Government refinancing of home loans

I believe that most people upon hearing the word bankrupt take that to mean the actual filing of Chapter 7 or 13. I believe the problem here can be attributed to the English language. I for one would never use bankrupt unless an actual filing is about to or has taken place. I would use default to discuss someone that is not paying their just debts.



Yes, for the most part you are correct, but she continued trying to say that tax would be owed after the clear meaning in the tax code was explained to her.....Yes, she used clumsy and incorrect phraseology which really on the face of it was nonsensical, but the truth is that she did not understand that bankruptcy relieves the debtor of tax obligation for the debt which has been now disappeared........she can recreate and edit her original posts until the roosters sing in the morning.......I know she was clueless on this subject which she has confirmed repeatedly on this thread. It really is important for people facing financial hardship to not let scatterbrain responses on a forum to be the final answer....talk to your accountant or lawyer and let a professional who understands the language help you......misuse of terms of art are just too common and with devastating impact on families who rely on nonsense.

2seaoat wrote:I believe that most people upon hearing the word bankrupt take that to mean the actual filing of Chapter 7 or 13. I believe the problem here can be attributed to the English language. I for one would never use bankrupt unless an actual filing is about to or has taken place. I would use default to discuss someone that is not paying their just debts.



Yes, for the most part you are correct, but she continued trying to say that tax would be owed after the clear meaning in the tax code was explained to her.....Yes, she used clumsy and incorrect phraseology which really on the face of it was nonsensical, but the truth is that she did not understand that bankruptcy relieves the debtor of tax obligation for the debt which has been now disappeared........she can recreate and edit her original posts until the roosters sing in the morning.......I know she was clueless on this subject which she has confirmed repeatedly on this thread. It really is important for people facing financial hardship to not let scatterbrain responses on a forum to be the final answer....talk to your accountant or lawyer and let a professional who understands the language help you......misuse of terms of art are just too common and with devastating impact on families who rely on nonsense.

She's just trying to save face seaoat. She wont let it go till you either admit defeat even if its not true, or the subject is changed to her favor or in some instances such as with me, she harps on till I cuss her out then everyone is mad at me and she is in the clear. The later wont happen with you.

We all know, its just us here, her comments most likely wont hurt anyone of us watching on. Even as she is trying to equate the word bankrupt for the word broke, she is only taking her self professed level of IQ down with that claim. As I was up till now pretty sure everyone here knows that bankruptcy is a legal term and its associated chapters, 7, 13 etc. And broke means you have no money. To use the terms loosly and on this particular thread only shows her lack of intellectual upbringing and most likely lower class as well, due to using "street" language on such a legalese topic.

2seaoat wrote: Seaoat jumped to conclusions when I said bankrupting on credit cards is taxable because I used the term "bankruptcies" meaning having no money to pay them.

Jumped to conclusion......the words we use in this country are understood to be English......The THEY you used in your original post was the IRS....you know the people who make the regulations regarding taxes......and they......not you Dreams define what Bankruptcy means under their code.....I have never seen such intellectual squirming, or should I say lack of intellectual.......your original post was dead wrong, and was telling people information which was absolutely incorrect. You could read your original statement to 10 college graduates, and then let them read the IRS regulations.....and not one of them would agree that anybody jumped to conclusions......we simply read your incorrect conclusion of what the IRS regulations are.....

I clarified that statement,Seaoat and that is the word I use on not paying your credit cards.You've tried to split hairs and made asinine statements on technicalities and went so far as to bring Chrissy into it and further make false accusations on the child abuse reporting and Baker Act laws I said. You're a childish,nitpicking man w/ an inflated ego that is undeserved even in your own mind. You can't stand the fact that somebody might challenge your pseudo sense of knowledge and you jump to conclusions trying to feel superior. I brought up the reaffirmations and liens because I know about what debts you can discharge and keep so I certainly would know about taxes on unpaid debt. The thread was about paying taxes on mortgages and that was my reference on taxes-not bankruptcies. You simply made an ass of yourself and it was much deserved.

