Latest Posts
Home > Ask The Get Out of Debt Experts > I’m in a Balance Liquidation Program and in Collections With United Recovery. Should I Consider Bankruptcy? – Jim

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 .


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.

Get Out of Debt Free Hotline
debt settlement helpstudent loan help

About Steve Rhode

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.
  • Jim

    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 .

    • Steve Rhode

      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.


Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.


I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.

  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.