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Robert Weed (Woodbridge VA Lawyer)
1,211 followers -
Bankruptcy lawyer Robert Weed
Bankruptcy lawyer Robert Weed

1,211 followers
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Short sale tax forgiveness has expired. If your house is “under water” you need to read this.

The general rule of tax law is that debt forgiveness is income—if I lend you $1,000 and then say you don't have to pay me back, you've made $1,000. And you're subject to tax on that.

That matters in a big way when there's a short sale. You could be taxed for the amount the sale is “short.” That tax was repealed for the duration of the housing crisis.—2007-2016. But that repeal is now expired.

So if you need to unload a property that's under water, from a tax viewpoint bankruptcy is lots better. (There's no debt forgiveness tax on debts wiped out by law in a bankruptcy.)

If you owe $340,000 on your house and get approved for a short sale at $300,000, you'll get a $40,000 1099-c at the end of the year. And owe soemthing like $15,000 in taxes.

If you file bankruptcy and give up the house that way, no tax.
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I was glad to see in the Washington Post that the CFPB hit Navy Federal for $23 million for unlawful collection tactics. Been telling my bankrutpcy clients for years that people who like Navy Fed love them. But if you get in trouble they are the meanest bank in America.

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Donnell says he went to eight lawyers who told him he could NOT get approved for Chapter 7 bankruptcy. I told him he could. His case was approved and discharged last week.

http://robertweed.com/2016/09/24/bankruptcy-best-plan-best-guess/

Last week the finance manager of a local Honda dealership told me he gave a 1.9% loan to a woman just three months out of bankruptcy! That's very unusual: and in this case because it was her fourth loan with Honda Finance and NEVER had a late payment.
But it makes my point. It's not bankruptcy that gives you bad credit; it's all the bad credit you had before. And the longer you keep dragging the bad credit around behind you, the longer it takes to build back up to good credit after.

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This shows you sample bankruptcy papers for Virginia Sample. you can use them as a guide when you review the papers in your case.

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I'm doing research on how to get Republican support for restoring #bankruptcy protection for #studentloans. I came across this Valentine, apparently published by the College Republican National Committee.
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Five Ways Bankruptcy Gives You a Fresh Start.

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