Please help-advice appreciated

[selfemployed1]

Here are the numbers:

50k cc debt amongst 5 cards

50k back taxes-returns have been filed

2 cars-negative equity, owe about 50 on

wife is probably going to file for divorce

have no equity in real or personal property other than some guns and golf clubs

income is 100k from a services business but i have lots of kids and pay for two houses because wife and i are separated. so i am getting behind.

[selfemployed1]

I accidentally pressed enter so my post got posted before I could finish-my apologies. Any advice would be greatly appreciated. I guess I am wondering why not just file bk? Thanks in advance.

[jorasmom]

I'm assuming you didn't get a reply because the experienced members want you to read the newbie section first, and probably also they would like to know more about your credit scores/lates, etc. Might want to check the newbies sections on credit, bk, etc., first, and maybe post additional info - like your credit scores, lates, etc., as noted. Probably info on home mortgages (upside-down?) incl. monthly payments, does your wife have any income, ages of kids/school tuitions if any, monthly car payments, credit card/loan payments - without this, it's hard to know where you stand financially, adn difficult for members to make suggestions/give advice. Personally, I've never done a BK (knock wood), but there are lots of helpful people on here who can provide advice if given the info. HTH and good luck!

[dbnc2011]

I'm not a lawyer, but I did go through bankruptcy 5 years ago. From what I understand, you can not discharge IRS debt through bankruptcy. Also at your income level you would not qualify for a total discharge through chapter 7. So you are looking at chapter 13 which is where they put you on a 5-year payment plan for the $50K on the credit cards. I'm not sure where you'd end up regarding the cars but my guess is a ch 13 overall is not really going to help you much.

[breeze]

I think the reason you didn't get an answer is that there just isn't enough info. Have you tried to make any arrangements? Are you up do date on everything? What do you want to know about it? Which cards do you have?

[RedandBlack]

I'm not a lawyer, but I did go through bankruptcy 5 years ago. From what I understand, you can not discharge IRS debt through bankruptcy. Also at your income level you would not qualify for a total discharge through chapter 7. So you are looking at chapter 13 which is where they put you on a 5-year payment plan for the $50K on the credit cards. I'm not sure where you'd end up regarding the cars but my guess is a ch 13 overall is not really going to help you much.

 

 

 

Having just recently gone through the Chapter 7 BK route and havig it discharged I can confirm that SOME IRS back tax debts are dischargeable. There are guildines, dates and such that must be met for them to qualify but one fact that bit me in the behind was ME filing my owed returns and not them. If they filed a "Substitue of Return" for you for any year even though you may have filed on your own with the IRS after the fact those will not be dischargeable. I learned that the hard way thinking because I filed those years after they did the SFRs I was all set, now I am trying to figure out how to handle those. But I DID get some IRS and State Tax debt discharged. Sadly I hired a BK attorney that never fully looked over the IRS transcripts I gave him.