I have 2 questions 1st I owe the IRS can i file bankruptcy against that money 2nd my only veical is a motercycle can they take it?

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I have 2 questions 1st I owe the IRS can i file bankruptcy against that money 2nd my only veical is a motercycle can they take it?

I know that I can file against some of the money I owe the IRS but how many years back does it start also I own no property the only means of transportation I have is a 2003 motorcycle worth about 3000.00 can they take it when I file??

Asked on May 11, 2009 under Bankruptcy Law, Illinois

Answers:

LAR, Member CA State Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

If you have IRS issues, you should consult a qualified bankruptcy attorney.  There are debts that cannot be discharged in a bankruptcy and monies owed the IRS is one of these.  There are very particular rules about this kind of debt and you should be aware that it will involve court proceedings to adjudicate your ultimate obligation. 

The Bankruptcy Code allows for Federal and State exemptions of property that you may keep and creditors cannot touch.  If you use the motorcycle to get to work and other necessary activity, you will be able to keep it.  An attorney can properly advise you as to whether on the application of exemptions in your State.  Since there is IRS debt involved here, you should seek assistance.


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