With the IRS Code book as think as your leg, it's easy to imagine you could make a Faustian Bargain in trying to settle your tax and bankruptcy problems yourself. That's why the first thing you should do when bankruptcy rears its ugly head in your life, is to consult a competent tax & bankruptcy attorney. You will need one of those on your side, in order to navigate these deep and turbulent waters.
He will explain to you the difference between a Chapter 7 BK and a Chapter 13 BK, and each of their implications. Either one could be the "right" choice for you here, if there is such a thing. But you won't know which one unless you get some good advice. And your brother in law isn't good advice. Unless he's also an attorney experienced in these matters.
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When you get into a BK plan, you will either enter into a plan with the court to work with your debtors, where you will make monthly payments to the court for them. When you have successfully completed the courts laid-out plan, your case is discharged, and you are left to begin anew. If you fail to make timely payments as agreed to, you cold be kicked out of your plan and your bankruptcy is effectively cancelled, leaving your debtors to collect from you themselves.
If it is deemed at the outset that you don't have the resources to support a reasonable repayment plan, you will be put into a Chapter 7 plan, and your possessions will be liquefied in order to try and satisfy the debt you have incurred.
Any way you slice it, bankruptcy is not fun, and you should never be so foolish as to think you can manage the details yourself. One service from a constable of the court should wake you up to that simple fact.
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