Tag archive for ‘taxes and bankruptcy’
Discharging Back Taxes in Chapter 7
by Jacob on 7/09/10 | 0 Comment(s)
A lot of my clients find themselves owing back taxes to the IRS. And when I tell my clients that they might be able to discharge their tax debt if they file for chapter 7 bankruptcy, they almost always look at me like I am crazy. But it is true. In some cases, you can [...]
More Changes Regarding Chapter 13 and Tax Returns in Michigan’s Eastern District
by Drew Broaddus on 3/26/10 | 0 Comment(s)
Until January 20, 2010 it was the practice of the U.S. Bankruptcy Court for the Eastern District of Michigan that, where a Chapter 13 confirmation order requires the turnover of a debtor’s tax refunds to the Trustee, the order also include a provision ordering the Internal Revenue Service to pay those refunds directly to the Trustee. On [...]
Why you need to file bankruptcy. . .
by Jay Jump on 3/04/10 | 5 Comment(s)
You can villify me later. For now, I need you to read and get some perspective. Pay attention because we’re going to move fast. You need to file for bankruptcy. Let me say it again for those of you who are still shaking your head. YOU NEED to file for bankruptcy! There, I gave you [...]
Eastern District of Michigan’s Chief Bankruptcy Judge to Participate in Roundtable Discussion About Chapter 7 Bankruptcy Issues
by Drew Broaddus on 2/19/10 | 1 Comment(s)
On February 17, 2010, the U.S. Bankruptcy Court for the Eastern District of Michigan (which covers Detroit, Bay City, and Flint) posted a notice on its website regarding “A Late Afternoon Roundtable Discussion” to take place on Wednesday March 10, 2010 in Southfield, Michigan. The notice (available here) indicates that the discussion will be moderated [...]
Eastern District of Michigan Bankruptcy Court Issues Notice Regarding Tax Refunds in Chapter 13 Cases
by Drew Broaddus on 1/29/10 | 1 Comment(s)
On January 27, 2010, the U.S. Bankruptcy Court for the Eastern District of Michigan (which covers Detroit, Bay City, and Flint) posted a notice on its website regarding the treatment of tax refunds in Chapter 13 cases. The notice (available here) reports that on January 20, 2010, in an action brought by the Internal Revenue [...]
Eastern District of Michigan Encourages Bankruptcy Attorneys to Learn More About Income Tax Issues
by Drew Broaddus on 1/22/10 | 2 Comment(s)
Tax season is again upon us – as evidenced by the instruction booklet I received in the mail earlier this month – which brings up some potentially complicated issues for consumer bankruptcy attorneys. Some of these issues were discussed in two relatively recent articles by John O’Connor on this site, “Be Careful With Tax Refunds [...]
Avoiding Judicial Liens
by Richard Stokan on 11/30/09 | 0 Comment(s)
In an effort to obtain a fresh start with bankruptcy, the bankruptcy code permits a debtor to avoid certain liens on his or her assets. Liens tied to property, ie are secured, cannot be avoided because a discharge only applies to the personal liability of a debtor. However, judicial liens, that attach to an asset [...]
Taxes and Bankruptcy
by Lorraine Greenberg on 6/11/09 | 0 Comment(s)
Many people do not realize that the Bankruptcy Laws are more powerful than even the dreaded Internal Revenue Service. Yes, we can use the Federal Bankruptcy Laws to force the IRS into payment plans. In some instances we can even WIPE OUT tax liability. I have been a Chicago area Bankruptcy Lawyer since 1981. Over [...]
Income Taxes cannot be included in Bankruptcy, right?
by John C. Colwell on 5/25/09 | 0 Comment(s)
Wrong. Back income taxes are a debt owing and are automatically included upon the filing of the bankruptcy petition. This is so, as the IRS routinely scours the bankruptcy records based upon the social security number when the case is filed. Note, as a result of the filing, all prior negotiated payment plans with the [...]
