Fair? Who knows what happened with the bank? Not really the point. If it were me I'd have paid my taxes, so saying I'd do what he did is a stretch, but I didn't say I would never do this. Mainly I didn't like his explanation and aloof attitude about it. I stand by my post as it was posted. You do realize he's not THE Hakeem, right?
Most of the time you don't have the assets. I'm not sure how the threat of bankruptcy affects the situation. I would guess that this kind of debt can be discharged through bankruptcy, and recent law has become very favorable for the home owner due to the increases in foreclosures. I sadly have had a few clients with foreclosures. One is a home builder, and I know he declared bankruptcy. I've had more people lose their cars and have credit card forgiveness.
true true. I'm not defending the guy but It's funny how there are a lot of Millionaire business people that do this yet Chamillionare get singled out and get's crucified for taking his LAWYERS advice.
Bankruptcy would at least stall it. I doubt seriously Chamillionaire would qualify for a Chapter 7 (liquidation), because his income would be too high. That means he'd be stuck in Ch 13 plan...meaning he'd come up with a plan to pay off his creditors on a pro rata basis, but couldn't walk away from the deficiency entirely. I didn't see it from the article, but may have missed it...is he talking Bankruptcy?
As far as I know he is not considering bankruptcy. I was talking in general. My knowledge of bankruptcy law is lacking, especially since the laws governing them tightened right after I finished my degree. So that part was mostly curiosity on my part as to why banks often let it go. I would assume write-offs for tax purposes would also play a role.
Agreed. I'd be irritated at anyone who took his attitude in such a situation, though, and you have to admit saying "the way he explained it doesn't sit right with me" is a bit of a drive from "crucified."
In California and other states when one walks away from a home they can only seize the asset (house) and have it go on your credit record. This is a big reason why many are simply succumbing to the 'walk-away' affect if people are down significant percentages on the houses they purchased. Most of these homes were also bought with no money down thereby giving them no skin in the game, and no cushion for declining prices. Texas laws are different in my understanding and they can come after you personally for the difference.
what he said...I know people are doing this, but it doesn't make it right...If you owe something, step up and pay for it...if you can't afford it, don't buy it...
