Hi, I am trying to decide whether or not to proceed with a bankruptcy filing. I was one of the many who got caught with a bank loan I could not float on a house build. Long story short, after defaulting; the bank is coming after me for $125,000. I know that it won't be long before the bank forgives the debt since I cannot possibly pay it and leaves me stuck with debt owed to the IRS for a forgiven debt; which I cannot file bankruptcy on. I am currently unemployed and even when I am working; I make a maximum of $15 per hour. So there is no way I could pay off 25 to 33 percent of the $125,000 the IRS would demand in taxes. I don't want to file bankruptcy but unless I could settle out for a very low amount with the IRS; I have no choice. What would be a realistic IRS settlement amount based on them taxing $125,000 in forgiven debt? Thanks for your time and help.