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  • Home
  • About
    • Edward J. Gudeman
    • Brian A. Rookard
    • Katherine Shinn
    • Jon M. Silver
    • Staff
  • Practice Areas
    • Bankruptcy
    • Business Law
    • Estate Planning
    • – Durable Powers of Attorney
    • – Health Care Powers of Attorney
    • – Family LLC
    • Federal & State Tax
    • Probate
    • Real Estate
    • Other Services
  • Testimonials
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Call us today : 248-927-2755

Bankruptcy And Tax Issues

Taxes And Bankruptcy: Some Things To Know, Some Things To Ask About.

As you go through bankruptcy in Michigan or elsewhere, tax matters of various types may require your attention and awareness. At Gudeman & Associates, P.C., our attorneys are highly knowledgeable about both bankruptcy and taxation issues. We will be able to advise you in all aspects of your financial big picture that have to do with your bankruptcy and tax liabilities or benefits.

Some Questions And Answers

Get myths busted and bring your questions to our attention. Meanwhile, look over the following sample questions and answers.

Does the government of Michigan need to know that I am filing bankruptcy?

Yes, The Michigan Department of Treasury asks taxpayers who are filing bankruptcy to notify the department. Throughout a bankruptcy, a taxpayer and their lawyer(s) should use the bankruptcy unit within the Collection Services Bureau of the Michigan Department of Treasury as their point of contact with the state.

What if I have a tax refund due to me?

With a Chapter 7 bankruptcy, any pending tax refund will be sent to you after the completion of your bankruptcy. In a Chapter 13 bankruptcy, your refunds will come to you directly as they normally do.

What if I owe taxes?

Most taxes are not dischargeable in bankruptcy. You may need to pay back taxes after your Chapter 7 bankruptcy is complete or you may repay back taxes as part of your Chapter 13 debt reorganization. Certain types of taxes may be discharged as part of your bankruptcy if you meet certain criteria. It is important to work closely with an attorney to determine what steps you should take. Timing may be critical.

Can I set up an installment agreement or initiate an Offer in Compromise (OIC) during my bankruptcy to account for unpaid back taxes?

The Michigan Department of Treasury’s answer to both questions is no. However, if you file a Chapter 13 bankruptcy, your back taxes will likely be built into your three-to-five-year debt reorganization and repayment plan.

Will I need to pay taxes on the value of debts that are wiped out through my bankruptcy discharge?

No, and this is a great advantage of bankruptcy. In contrast, if your debts are forgiven through settlement negotiations, the value of those forgiven debts may be considered taxable income.

What If I Have More Questions?

Contact Gudeman & Associates, P.C., by phone at 248-546-2800 or send an email request for a free consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Contact

Gudeman & Associates, P.C
401 N. Main Street
Royal Oak, MI 48067



Email: Edward J. Gudeman
Phone: 248-546-2800

Hours

Monday-Thursday - 8:30 AM to 5:00 PM
Friday: 8:30 AM to 1 PM
Saturday-Sunday: CLOSED

How To Get To Us

401 N. Main Street
Royal Oak, MI 48067

Client Review

“Went to see Ed Gudeman for a Will and Testament. Mr. Gudeman explained about Wills versus Trusts and all the laws surrounding each and what would be best for our situation. We were amazed how much information needs to be collected to use in the trust. It took about 6 weeks to compile everything and then a draft copy was given to us to read and correct any mistakes,errors or changes. Working with the legal assistant Samantha was very easy and reassuring. I will recommend Gudeman and Associates to anyone that needs their Will or Trust set up.”
Lori M
Client Review

Let’s Talk AboutYour Financial Future. Call For A Consultation.

For trusted help in matters of bankruptcy, estates, business, taxation or real estate, we encourage you to contact us for a no-obligation consultation. During our first meeting at our Royal Oak office, over the phone or via videoconference, you will be introduced to your main point of contact who will work closely with you throughout your case. We will take the time to listen to your story, answer your questions and develop a plan for success. No judgment, just advice geared toward your financial goals backed by decades of experience.

Please call 248-927-2755 or send us an email to learn more or to schedule an appointment. We look forward to serving you.

Attorney Edward J. Gudeman

Edward J. Gudeman

Attorney Brian A. Rookard

Brian A. Rookard

Attorney Katherine Shinn

Katherine Shinn

Attorney Jon M. Silver

Jon M. Silver


HOW CAN WE HELP?

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Gudeman & Associates, P.C.

Contact The Office

Address

401 N. Main Street
Royal Oak, MI 48067

Phone

New Clients: 248-927-2755
Existing Clients: 248-546-2800
Royal Oak Office

New Clients: (248)-927-2755
Existing Clients: (248) 546-2800
ejgudeman@gudemanlaw.com 401 N. Main Street
Royal Oak, MI 48067

Also Serving: Southfield MI
Warren MI
Troy MI Fenton MI

Business Hours:
Monday-Thursday:
8:30am-5:00pm
Friday: 8:30am-1pm
Saturday-Sunday: CLOSED

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Hours

Sun: - CLOSED
Mon - Fri: 9:00 AM to 5:30 PM
Sat: - 9:00 AM to 1:00 PM

Address

401 N. Main Street
Royal Oak, MI 48067

(248)-546-2800
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