She's just trying to save face seaoat. She wont let it go till you either admit defeat even if its not true, or the subject is changed to her favor or in some instances such as with me

I am a speck of dust....I am totally insignificant and not a bit concerned about "manning up", or getting mad at Dreams. I am however, very concerned when she posts things which are clearly wrong, as she has done repeatedly on these forums.....like her advice to Granny about a neighbor, or her talking about how mentally Ill people are handled in this country. I usually remain very polite, and indulge her in what has become a standard modus operandi......when she is incorrect.....she posts something.....argues with herself......and then claims you were arguing with her on the diverted subject.....and that you have to admit you were wrong. This is simply sophomoric, and it does not need to involve cussing or personal attacks, but a fool must be called a fool when the information they are trying to convey can hurt people who take false information and rely on the same. She gets away with this silliness because people end up calling her names and make personal attacks.......she then responds by telling someone they are not manly or that they do not understand something......the key is to stay on topic.....do not let her get away with diversions.....and correct her misunderstanding of things.....it is like going to the dentist, but people need to be protected from foolish and ill informed statements like she has made on this thread.

Chrissy wrote:

2seaoat wrote:I believe that most people upon hearing the word bankrupt take that to mean the actual filing of Chapter 7 or 13. I believe the problem here can be attributed to the English language. I for one would never use bankrupt unless an actual filing is about to or has taken place. I would use default to discuss someone that is not paying their just debts.



Yes, for the most part you are correct, but she continued trying to say that tax would be owed after the clear meaning in the tax code was explained to her.....Yes, she used clumsy and incorrect phraseology which really on the face of it was nonsensical, but the truth is that she did not understand that bankruptcy relieves the debtor of tax obligation for the debt which has been now disappeared........she can recreate and edit her original posts until the roosters sing in the morning.......I know she was clueless on this subject which she has confirmed repeatedly on this thread. It really is important for people facing financial hardship to not let scatterbrain responses on a forum to be the final answer....talk to your accountant or lawyer and let a professional who understands the language help you......misuse of terms of art are just too common and with devastating impact on families who rely on nonsense.

She's just trying to save face seaoat. She wont let it go till you either admit defeat even if its not true, or the subject is changed to her favor or in some instances such as with me, she harps on till I cuss her out then everyone is mad at me and she is in the clear. The later wont happen with you.

We all know, its just us here, her comments most likely wont hurt anyone of us watching on. Even as she is trying to equate the word bankrupt for the word broke, she is only taking her self professed level of IQ down with that claim. As I was up till now pretty sure everyone here knows that bankruptcy is a legal term and its associated chapters, 7, 13 etc. And broke means you have no money. To use the terms loosly and on this particular thread only shows her lack of intellectual upbringing and most likely lower class as well, due to using "street" language on such a legalese topic.

As you can see the stupidity goes on and on on this thread and I expected no less from you. You never let me down when it comes proving it.

"Bankruptcy means someone is legally unable to pay their debts as agreed. The procedure of verifying someone truly is bankrupt can take up to 8 months in most cases, and those who have some assets will be required to pay back some or most of their debts over a 2- to 5-year time period."

Read more: Define Bankruptcy | eHow.com http://www.ehow.com/facts_5004018_define-bankruptcy.html#ixzz2GZ4oXweB

You're a childish,nitpicking man w/ an inflated ego that is undeserved even in your own mind

I must be a soothsayer.....how could I have predicted this post before she even had typed? Yes, I am all of the above, and you might add one more simple conclusion......you were wrong on this thread.....I corrected your lack of knowledge.......and now we all know that folks who bankrupt credit cards owe no tax to the IRS.....if that is nitpicking.....guilty as charged. I am also incredibly arrogant......do not put the toilet seat down.......and have no tolerance for fools who can hurt people.

