Friday, March 5, 2010

Filing Bankruptcy can be the Wrong Choice - Especially When Your Home is at Stake

Be Careful about filing bankruptcy petition ... especially when considering the sale of your home.
There are income tax consequences upon the sale of your home. 
There are also negative consequences for you if you are selling your home short, because the IRS or your state might consider debt that you walked away from to be taxable phantom income.
If you sell your home short, lenders might have legal and contract right of recourse against you and pursue you by way of lawsuit.
Always consult with a financial representative and income tax professional, certified public accountant, and lawyer, when making decisions about filing bankruptcy.  That decision is very  serious and can change your life.
You might file bankruptcy and regret that you didn't wait ... or learn later that you should have toughed it out. 

Harrison K. Long, Realtor & broker, Explore Group, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  Lawyer member of the California State Bar Association - State Bar number 69137.  Member of National Association of Realtors, California Association of Realtors, and Orange County Association of Realtors.  Now serving as Chairperson of Local Government Relations south committee at OCAR. 


Posted via email from Explore OC Homes


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