BonesOfTheMoon@lemmy.worldM to InsanePeopleFacebook@lemmy.world · 3 days agoSovcit has a random thought.lemmy.worldimagemessage-square15linkfedilinkarrow-up163arrow-down13
arrow-up160arrow-down1imageSovcit has a random thought.lemmy.worldBonesOfTheMoon@lemmy.worldM to InsanePeopleFacebook@lemmy.world · 3 days agomessage-square15linkfedilink
minus-squareEndymion_Mallorn@kbin.melroy.orglinkfedilinkarrow-up2·3 days agoIt’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.
minus-squareLumidaub@feddit.orglinkfedilinkEnglisharrow-up1·2 days agoAh. I see. (No I don’t, but thank you.) This kind of arcane fuckery is why sovcits and their international counterparts exist.
minus-squareEndymion_Mallorn@kbin.melroy.orglinkfedilinkarrow-up1·2 days agoBasically it has to do with the way that corporate debt is handled compared to personal debt.
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.