“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”

The Answer

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.

Big Hug!

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