Income is Under the Table - Is Bankruptcy an Option?

This is a very tricky question and the answers are even trickier (yes, trickier is a word...I looked it up). The most honest answer is, "it depends."

How long have you been receiving pay "under the table?" How much pay have you received that way? What have you done each year to report your taxes? Have you filed tax returns? Are you willing to go back and amend tax returns or file tax returns which were not filed and live with the consequences? Also, how did you get all that credit without much of an income?

With filing for bankruptcy, you NEED to list all your income and any regular help you receive to pay your monthly bills.

Also, please remember that you DO have assets. You said you have a car. I also take for granted that you do not go around naked all the time, so you must have clothing. What about kitchenware? A TV? A pet? All assets must be listed in a bankruptcy.

Please also realize that with almost no exceptions, student loans are not dischargeable in a bankruptcy, so that debt will most likely survive a bankruptcy.

Your situation will require the advice of a bankruptcy attorney who is also fluent in tax law.

Good luck.