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Tag Archives: income tax

What is the difference between a HELOC and Purchase Money 2nd Loan?

Today we would like to help explain the difference between a HELOC and a purchase money 2nd loan as it related to bankruptcy. A HELOC or Home Equity Line of Credit, is a line of credit, similar to a credit card, that was given to you through the equity you have (or had in the Continue Reading

Do You Need to Pay Income Tax on Debts Discharged in Bankruptcy?

Clients have asked us about the affects of discharging debts on income tax. This is a great question to ask because in some similar situations, when debt is forgiven, it can be seen as a type of income which can become taxable. In some real estate situations, if a bank discharges your debt on a Continue Reading

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