2seaoat wrote:She's just trying to save face seaoat. She wont let it go till you either admit defeat even if its not true, or the subject is changed to her favor or in some instances such as with me

I am a speck of dust....I am totally insignificant and not a bit concerned about "manning up", or getting mad at Dreams. I am however, very concerned when she posts things which are clearly wrong, as she has done repeatedly on these forums.....like her advice to Granny about a neighbor, or her talking about how mentally Ill people are handled in this country. I usually remain very polite, and indulge her in what has become a standard modus operandi......when she is incorrect.....she posts something.....argues with herself......and then claims you were arguing with her on the diverted subject.....and that you have to admit you were wrong. This is simply sophomoric, and it does not need to involve cussing or personal attacks, but a fool must be called a fool when the information they are trying to convey can hurt people who take false information and rely on the same. She gets away with this silliness because people end up calling her names and make personal attacks.......she then responds by telling someone they are not manly or that they do not understand something......the key is to stay on topic.....do not let her get away with diversions.....and correct her misunderstanding of things.....it is like going to the dentist, but people need to be protected from foolish and ill informed statements like she has made on this thread.

Now your making stuff up,Seaoat. I never gave Granny any advice about a neighbor and my info. on Baker Act in Fl was correct. I think you are mentally disintegrating.

2seaoat wrote: You're a childish,nitpicking man w/ an inflated ego that is undeserved even in your own mind

I must be a soothsayer.....how could I have predicted this post before she even had typed? Yes, I am all of the above, and you might add one more simple conclusion......you were wrong on this thread.....I corrected your lack of knowledge.......and now we all know that folks who bankrupt credit cards owe no tax to the IRS.....if that is nitpicking.....guilty as charged. I am also incredibly arrogant......do not put the toilet seat down.......and have no tolerance for fools who can hurt people.

Nope-you were wrong and won't admit you took it out of context.You made a raging fool of yourself and continue to do so.

The procedure of verifying someone truly is bankrupt can take up to 8 months in most cases,

Here we go again.....cut and paste to prove that Dreams is not a fool. Well I have some really bad news for you.........the quote you gave is absolutely incorrect. Now go read some more internet blogs and cut and paste and determine why this statement is wrong......start with the word MOST, and then read the IRS regulations I provided you......and look up the provisions of the Automatic stay and how notice of the same works.....including how the IRS handles the same.......This is beginning to be great entertainment.

Yes, some bankruptcies can take up to eight months....Most are completed in about 100 to 120 days after filing, but if you knew anything about the subject matter you would not have posted such nonsense, because we are talking about the IRS in this thread and their procedures for determining if credit cards which are bankrupted result in income, and on the day the bankruptcy is filed.....let us say for argument sake I file today....I will be assigned a case number and that number will be provided to the IRS on my 2012 tax return........so exactly what relevancy was this diversion which exposes more of your lack of knowledge on the subject matter?

Nope-you were wrong and won't admit you took it out of context.You made a raging fool of yourself and continue to do so.

So this thread has been how I took something out of context, and not the clear statement you made where you did not understand that no tax is owed on bankrupted credit cards.....you continued to post nonsense about 1099s and other diversions.....until you finally read what I posted and realized you were wrong and began this foolish excercise........if I am making a fool of myself.....boy am I having some fun doing the same.....and look for your next post......this has been great fun.

Dreamsglore wrote:

Chrissy wrote:

2seaoat wrote:I believe that most people upon hearing the word bankrupt take that to mean the actual filing of Chapter 7 or 13. I believe the problem here can be attributed to the English language. I for one would never use bankrupt unless an actual filing is about to or has taken place. I would use default to discuss someone that is not paying their just debts.



Yes, for the most part you are correct, but she continued trying to say that tax would be owed after the clear meaning in the tax code was explained to her.....Yes, she used clumsy and incorrect phraseology which really on the face of it was nonsensical, but the truth is that she did not understand that bankruptcy relieves the debtor of tax obligation for the debt which has been now disappeared........she can recreate and edit her original posts until the roosters sing in the morning.......I know she was clueless on this subject which she has confirmed repeatedly on this thread. It really is important for people facing financial hardship to not let scatterbrain responses on a forum to be the final answer....talk to your accountant or lawyer and let a professional who understands the language help you......misuse of terms of art are just too common and with devastating impact on families who rely on nonsense.

