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To Bk or not to BK
I am in a quandary over this situation that I have gotten myself into, so here is a little insight to let you know where I currently stand.
I am unfortunately in a real estate related field, and the future potential of that industry looks pretty bleak. I also was in the hospital about a yr. ago for a serious medical situation, and couldn’t work most of the last year, but I am fully recovered and I can now work.
To start with, I need to file my taxes, and get caught up with the IRS. I am now willing to do this. I have not filed in about 10 yrs, so I am ready to work towards getting them paid up/off. In addition, I have about 50k in consumer debt to clear up.
So my question is, how do I go about clearing this mess up? Additionally, I am not liquid at this point, but I may be able to come up with borrowed funds to get me straightened out. I can’t count on that yet, until I have a clear cut plan that moves me forward, which includes income producing employment that is not commission generated.
If I get these funds, would an “offer in compromise” be a way out of the tax issue, then deal with the creditors separately? I prefer not to file a BK, but if that is the best option, I will consider it. If I cannot receive these funds, then what are my options?
I am planning to leave the real estate industry, for health reasons and the inability to generate significant income to move forward.
This open post was written 1 year, 3 months ago | V/U/S: 110, 2, 2 | Edit Post | Leave a reply | Report Post
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