Annuities have long enjoyed preferential treatment under the tax code – so extensive, that they merit an entire portion of the tax code, IRC Section 72, all to themselves.
The favorable rules are generally intended to support the use of annuities as a vehicle for retirement savings and/or retirement income…
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Chapter 7 bankruptcy provides a means for debtors who have limited assets and income to make a fresh financial start by eliminating most, if not all, of their debts.Firstly the original mortgages were offered to people that couldn’t afford to pay them back, particularly when the so called “fixed” interest rates rose after an initial one or two year period.Much has been written about this (NINJA, Sub Prime etc) Secondly the riskier slices of the mortgages were vastly under priced, and so the interest rate premium didn’t begin to compensate for the very real probability of a high rate of failure to service the loans. It turns out that because of the mortgages being sold and sliced and sold, the ownership of the original mortgage is often in doubt.If you're considering bankruptcy, you're naturally concerned about what you can keep and what may have to surrender.If you own your home outright, you may or may not lose it if you file bankruptcy.