My first day

[makeitgoaway]

Hi!
I am contemplating bankruptcy... can anyone answer a few ???

Do the creditors call and harrass me?

What about the kids' college funds?

Is it true that back taxes can go away also?

What does income have to do with it if we own nothing?

Do they let us each keep a car for work?

Ugh...

Thanks

[FilingOnMyOwn]

Hi!
I am contemplating bankruptcy... can anyone answer a few ???

Do the creditors call and harrass me?

What about the kids' college funds?

Is it true that back taxes can go away also?

What does income have to do with it if we own nothing?

Do they let us each keep a car for work?

Ugh...

Thanks

The creditors will be legally obligated to never contact you again.

Chances are the kids college funds belong to them and can be kept, you should definately use an attorney to make sure things go smoothly.

Income decides whether you can afford to pay money back. If you have disposable income, they can force you into a chapter 13 repayment plan. An attorney will be able to give you all the specifics on your case and the risks involved.

You are able to keep vehicles and property up to the allowed exemption for your state. If you own vehicles whose value exceeds the allowable exemption, the trustee may decide to take them, make you pay the difference over the exemptable amount, or allow you to keep them anyways, at his sole discretion.

I don't know about the taxes, ask your attorney about it.

[poorme]

Regarding back taxes...

Certain federal taxes can be included and discharged in your bk, particulalrly if it's a ch 7. Generally speaking, tax debts for the last three (3) years cannot be included, but older ones can. HOWEVER, please do yourself a favor and engage the help of a tax professional and make sure they KNOW this, as there are some unique nuances to whether taxes > 3 years get wiped out. Beware of those who 'think' IRS debts can't be eliminated, the law DOES allow it!

Good Luck.