What are my options concerning my debts? 25 Answers as of August 25, 2011

if you file bk, you can discharge the CC debt. the tax liability is only dischargeable if it's over 3yrs old. a bk filing will stay the lawsuit, if they obtain jmt you can discharge that in the bk as well assuming it isn't a fraudulent cause of action.

You can consider filing for bankruptcy. It is difficult to assess what chapter you can qualify for based on the info below, but at first glance, it looks like it may be a chapter 13 unless you can pass the means test. It will also depend on how many dependents you have in your house hold and if that $6K below is gross or net. The IRS debt may also be eligible for discharge if it can meet certain requirements. If you have a lawsuit as a result from not paying your debt and the debt settlement firm is unable to resolve that and the lawsuit had resulted in a default judgment, then you may risk having that judgment enforced by receiving a wage garnishment, property lien or bank account restraint. If that were to occur, then you should really should consider your bankruptcy option as there isn't much negotiation with a creditor who has a judgment and is able to enforce it against you and collect on it. You should probably consult with a bankruptcy attorney sooner than later to sort out where you stand and what the best course of action is for you.

It depends upon satisfying the means test and various factors such as how many people in the household and other expenses.

You used the word "we" - you might be eligible for chapter 7 bankruptcy. Don't be afraid to file. Congress gave you that right.

Unless you have a very large family you probably will have to file a Ch 13 . The debt settlement process generally dies not work out in your best interest.

You should have a consultation with a bankruptcy attorney in your area to examine your options.

Negotiate with the attorneys representing the credit card company for a reasonable sum. If acceptable, the case may be dismissed.

One option when you owe debts you cannot afford to pay in full is to file chapter 13. A payment plan can be porposed for a period of 3-5 years. You can keep your assets.

Consider filing a Chapter 7, but your ability to do so depends on your household income, number of household members and any potential assets, i.e.home equity, money, investments etc. You need a consultation. A chapter 13 may also work as it can reduce your monthly payments on your car and other credit card debt.

You can be helped and your situation can be fixed by a Bankruptcy Attorney.