Should I file Bankruptcy in my current financial situation?
I am almost exactly 0,000.00 dollars in debt and I am single with one income and earn around ,200.00 per month.
The highest paying job I had after 5 years on college has been at .00 an hour where I worked for two years before getting laid off. Ever since, I have not been able to get a really good paying job with my degree.
Here are my debts:
,000.000 (and rising) to the IRS. After I bought my home, the IRS stopped working with me and everything became all threats with them answering every question with "I see you have a home, we don’t have to work with you-we can simply put the tax lien against your home) which they did.
I’m desperate to get from under this debt and I have heard stories about people making ridiculous settlement offers to the IRS and paying pennies on the dollar but the only settlement they will offer me is around ,900.00 (a 0 dollar reduction) IF I pay right away.
And this amount is originally ,000.00 with the rest being penalties and fees.
I owe ,000.00 on my home
I owe ,000.00 in medical bills
I owe ,000.00 in credit card bills
i owe ,000.00 in miscellaneous bills
I owe the utility company ,500.00
I owe Sallie mae (I had my student loans consolidated) ,000.00.
I can’t pay on any of them right now besides my home and my payment on that is 2.00 per month. I also live away from my home out of state and I pay 0.00 dollars for an efficiency.
Should I file bankruptcy? Which chapter should I file and how do you think it will help me?
PS-
I forgot to mention I just had a judgement filed against me by the lawyers for my HOA for 1,700.00 dollars and NOooooooooo I DO NOT want to sell my home. It will be lightyears before I’m able to buy another one.
The first answer given is why I want only "knowlegeable" folks to answer because they take the home if you file Ch. 7 NOT Ch. 13.