Michigan Bankruptcy Blog

Must I File All Tax Returns Before Filing Bankruptcy?

Must I File All Tax Returns Before Filing Bankruptcy?

Tax Returns Must Be Filed Before Filing Bankruptcy—and You'll Be Glad They Were! There are some mandatory, legal reasons why you need to file any un-filed tax returns from prior tax years that you haven't gotten around to filing before proceeding into a Chapter 7 or Chapter 13 bankruptcy, and then there are some very practical reasons why you want to make sure you've done that before filing a bankruptcy. It is for these reasons that an ...

Posted on July 8th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , ,

Can I Keep My Tax Refund in Chapter 13 Bankruptcy?

Whether or not you are allowed to keep your tax refund in Chapter 13 bankruptcy or whether you must turn it over to the Chapter 13 Trustee depends greatly upon 2 things: (1) where you are located; and (2) how much you are repaying your creditors. Keeping a Tax Refund in Chapter 13 Bankruptcy: Location, Location, Location! The reason that location or geography is important in resolving this question is that it is a very "jurisdiction-specific" question. ...

Posted on April 13th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , ,

Tax Refunds and Bankruptcy: Can You Keep Your Money?

Tax Refunds and Bankruptcy: Asset vs. Income in Chapter 7 or Chapter 13 Bankruptcy in Michigan The issues involved in Federal or Michigan tax refunds and bankruptcy are several. One one hand, an expected tax refund is an asset that must be listed and exempted in either a Chapter 7 or a Chapter 13 bankruptcy. In a Chapter 7 bankruptcy, in which assets are potentially liquidated by the Chapter 7 Trustee, if the expected refund cannot ...

Posted on November 30th, 2012 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , ,