Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. Please note that when you file a bankruptcy, you cannot pick and choose and instead have to list all of your bills. And that includes those creditors that you are in good standing with. So you will not be able to use the credit cards any longer. As for your car loans, those are secured debts and so long as you keep paying the monthly payments, you can keep the cars. Regarding the IRS, if you have taxes that are owing more than five years,and you have filed your returns on time, some of your taxes may be discharged. but if they are newer obligations, the BK filing will not help. But my advice is to sit down with a BK attorney who wil probably suggest that you file a chapter 13 BK which will take care of paying the IRS though you may pay back very little or even zero to your other creditors. He will also discuss how the BK affects the lawsuit. But do get advice ASAP and note that most BK attorneys offer free consultations.

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