Tax Debts and Credit Cards

by Questions on August 10, 2008

Question: I have 30,000 credit card debt and haven’t filed taxes in 15 years. i have worked for cash, straight check,and under a company in my own name,for which i have no records . haven’t worked for months

and need to resolve this situation. where do i start?

Answer: If you truly want a fresh start, you should start by filing your missing tax returns, which you may only be able to do by estimating your income for the missing years. Once the returns are filed, if you owe a significant amount of money, a bankruptcy would be an option, although until the numbers and your job status are known, it is not possible the determine the correct course of action.

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