She's just trying to save face seaoat. She wont let it go till you either admit defeat even if its not true, or the subject is changed to her favor or in some instances such as with me, she harps on till I cuss her out then everyone is mad at me and she is in the clear. The later wont happen with you.

We all know, its just us here, her comments most likely wont hurt anyone of us watching on. Even as she is trying to equate the word bankrupt for the word broke, she is only taking her self professed level of IQ down with that claim. As I was up till now pretty sure everyone here knows that bankruptcy is a legal term and its associated chapters, 7, 13 etc. And broke means you have no money. To use the terms loosly and on this particular thread only shows her lack of intellectual upbringing and most likely lower class as well, due to using "street" language on such a legalese topic.

As you can see the stupidity goes on and on on this thread and I expected no less from you. You never let me down when it comes proving it.

"Bankruptcy means someone is legally unable to pay their debts as agreed. The procedure of verifying someone truly is bankrupt can take up to 8 months in most cases, and those who have some assets will be required to pay back some or most of their debts over a 2- to 5-year time period."

Read more: Define Bankruptcy | eHow.com http://www.ehow.com/facts_5004018_define-bankruptcy.html#ixzz2GZ4oXweB

Are you telling us that you rely on eHow.com for correct information? I place them on the same level Wikipedia and snopes.com.

Ah, you said the term bankrupt was a legal term implying legal bankruptcy.This showed the definition of the term and how it is used. You weren't correct in that,Seaoat. Now your trying to say as the IRS defines it to backtrack. I don't care how the IRS defines it. I used the term correctly and the bankruptcy filings may take that time in Fl. but the statement said may take up to 8 months. And I don't care what you say about using proper english in this country.The term applies and you can BS all you want.LOL!

2seaoat wrote:Nope-you were wrong and won't admit you took it out of context.You made a raging fool of yourself and continue to do so.

So this thread has been how I took something out of context, and not the clear statement you made where you did not understand that no tax is owed on bankrupted credit cards.....you continued to post nonsense about 1099s and other diversions.....until you finally read what I posted and realized you were wrong and began this foolish excercise........if I am making a fool of myself.....boy am I having some fun doing the same.....and look for your next post......this has been great fun.

You are making a fool of yourself. I did bankruptcies. I had one. I know the discharged debt is not taxable. You just keep trying to make something out of something that was not there. Yup-you can keep on saying that but that doesn't make it true.

Ghost_Rider1 wrote:

Dreamsglore wrote:

Chrissy wrote:

2seaoat wrote:I believe that most people upon hearing the word bankrupt take that to mean the actual filing of Chapter 7 or 13. I believe the problem here can be attributed to the English language. I for one would never use bankrupt unless an actual filing is about to or has taken place. I would use default to discuss someone that is not paying their just debts.



Yes, for the most part you are correct, but she continued trying to say that tax would be owed after the clear meaning in the tax code was explained to her.....Yes, she used clumsy and incorrect phraseology which really on the face of it was nonsensical, but the truth is that she did not understand that bankruptcy relieves the debtor of tax obligation for the debt which has been now disappeared........she can recreate and edit her original posts until the roosters sing in the morning.......I know she was clueless on this subject which she has confirmed repeatedly on this thread. It really is important for people facing financial hardship to not let scatterbrain responses on a forum to be the final answer....talk to your accountant or lawyer and let a professional who understands the language help you......misuse of terms of art are just too common and with devastating impact on families who rely on nonsense.

She's just trying to save face seaoat. She wont let it go till you either admit defeat even if its not true, or the subject is changed to her favor or in some instances such as with me, she harps on till I cuss her out then everyone is mad at me and she is in the clear. The later wont happen with you.

We all know, its just us here, her comments most likely wont hurt anyone of us watching on. Even as she is trying to equate the word bankrupt for the word broke, she is only taking her self professed level of IQ down with that claim. As I was up till now pretty sure everyone here knows that bankruptcy is a legal term and its associated chapters, 7, 13 etc. And broke means you have no money. To use the terms loosly and on this particular thread only shows her lack of intellectual upbringing and most likely lower class as well, due to using "street" language on such a legalese topic.

