Tax Consequences of Discharged Indebtedness—Renegotiation and Foreclosure for Solvent and Insolvent Borrowers
Author: Teresa Lightner.; Robert Ricketts.
Source: Volume 23, Number 02, Winter 2006 , pp.99-114(16)
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Abstract:
Recent years have witnessed increasing concern over the growing debt burdens and declining savings rates of the average American household. These concerns are further amplified by growing speculation of a bubble in U.S. housing prices. A major correction in housing prices will almost certainly lead to a significant increase in debt defaults, and not only among individual homeowners. The tax consequences associated with debt defaults are a significant concern for practitioners and growing more so.Keywords:
Affiliations:
1: Texas Tech University; 2: Texas Tech University.