Gus Settled With Bank

[Ben Johnson]

On June 8 Gus settled with his bank and his mortgage is current. I'm sure he screwed them over good on the settlement. Where in hell did Gus find money?

[Albert Hidel]

(09-16-2011 09:58 AM)Ben Johnson Wrote:  On June 8 Gus settled with his bank and his mortgage is current. I'm sure he screwed them over good on the settlement. Where in hell did Gus find money?

The dismissal is attached but it offers few clues. The bank probably realized the house had depreciated in value and wasn't worth foreclosing on, since they couldn't sell it for enough to cover what was owed. Goose probably got major debt relief, which the IRS considers taxable income. Will he report it on his taxes?


  SainzDismissal01.pdf (Size: 86.06 KB / Downloads: 8)

[Armando Ramos]

(09-17-2011 01:13 AM)Albert Hidel Wrote:  Goose probably got major debt relief, which the IRS considers taxable income. Will he report it on his taxes?

This is why bankruptcy is often the better alternative, because debt discharged in bankruptcy is not included in gross income. Do you think his lawyer told him that, or just said "go ask your CPA"? Talk about tick tick tick.