My parents flipped properties from 2004-2006. They made a good amount of money doing it. Do to health problems and issues with family overseas, alot of that money is now gone. To put it short, my parents are broke now.
They filed for an extension a bunch of times and now it's time to pay 2006 taxes....get this...they owe almost $700,000....yes, I typed that correctly...
Ive been begging them to file bankruptcy but they refuse. They have a huge amount of credit card debt and the mortgage has fell behind a bunch of times but they keep hanging on....
As far as the taxes go....can a attorney help them get it reduced? If you claim bankruptcy, does it cover taxes also? What advice can you guys give me? Last thing I want is for my parents to go to prison....
They filed for an extension a bunch of times and now it's time to pay 2006 taxes....get this...they owe almost $700,000....yes, I typed that correctly...
Ive been begging them to file bankruptcy but they refuse. They have a huge amount of credit card debt and the mortgage has fell behind a bunch of times but they keep hanging on....
As far as the taxes go....can a attorney help them get it reduced? If you claim bankruptcy, does it cover taxes also? What advice can you guys give me? Last thing I want is for my parents to go to prison....
