Donald Trump is fleeing New York because they want to look at his taxes so he's going to bankruptcy proof Florida.

You may not know about this little scam but it's used by many very wealthy people.

It has maintained high property values

in Florida Texas does the same thing I believe and that is that the state passed a

law and a long time ago back I think it was back in the 50s that says that if you declare

bankruptcy in the state you can keep your home now most states don't have this

law if you declare bankruptcy and you have a house you have to give up your house you have to give up basically everything the only things that you can't discharge in bankruptcy are your taxes and your student loans.

Well, that's on the liability side. They stay with you,

but you have to sell your home to pay off everything else.

You have to sell your car, you have to sell everything you own.

But in Florida, you don't have to sell your home. So what

rich people do is they buy a major house in Florida. In fact there was a big scandal about this

maybe three or four years ago. We talked about it on this program at the time

where there was some rich guy

he knew that he was in trouble and his company was going down in flames

and so he moved to Florida

and bought like a thirty or 40 million dollar house and moved into it so he

could say this is my residence and declared Florida residency and then he

declared bankruptcy and you know wiped out a bunch of people that he owed

money to and my recollection is that there were small businesses and

contractor a whole lot of people got screwed really badly and in addition to his

banks and credit cards and everybody else but he got

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