Expert: Terry Leeders - 11/21/2008

Question
I am over my head in debt and they are saying they will take me to court over a repossession of a vehicle that wasn't paid for.  I also have school loans, private and community college, payday loans and various other smaller bad credit reports on my credit report.
It's my understanding that once I file, not sure which to go with, 7 or 13, that any further tax refunds will be attached to repay my creditors - is this correct?

Answer
You can exempt certain assets depending on where you live.  Each jurisdiction varies. Some you have to turn over your tax refunds automatically.  Some, it would depend on how much you can protect under your state laws.  Talk to a local bankruptcy attorney in your area to learn more.