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I’m in a Balance Liquidation Program and in Collections With United Recovery. Should I Consider Bankruptcy? – Jim

“Dear Steve,

I owe 64K in unsecured debt ,I have one card on a Balance Liquidation Plan , another on a 1 year customer care program, and one in collections with United Recovery . Also two smaller ones . I’m self employed and business is very off due to the economy . I have yet to pay any corperate taxes for the last year Fed. , or State at about $6k . I’m thinking of filing for bankrupcy . Is this the best choice ? and would I be able to keep my house ? Any help would be appreciated .

Jim”

Dear Jim,

Based on the upcoming tax liabilities it would make sense to investigate bankruptcy and prepare yourself to pay back the IRS and state debts. They are much more severe than the others.

Depending on the state you live in, the equity in your house and the type of bankruptcy you file you will be able to keep your house.

Click here to find a local bankruptcy attorney and ask all your questions. Don’t be embarrassed.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

Sincerly,
Steve

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

READ  Is the Balance Liquidation Program from Chase, Real? - Jim



About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • Steve , Thanks for the reply . I spoke to my attny. about a chaper 13 . He did say my house was worth to much and first refered me to a CCCS as required . He also said to get a hold on the back taxes just as you had . After I speak to the CCCs if they can’t help me I will go back to him . What is the difference between a 3 and a 5 year plan . I read about it but I still didn’t get it . If you don’t make the state min. you get a 3 year plan ,if you do you get a 5 year plan . Could you explan a little . I have my appointment next week . Thanks Jim .

    • It has more to do with your district approach. Some districts are more strict than others. Best to discuss this with your local attorney who has specific experience in your area.

      Steve

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