Legal Question in Tax Law in California

Am I insolvent if my liabilities exceed my assets/

I got a 1099 from a credit card. My income is about 120,000 but I Owe about 200,000 more in debts than I have in assets, including a underwater mortgage and a large student loan . Would i be insolvent even though my income is high /


Asked on 5/21/09, 7:46 pm

2 Answers from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Am I insolvent if my liabilities exceed my assets/

see:

http://www.irs.gov/publications/p4681/ch01.html#en_US_publink100080242

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Answered on 5/22/09, 9:59 am
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Re: Am I insolvent if my liabilities exceed my assets/

You might be able to lighten your debt load in a Chapter 13.

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Answered on 5/21/09, 7:58 pm


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