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Question for the Money Doctors

Question submitted on Feb 10, 2014.


Hello, my name is Denise 44 years young, married and 70,000 in debt. My husband, Michael, is self-employed. And together we brought home approximately 25,000 last year. My husband has not filed his taxes since 2008.I have been filing married filing seperate. My question is should we file bankruptcy? And if so which one? We own nothing. Currently we are living with family.


Bankruptcy is a huge decision with major consequences. This should be your last resort.

You should contact the creditors and work with them on a payment plan. Your husband needs to catch up on his taxes. The statute of limitations do not start if you do not file your tax returns. This means the IRS will be able to audit the 2008 tax return forever.

Please go to our website at and look under Topics for articles about Bankruptcy. There are many good articles on this topic.

Good luck with improving your financial situation. Just remember when you are in your 40s and 50s, these are your highest earning years so please take advantage of it.

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