Yes. You create an LLC. Sell your house to the LLC. Have the LLC rent the house to yourself. Then have the LLC rack up massive amounts of business debt improving the house. Have the LLC declare bankruptcy. Have a family member offer to buy the house out of bankruptcy to settle with the lenders. Buy house back from family member. Rinse and repeat.
Essentially the steps used by many owners of cheap hotels.
By me, it’s done without the LLC on residential homes by large families.
When I rent myself out to my employer I receive checks I can cash at a bank.
Maybe this person should consider a similar manpower rental scheme if they want money.
But but, that would create JOINDER!
Not if you sign those checks over to your fictitious person first!
Here’s another fun SovCit bodycam video for everyone to enjoy:
Entitled Driver Takes Police on Chase When She Doesn’t Get Her Way
“Am I being detained?”
Can’t watch it due to moronic AI dubbing.
It happens when the dvd logo bounces in the corner…
Can I just generate income by loopholing the system? /s
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.
