Please help-advice appreciated
Posted 02 January 2011 - 11:23 PM
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.
Posted 03 January 2011 - 01:15 PM
Posted 16 January 2011 - 10:26 AM
Posted 16 January 2011 - 03:29 PM
Posted 16 January 2011 - 04:40 PM
Posted 02 February 2012 - 01:27 PM
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.
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