Heading to bankruptcy, retained a law firm, but am waiting to file. I owe the IRS, two states, student loans 1st and second mortgages( 1st is under water) two 401k loans, credit cards(about $90,000). My wife has gambling winnings in excess of $22,000 from January to April( but mostly March). Used the money to pay current bills. Trying to wait until 6months have past so they won’t use gambling winnings in the calculation on my ability to pay(chapter 13). My base salary is about $72,000, but with overtime I make about $92,000. A few years ago I was making $124,000. My wife has been selling gold jewelry to help pay monthly bills. Net income is about $3900.00. Monthly bills equal $4200.00.
I just want to get this over with. Should I wait or just file? The money my wife got for selling jewelry does that have to be declared since it was exempt assets? There is a paper trail. Can they use that money to boost my payments? Is chapter 7 a possibility?
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