your feet. Therefore taking property which is vital to making your living is forebidden. In Virginia, for example - your anvil can't be attached and sold in foreclosure - a throwback to black smith times. In Florida, ranches (and homes???) are sacrosanct. In own of his trips through BK, Yankees owner, George Steinbrenner, bought a huge ranch in Florida so that he could file BK and keep a big chunk of assets. I think that things have tightened up a bit since then.