Quote from @MIchael McCUe: Money isn't easy to save and $10,000( my debts) is a ton of money I want to save for a downpayment, I'm just starting so I don't have any money I would like to save $60,000 to buy a rental property, I think I could do it in  5-6 years, my brother filed bankruptcy and they relieved him of $6000 in debt from cash money.a list of my debtGst Hst Tax 4500 income tax from working with my dad I oweScotiabank credit card 1400Canadian Tire credit card 500cash money loan 2400Belair 600echelon 600should I pay the 10k back in the next while or should I file bankruptcy like my brother as It won't be for years until I am able to get a downpayment for a rental house anyway.Here are the negative consequences, in regard to real estate, of filing bankruptcy1.

Tennessee has 0% tax.

If you continue filing taxes jointly the income you realize from your separate property will still need to be explained and redacted, regardless of the type of entity holding the real estate.

Yes, it will delay your taxes on this income for another year.

Can someone explain something about the buy, borrow, die concept of avoiding income taxes? 

If you go self-employed, youll need two years tax returns.

If one spouse stopped W2 work in October and qualifies for REPS, the depreciation becomes non-passive and can offset your $700K income, saving you significant taxes.

I  Income:  The amount of property you can buy will be dependent on your Debt to Income ratio.  

In doing so, bear in mind that the cost and admin of a corporation is higher and that the tax treatment is different:1.

Yes, Spain has a wealth tax but it's above €2 million taxable income and the rate is low so it's not going to kill you.3.