If you are facing stress like most Americas, there are options you manage the debt.
The first option is debt settlement. Often a negotiated settlement can be reached for a payout or lump sum settlement of 30-50% of the debt. The unpaid balance must be reported to the IRS so you may be taxed on that which adds your expense to settle.
The option is either a Chapter 13 or Chapter 7 bankruptcy. If you have steady income and are behind on your house payment and face foreclosure, a Chapter 13 bankruptcy can save your house in an individual reorganization. This involves a payment plan over 36 to 60months that the creditors must accept if it is your best effort. It can help prevent your car from repossession or garnishment of your bank account or keep the IRS from selling your assets.
If you have no income or it is limited, then consider a Chapter 7. You can file that and keep your house and vehicle plus your personal property (furniture, electronics, etc.) in almost all cases.
To stop creditor harassment, lawsuits, garnishment, keep your house and car and stop IRS, we can give you options with a no charge consultation. Do not hesitate to contact us – we will help lift the weight of the financial stress from your shoulders