Should I file Bankruptcy in my current financial situation?

Answers:1   |   LastUpdateAt:2012-08-09 15:52:03  

Asked at 2012-08-06 11:01:46
I'm almost exactly $ 200,000.00 dollars in debt and I am single with an income and earn about $ 2,200.00 per month.

The highest paying job I had after 5 years in college was $ 19.00 an hour in which he worked for two years before being fired. Since then , I have not been able to get a really good job to pay with my career.

Here are my dues :

$ 16,000,000 (and counting ) to the IRS. After I bought my house , the IRS stopped working with me, and everything was done to all the threats with which to answer each question with " I see you have a house, do not have to work with you, you can simply put the tax burden at against your home ) what they did.

I am desperate to get out from under this debt and I have heard stories about people making ridiculous solution offered by the IRS and pay pennies on the dollar, but the only settlement that gives me is around $ 15,900.00 ( reduction of $ 100) If I pay immediately.

And this amount is of $ 7,000.00 and the rest are the penalties and fines.

I owe $ 85,000.00 in my house
I owe $ 14,000.00 in medical bills
I owe $ 13,000.00 in credit card bills
i owe $ 5,000.00 in several bills
I owe the utility $ 2,500.00
Sallie Mae I (I had my son consolidation loans ) $ 70,000.00 .

I can not afford any of them right now , besides my house and my payment is $ 832.00 per month. I also live away from home out of state and I have to pay $ 400.00 for an efficiency.

Should I declare bankruptcy ? What chapter should I file and how do you think will help me ?
Answer1Katelynn ReneeAnswered at 2012-08-06 11:08:03
Remember that if you file for bankruptcy , they will take home and everything else . It will also leave a stain on your credit score for a long , long time. Furthermore, bankruptcy will not clear the department with the IRS. You're going to have to pay again to overtime. If they are unwilling to work with you , call an agency collisation department to help you with your bills
Answer2LaseaAnswered at 2012-08-09 15:52:03
If you want to keep your home does not file for bankruptcy. Have you tried working with a company to reduce their payments or sought to consolidate all your bills?
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