Should I file or just more trouble - side business
I'll try the brief version.
Wife and I lost job same time. Stopped paying cc's in 2005. about 25 cards total. defaulted on all. 4 default judgments total. Actually Making payments to court officer on those. Getting letters from others. Payment arrangements with 5 of them. (about 50k in unsecured debt after all the interest) including consent judgements (dumb)
Just sued again. Want to file. base income 3700: bills + payments 3000:
Problem: paying irs for back taxes monthly (owe them bout 6k) . I still have to file for this year and will owe again. Have almost no withholding so I would have money to pay creditors. No assets but for 2 cars - one worth less than 1000 other about 5000 but sold to collections and owe 600. (weird to me - no repo threats, being treated like any other cc debt)
Problem that I fear. I have a self business registered - selling an online game and have averaged about 200 bucks a month for the last few years. My screwup - I never reported this as income - just nonchalantly figure I'd get a you didn't report this mail from IRS and would make arrangements then.
Any feedback in the best way to handle this, considering when/if I file I'd have to and want to report the misc income.
Considering we pay 800 dollars a month (and growing) for these collection accounts and some will be paid in a year or 2. I wonder am I better off just taking garnishment (maybe through IRS) and paying the 10% in NJ which would cost us about 450 a month and not considering BK. However CH7 seems like the ideal scenario we need to get back some sanity but am very worried about serious trouble for not reporting all income.
Thanks in advance. This forum is like therapy and very inspiring.
Wife and I lost job same time. Stopped paying cc's in 2005. about 25 cards total. defaulted on all. 4 default judgments total. Actually Making payments to court officer on those. Getting letters from others. Payment arrangements with 5 of them. (about 50k in unsecured debt after all the interest) including consent judgements (dumb)
Just sued again. Want to file. base income 3700: bills + payments 3000:
Problem: paying irs for back taxes monthly (owe them bout 6k) . I still have to file for this year and will owe again. Have almost no withholding so I would have money to pay creditors. No assets but for 2 cars - one worth less than 1000 other about 5000 but sold to collections and owe 600. (weird to me - no repo threats, being treated like any other cc debt)
Problem that I fear. I have a self business registered - selling an online game and have averaged about 200 bucks a month for the last few years. My screwup - I never reported this as income - just nonchalantly figure I'd get a you didn't report this mail from IRS and would make arrangements then.
Any feedback in the best way to handle this, considering when/if I file I'd have to and want to report the misc income.
Considering we pay 800 dollars a month (and growing) for these collection accounts and some will be paid in a year or 2. I wonder am I better off just taking garnishment (maybe through IRS) and paying the 10% in NJ which would cost us about 450 a month and not considering BK. However CH7 seems like the ideal scenario we need to get back some sanity but am very worried about serious trouble for not reporting all income.
Thanks in advance. This forum is like therapy and very inspiring.
Comment