[Marshamoreno] Fwd: insolvency

Susan Robinson susanr at baymoon.com
Fri Jul 1 11:37:35 PDT 2011


Very possibly!


On 7/1/11 10:58 AM, Jason Mackay wrote:
> So the land on the hill basically screws us it sounds like.
>
> Sent from my Windows Phone
> ------------------------------------------------------------------------
> From: Susan Robinson
> Sent: Friday, July 01, 2011 10:49 AM
> To: marshamoreno at armory.com
> Subject: [Marshamoreno] Fwd:  insolvency
>
>
>
> > Basically, you just total up all of her assets (current fair market
> > value ) including home, cars, 401k, IRAs, land, etc then subtract the
> > amount she is in debt (including mortages, credit cards, etc) at the
> > time the debt is forgiven (so before it was settled). If the amount of
> > debt is larger than the amount of assets, then she is insovent.
> >
> > Make sense?
> > Susan
> >
> > -------- Original Message --------
> > Subject: [Marshamoreno] insolvency
> > Date: Fri, 1 Jul 2011 10:40:44 -0700
> > From: Richard Robinson <chigorin at gmail.com>
> > To: marshamoreno at armory.com
> >
> >
> >
> > hi --
> >
> > Jason wants to know what it takes to establish insolvency. Do you have
> > the official requirements/process/definition for that? Or pointers 
> to it?
> >
> > Jason just dissolved $20k of Marsha's debt. There is more to 
> Marsha's debt.
> >
> > Richard
> >


-- 

Susan Robinson, EA

/Bookkeeping & Tax Anywhere!/

/1001 Center St, Suite 2/

/Santa Cruz, CA 95060/

/(831) 429-6799 Office/

/(831) 246-2378 Cell/

/(866) 883-7580 Fax/

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