What should I do? (Here goes)

[Whathaveidone]

I currently have about 60K in unsecured cc debt, I also have a vehicle that i'm about 5k upside down in,so no equity there. I have no assets and I rent an apartment.I had a really good job to start but the last year has been really tough since its straight commision. I've got about $2800 going out and only about $2000 coming in. I want to keep my car is that possible? I am already 2 months behind on my bills ,only my car is current. Should I stop trying to make small payments here and there or try and save the money. Also I havent filed taxes since 2000 ,but I just got all my w-2s from the IRS and am going to file them this week. How much trouble am I in.Thanks in advance.

[bige1030]

You'll have to keep up the payments on the car in order to keep it. You can reaffirm the car loan in Chapter 7 (i.e. re-make your promise to pay), or you could cram down the loan in Chapter 13 if the car loan is over 910 days old.

If you're going to file, stop making payments to your credit cards and other unsecured creditors. That'll just be money down the drain if you definitely know you are going to file.

As for filing taxes...if you haven't been required to file taxes since 2000, you're in the clear. But if you were required to file taxes, and you didn't, you must do so now, before you file. You may also owe the IRS penalties and interest, and the taxes will not be dischargeable since you don't meet one of the requirements (you need at least 2 years between filing the return and filing the bankruptcy if they're late...and there must be at least 3 years between filing and the due date of the return).

Consult http://www.alperlaw.com/taxes_and_bankruptcy.html on income taxes and bankruptcy - this link is to a law firm's website.

[Whathaveidone]

Thanks for the insight,I really love this forum but I couldnt get on for some reason. I really have learned alot from you guys and want to learn more, this is hands down the best one on the net.

[SinkingFast]

Thanks for the insight,I really love this forum but I couldnt get on for some reason. I really have learned alot from you guys and want to learn more, this is hands down the best one on the net.

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