BonesOfTheMoon@lemmy.worldM to InsanePeopleFacebook@lemmy.world · 1 month agoSovcit has a random thought.lemmy.worldimagemessage-square15fedilinkarrow-up140arrow-down13
arrow-up137arrow-down1imageSovcit has a random thought.lemmy.worldBonesOfTheMoon@lemmy.worldM to InsanePeopleFacebook@lemmy.world · 1 month agomessage-square15fedilink
minus-squareEndymion_Mallorn@kbin.melroy.orglinkfedilinkarrow-up1arrow-down1·1 month agoThis loophole is actually workable though.
minus-squareEndymion_Mallorn@kbin.melroy.orglinkfedilinkarrow-up2·1 month agoIt’s described up-thread, but basically, use an LLC, sell the house to it, update it, then let the LLC go bankrupt and have it sell the house back to you or someone you know.
minus-squareLumidaub@feddit.orglinkfedilinkEnglisharrow-up1·1 month agoAh. I see. (No I don’t, but thank you.) This kind of arcane fuckery is why sovcits and their international counterparts exist.
minus-squareEndymion_Mallorn@kbin.melroy.orglinkfedilinkarrow-up2·1 month agoBasically it has to do with the way that corporate debt is handled compared to personal debt.
This loophole is actually workable though.
DO tell.
It’s described up-thread, but basically, use an LLC, sell the house to it, update it, then let the LLC go bankrupt and have it sell the house back to you or someone you know.
Ah. I see. (No I don’t, but thank you.)
This kind of arcane fuckery is why sovcits and their international counterparts exist.
Basically it has to do with the way that corporate debt is handled compared to personal debt.