Quote:
Originally Posted by RickeyM
Is he allowed to declare bankruptcy to dodge the settlement? If that's the case wouldn't that be open for anyone else do it too?
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A Chapter 7 bankruptcy forgives one of all financial obligations and IRS gets the first dibs. But if I were to do it to get out of my debts, my future will be ruined, all caps.
A Chapter 11 will keep the creditors at bay for a while as a court watches you closely as you get your act together.