Legal Question in Bankruptcy in California

Bankruptcy because unable to pay huge Capital Gains tax....?

My brother gave me 20,000 to put down on a house, and to improve it. We had to consider it a "gift" . Now I'm divorced and after selling the house and paying off my brother I face a huge capital gains tax because I have not bought another house or reinvested the $ (which I don't have after repaying my brother). Presently I also have credit card debts that have climbed to over $10,000 and a small student loan. I make about $18,000 a year. Is bankruptcy an option for me?


Asked on 10/27/97, 10:57 pm

1 Answer from Attorneys
Mark Markus Law Office of Mark J. Markus

Bankruptcy because unable...

A bankruptcy isn't going to solve your capital gains tax problem, but could get rid of your other unsecured debt. If you live in the greater Los Angeles area, visit my web page (below) and give me a call. I'll be happy to discuss your options with you.

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Answered on 10/28/97, 2:05 am


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