Georgia Bankrupt Builders

Atlanta Roofer Helps Victims Of Bankrupt Georgia Roofing ...

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Atlanta roofer Rick Olson couldn't simply stand back and watch close to one thousand householders lose over $2 million following the insolvency of three Georgia roof contractors last year. An Atlanta home builder and developer for over thirty years, Mr. Olson is the owner of Christian Brothers Roofing, and is happy with his industry. “Georgia was getting a reputation as the worst place in the country for roof contractor scams,” Mr. Olson asserted.

“I felt like i wanted to help.” What he probably did was convince his suppliers, local distributors and sub-contractors to provide roofing materials and labor at significantly decreased costs. “To date,” he said, “the majority of those owners who contacted us after losing their deposits have been able to get a new insured roof for little or nothing more than what was left in their insurance claim, plus their deductible.” Mr. Olson replied, “Because it’s the right thing to do, and – selfishly – for every roof we lost money on, we had new work come in that more than offset the losses.

We're getting good business and staying awfully busy.” Christian Brothers has absorbed the expenses of sending notifications to all of the victims and, most recently, telling them that their loss to a contractor that files insolvency before their work is performed is tax-deductible. Similarly, lots of the checks that were given to these bankrupted roofers were badly deposited without their lenders endorsement. In those cases, the roofers ‘ banks that accepted the checks must return those funds to the maker of the check (typically, the homeowner's insurance corporation). Mr. Olson advises the victims to expect nothing from the bankruptcy, as these corporations are insolvent.

There are strategies however for victims to get over their loss. As an example, they're suggested first to be sure their 2010 federal revenue taxes reflect the write-off amount of the loss. Anyone who has filed can file an amended return. Page 57 of IRS Publication five hundred, in a reference to “Insolvency of Contractors”, states that a person who loses deposits to contractors who became insolvent is entitled to subtract this loss on their Fed. Taxes.

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