As you can see the stupidity goes on and on on this thread and I expected no less from you. You never let me down when it comes proving it.

"Bankruptcy means someone is legally unable to pay their debts as agreed. The procedure of verifying someone truly is bankrupt can take up to 8 months in most cases, and those who have some assets will be required to pay back some or most of their debts over a 2- to 5-year time period."

Read more: Define Bankruptcy | eHow.com http://www.ehow.com/facts_5004018_define-bankruptcy.html#ixzz2GZ4oXweB

Are you telling us that you rely on eHow.com for correct information? I place them on the same level Wikipedia and snopes.com.

I'm not relying on anything. I'm showing the use of the term bankrupt does not mean a legal filing.

I'm not relying on anything. I'm showing the use of the term bankrupt does not mean a legal filing.

But in actuality it does have a legal definition.

This is the definition of bankrupt in legal terms:

A federally authorized procedure by which a debtor—an individual, corporation, or municipality— is relieved of total liability for its debts by making court-approved arrangements for their partial repayment.

The goal of modern bankruptcy is to allow the debtor to have a "fresh start," and the creditor to be repaid. Through bankruptcy, debtors liquidate their assets or restructure their finances to fund their debts. Bankruptcy law provides that individual debtors may keep certain exempt assets, such as a home, a car, and common household goods, thus maintaining a basic standard of living while working to repay creditors. Debtors are then better able to emerge as productive members of society, albeit with significantly flawed credit records.

In bankruptcy cases, individual debtors have the privilege of retaining certain amounts or types of property that otherwise would be subject to liquidation or seizure by creditors in order to satisfy debts. Laws protecting these forms of property are called exemptions.

Consistent with the goal of allowing the debtor a "fresh start," exemptions in bankruptcy cases help ensure that the debtor, upon emerging from bankruptcy, is not destitute. Exemption statutes generally permit the debtor to keep such things as a home, a car, and personal goods like clothes. Although exemptions inhibit the creditor's ability to collect debts, they relieve the state of the burden of providing the debtor's basic needs.

The bankruptcy code provides a list of uniform exemptions but also allows individual states to opt out of (override) these exemptions (11 U.S.C.A. § 522 [1993 & Supp. 2003]). Thus, the types and amounts of property exemptions differ greatly and depend upon the debtor's state of residence.

I'm not relying on anything. I'm showing the use of the term bankrupt does not mean a legal filing.


This is spectacular fun.....I have the flu and you have brightened my day. Who was the THEY you used in your original answer? Is not the IRS and their regulations what determines what is taxable in America? So please take your time.......show me the IRS definition which even comes close to your clumsy phraseology which you are now trying to use as cover for your lack of knowledge.........Who was the THEY.......little green men running around in your head......or was the THEY those folks who were going to throw Granny in jail because of your interpretation of what she thought the grandmother next door was doing watching her grandchildren........We just have to understand the THEYs in your arguments......because with time.....I really think the THEY are those little green men in your head....and the rest of the time you are trying to convince us you are not listening to them.....and then change the subject.

Of course, it has a legal definition of the procedure,Ghost. That's a given. I'm talking about the use of the word "bankrupt". It means impoverished.

2seaoat wrote:I'm not relying on anything. I'm showing the use of the term bankrupt does not mean a legal filing.


This is spectacular fun.....I have the flu and you have brightened my day. Who was the THEY you used in your original answer? Is not the IRS and their regulations what determines what is taxable in America? So please take your time.......show me the IRS definition which even comes close to your clumsy phraseology which you are now trying to use as cover for your lack of knowledge.........Who was the THEY.......little green men running around in your head......or was the THEY those folks who were going to throw Granny in jail because of your interpretation of what she thought the grandmother next door was doing watching her grandchildren........We just have to understand the THEYs in your arguments......because with time.....I really think the THEY are those little green men in your head....and the rest of the time you are trying to convince us you are not listening to them.....and then change the subject.

