I am in the state of California. I need advice on what chapter of bankruptcy i should file. Last week i went to see (2) bankruptcy attorneys and got 2 different recommendations eventhough i gave them the same information. Please assist me on this . Here is my scenario:
Single , 48 years old , 1 child living with me, Do not hold any real estate or any assets of value . Living month to month(Nothing worth $1000 or more)
The background is that the last tax return I filed was in 2003. From 2003 to 2013 i have been mostly self employed as a Real Estate Broker. From 2003-2006 i made some money but never made more than 40k a year (Gross). I owned 2 houses and did manage to live in both over the years to establish them as principle residences. From 2007-2012 i went through a difficult period in my life and struggled to make money but i still spent like i was "rich" ....As a result i lived off equity
from the homes by taking out numerous hard money equity loans and living off of my credit cards that I had which was many because i had great credit. By 2009 i went through the equity and had lost the homes. From 2010-2013 i worked numerous independent contractor jobs never making more than 30 k a year max.
CURRENTLY...as of Nov 2013 i am about to take on a new business venture of which i am quite confident will explode my income. I do have control of when this opportunity starts and when i will start showing income from this new venture. As a result i am ready to clean up my life. I would like to file all of the past returns so that i am current. I also will declare BK for this fresh start. Here are the Items attached to me currently:
$120k-$150k Credit Card Debt
Estimate Includes Penaltys Interest factored in/ Also 2 of the creditors filed suits and received judgments. I think they are for $25k and 15k however they are part of the amount i included.
$5000 Auto Reposession
$13,000 Eviction Judgement from a Landlord
$25,000 FTB Tax Lien for years 2004-2012 that they "estimated" i made because of my
professional license i have. They attached some checking accounts i have but i
have been really careful to never put any larger amounts in any personal accounts.
One Attorney said to file Chapter 13
One Attorney Said file 7 ......then file 13 if you find out you owe taxes
and want a payment plan.
So my question is what Chapter of BK should i file? Any other "words of wisdom" given my particular situation?