[dusterswife43]

We recently have run into some serious financial trouble. My husband was supposed to be in charge of most bills. A few years ago, his mother passed away and left approx $300,000 in an account. He withdrew the total amount within a year and was never told by the company he withdrew from about the tax penalty. SO.. we were charged with $48,000 in taxes to be paid to the IRS. My husband applied for a loan for $65,000 to cover the taxes; however, he didn't use the money for the taxes, instead it went to pay our bills for two years... now the money has run out and we owe for everything! Mortgage since July, electric for 3 months, phone for 2 months, and the bank loan hasn't been paid since Aug! The lawyer for the bank is now starting foreclosure proceedings to get the money. How do we save our reputation and our house from being foreclosed? Who do we try to work out a deal with? My husband was diagnosed with clinical depression 1 year ago and just "forgot" about bills but never told me he was using the bank loan for daily living and NOT paying any bills! How do we fix this now? Help please... we live in a small town and have kids. I don't want this in the local paper and definitely want to save my house!

[Fr_Chuck]

What taxes on the money ? Did you have a CPA or a tax advisor check this out, There are emptions to money you receive form an inheritance.

Well your credit history is gone, so you move out and file bankuptcy and start over.

I coiuld start pointing fingers, but that would do no good. With that of course

You may file a chapter 13 and try to save the house but it will not be easy
You need to see an attorney ASAP, today would not be too soon.

[life1973happened]

Filing for a Chapter 13 Bankruptcy will allow you to keep your home and in some cases with the new laws allow you to set up payment plans, in regards to your IRS debt. A Chapter 13 allows you to keep personal items by setting up a payment plan that fits your financial needs while paying off your creditors. It also allows you to keep the house you live in.

However, it leaves very little more to make another mistake and missing even one payment could ruin your future ability to hold on to anything and could make you liable to loose everything.

I'm not a Bankruptcy attorney and you need to consult one. Ask about a Chapter 13 and they can explain to you all the options you have but you will need to move quickly on it, if you expect to keep your home, vehicles etc..

There is hope for your situation and I know it's hard to see the light at the end of the tunnel but it's there and you will be fine. FYI... stop allowing husband to handle finances going forward. You are going to have to step up and take responsibility once you have set up a new plan.

Good luck to you and your family.