If you have had a financial downturn because of job loss, medical matters or some other disaster and you are considering dipping into your retirement funds (pension plan, IRA, 401(k), etc.), keep in mind you can file bankruptcy and hold those funds for the purpose for which they are intended, retirement. Don't spend them, suffer tax penalties and then file. Use Chapter 7 to protect them.
As a parent you have two primary responsibilities, the education of your children and making certain you are never a financial burden on your children. If you are at a point where either of those objectives are in jeopardy, it is time to learn how bankruptcy works and whether now is the right time to get a fresh start.
If your biggest financial problem is tax debt, it may surprise you to learn ordinary income tax that is more than three years old, counting from the date you filed your tax return, can generally be discharged in bankruptcy.
Tennessee law requires that we inform you that this is an advertisement. The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.