2007-09-22 19:25:28 · 4 answers · asked by Beth K 1 in Business & Finance ➔ Taxes ➔ United States
You put all your money into your house, make it worth megabucks, then file for bankruptcy if you have people chasing you with judgements. In Florida they can't touch your house at all. Most other states are not that generous. Also, Florida does not have a state income tax either.
2007-09-22 20:02:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Creditors can not enforce judgments against your home no matter what the value. The limitation is much much less in other states. In California where OJ came from the exemption is $100,000, an amount that is easy to reach there.
2007-09-23 01:53:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Because Florida has very liberal laws concerning things like bankruptcy and has no state income tax. They might even have special rules protecting your home from civil liability (Ron Goldman’s family sued OJ and won a multi million wrongful death suit). In Florida bankruptcies you get to keep the equity in your home even if it’s paid off. In most other states you only get to keep your home if you don’t have very much equity in it.
2007-09-22 19:45:36 · answer #3 · answered by Charlie & Angie G 4 · 2⤊ 0⤋
It's warm in the winter
Rich folks live there
It's a short trip to Disneyworld.
2007-09-22 19:45:52 · answer #4 · answered by Judy 7 · 0⤊ 2⤋