if you are able to pay in full immediately and still be able to provide (reasonable amounts) for your food, clothing and shelter, it is highly unlikely the IRS will grant an installment agreement (IA) nor would an offer in compromise be accepted.
info on IRS payment plans
https://www.irs.gov/payments/payment-plans-installment-agreements#eligibility
failure to pay penalty and there is interest also
https://www.irs.gov/payments/failure-to-pay-penalty
IRS discussion of its collection process (when bills are ignored)
https://www.irs.gov/pub/irs-pdf/p594.pdf
info on what can happen if you default on an IA
https://www.mdtaxattorney.com/resources/what-happens-if-i-default-on-my-irs-installment-agreement/
I would advise seeing a specialist ASAP
the short version is that if the IRS does not grant an IA, you'll get a bill (how soon is unknown) and if that isn't paid in the timeframe specified the IRS will start the collection process.
