Think with the IRS code book, as your leg, it is easy to imagine you could settle a Faustian bargain in an attempt to your tax and bankruptcy problems by themselves. Therefore, the first thing you should do if the bankruptcy rears its ugly head in your life, consult with the competent tax & bankruptcy lawyer. You will need one of those on your side to navigate the deep and turbulent waters.
He will tell you the difference between a Chapter 7 BK anda Chapter 13 BK, and the respective effects. Either could be the "correct" choice for you here, if there is such a thing. But you will not know what you do when you get some good advice. And your brother is not well advised. Unless he is also a lawyer experienced in these matters.
If you get into a BK plan, you are either working in a plan with the court with your debtors, where you make monthly payments to the court for them. If you have successfully completedthe courts ranging plan that dealt with the case, and you are left to start anew. If you receive timely payments as agreed, do not be cold, throw your plan and your bankruptcy is effectively broken, so collect your debt by yourself.
If it is assumed from the outset, assuming that you do not have the resources to support a reasonable repayment plan, you will be placed in Chapter 7 is a plan, and your property will be liquefied in order to try and theThey have incurred debts.
No matter how you look at it, bankruptcy is not fun, and you should not be so foolish as to think that you can manage the details yourself. A service by a constable of the court should capture this simple fact.
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