Income:
$2,000/month mom's job
$ 800/month dad's social security
=> $2,800
Home:
They were foreclosed on and evicted. Owed $300,000 on house, and the house is worth about $300,000. Currently living w me now rent free for the time being.
IRS Taxes:
$48,000 Owe $48k money from a freelance job my dad did in 2013-2014. However, the company is in the middle of a lawsuit. Company tax forms said he earned $120k one year but it was actually half, $60k. It looks like a case of embezzlement on behalf of one of their accountants...someone pocketed the extra $60k within the Company. The IRS has him on a payment plan of $500/month right now and since he is elderly it is "on hold".
Other debts:
$8,000 Credit Card Debt (under moms name)
$20,000 Car payment. Stupid stupid decision.... I know.
Should they file for Bankruptcy 7? So far only my mom is set to file bankruptcy but obviously my dad has issue here too.... would the IRS debt even go away with Chapter 7? It is from a tax return from 3 years ago (2014)
Submitted September 03, 2017 at 02:57PM by ppgb12 http://ift.tt/2wyGZdT
