In 2006 I was doing pretty well, my online ventures were doing around $30k profit a month however I am a programmer and did not run the business side of it well at all. (taxes, forming a legit business, etc). My credit score was in the high 700s at that time.
Jump forward to today: I have been pretty much un-employed and not making any decent money in the past 5 years. I have lost every asset I had (house, vehicles, toys, everything). I am now 30 years old, live at home with my parents and owe a lot in debt as well as the IRS.
My credit score is now in the low 600s, might be 5xx even. I owe many credit cards and other old loans, etc. I lost my house to foreclosure owing around 200k on it. My main vehicle was repossessed.
Now I also have the IRS mailing me stuff weekly saying I owe them like $70,000 for 1 year.
- I live at home with parent
- No income
- No vehicle
- Owe numerous Credit cards and other debts
- Owe court fines ($3,000) for various things like driving without a licence
Based on all this, I am basically a bum now. However i'm not as dumb as it sounds, at least not in some areas. I am a software developer and I am now trying to start a small business so that I can at least start bringing in an income to attempt to get out of my hole, or at least put food on the table.
Due to everything listed above, getting a credit card is out of the question. I am also in fear that if I have a bank account which will be required to receive any payments, that the IRS will freeze it.
Does anyone have any advice for my situation? How can I proceed? What would you do in such a situation?