Original Message:
Re: Current info on walking away from a timeshare (by Phil L.):
stanleyf5 wrote:I mean if he negotiates with his creditors to pay a portion of the debt and the creditors forgive the rest without him filing bankruptcy. If he files bankruptcy there will be no income tax on the forgiven debt. Stan.
Stan wouldn't that mean that all home owners who had the home loans re-worked and changed to todays value fall under this rule too? I'm talking about the upside down loans where the owners owe more than todays worth!
PHILL12