You're talking about Daisy not Granny. You need to read up on the child abuse laws about reporting before you start sticking your foot in your mouth again. Yes, she could have been arrested for failing to report those children were being left alone.

Dreamsglore wrote:Of course, it has a legal definition of the procedure,Ghost. That's a given. I'm talking about the use of the word "bankrupt". It means impoverished.

Now who is nit-picking?

Ghost_Rider1 wrote:

Dreamsglore wrote:Of course, it has a legal definition of the procedure,Ghost. That's a given. I'm talking about the use of the word "bankrupt". It means impoverished.

Now who is nit-picking?

What! You just got done telling me there was a legal definition and I agreed but showed there was a normal definition and your calling me nitpicking now?

I did bankruptcies. I had one.



I once changed the brakes on an Austin Healy, changed the water pump and radiator on a Ford Falcon, and replaced alternators and starters............I think I will call myself a mechanic........

Did you know that you can run diesel in a gas engine?

Hold it Seaoat.....that was a rather foolish statement.....a gas engine will stall if you put diesel fuel in it.......

NO....you do not understand what I was saying.....you are taking my words out of context......Diesel or petro is an english term and it can be interchangeable......no I never meant put Diesel fuel in your car.....heck....I am a mechanic.......

2seaoat wrote:I did bankruptcies. I had one.



I once changed the brakes on an Austin Healy, changed the water pump and radiator on a Ford Falcon, and replaced alternators and starters............I think I will call myself a mechanic........

Did you know that you can run diesel in a gas engine?

Hold it Seaoat.....that was a rather foolish statement.....a gas engine will stall if you put diesel fuel in it.......

NO....you do not understand what I was saying.....you are taking my words out of context......Diesel or petro is an english term and it can be interchangeable......no I never meant put Diesel fuel in your car.....heck....I am a mechanic.......

Oh shut up! You're never going to admit you jumped to conclusions.

2seaoat wrote:I did bankruptcies. I had one.



I once changed the brakes on an Austin Healy, changed the water pump and radiator on a Ford Falcon, and replaced alternators and starters............I think I will call myself a mechanic........

Did you know that you can run diesel in a gas engine?

Hold it Seaoat.....that was a rather foolish statement.....a gas engine will stall if you put diesel fuel in it.......

NO....you do not understand what I was saying.....you are taking my words out of context......Diesel or petro is an english term and it can be interchangeable......no I never meant put Diesel fuel in your car.....heck....I am a mechanic.......

SO, can a person be intellectually bankrupt?

Ghost_Rider1 wrote:

2seaoat wrote:I did bankruptcies. I had one.



I once changed the brakes on an Austin Healy, changed the water pump and radiator on a Ford Falcon, and replaced alternators and starters............I think I will call myself a mechanic........

Did you know that you can run diesel in a gas engine?

Hold it Seaoat.....that was a rather foolish statement.....a gas engine will stall if you put diesel fuel in it.......

NO....you do not understand what I was saying.....you are taking my words out of context......Diesel or petro is an english term and it can be interchangeable......no I never meant put Diesel fuel in your car.....heck....I am a mechanic.......

SO, can a person be intellectually bankrupt?

Absolutely and morally.

4 Re: Government refinancing of home loans on 12/27/2012, 7:55 pm
Dreamsglore


Posts: 3189
Reputation: -317
Join date: 2012-06-17

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Slicef18 wrote:
Government refinancing of homes that owe more on the house than it is worth. Or as they say, "being upside down" on the home loan for the house.
Most people are not aware that the difference between the refinanced amount for the home and the amount remaining on the old loan is considered taxable income. Even though one didn't receive any cash. The monies forgiven from the old home loan is what the IRS considers taxable income.


They also consider bankruptcies on credit cards as taxable income

I thought it a good idea to remind all what the whole thing started over. as we can see the legalese of the comment. I realize a re-definition and a subject chnage is wanted by some, but Im having too much fun watching this to allow for a side track.