Category: Taxes

Attorney Mike Griener of Macomb Michigan Discusses Taxes in Bankruptcy


Hi, my name’s Mike Greiner. I’m a lawyer with the financial law group located here in Warren, Michigan. And we specialize in bankruptcy law and debt creditor law here. My phone number is 586-693-2000. My website is financiallawgroup.com. I’m here to talk to you today about taxes and whether they’re dischargeable in a bankruptcy. One of the big surprises that a lot of people have is that taxes, if they’re older that three years old, under most circumstances can be dischargeable in a bankruptcy case.

Even if they’re less than 3 years old. There might be something we can do to address your tax liability through a chapter 13 case. Put together a payment arrangement which usually is over a longer period of time and lower interest rate than either the IRS or state is willing to work out with you.

For more recent tax liabilities where it’s a large tax liability and what you wanna do is try to find some kind of settlement. We actually don’t handle that but I can recommend a CPA in particular, located here in Michigan. His name is Mike Franskoviak, and he can do negotiations with the IRS or the state to come up with a lower tax liability for you that you can pay off. Say for example if you could borrow money out of a 401k or an IRA or something like that to pay it off. But for old tax liabilities I certainly recommend that you look at a chapter 7 bankruptcy because that could wipe out the tax debt. Even more recent ones, Chapter 13 could help you pay it over time, with really very low interest rate. And over a longer period of time than you might have otherwise. If you want to discuss issues related to tax liability and bankruptcy.

Please feel free to give me a call. I offer free consultations. My phone number is 586-693-2000 and my website is financiallawgroup.com.

Posted by Michigan Bankruptcy Attorney - Michael Greiner Aug 26, 2011
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Bankruptcy Attorney- Taxes and Bankruptcy

Hi, my name’s Mike Greiner and I’m a bankruptcy attorney here at the Financial Law Group located in Warren Michigan in Macomb County. Our website is financiallawgroup.com and our phone number is 586-693-2000. We do offer free consultations for bankruptcy clients. I’m here to talk to you today about taxes and bankruptcy. Now there are a couple ways that we can address tax liability in bankruptcy cases. One is if a tax debt is more than 3 years old, often times we’re able to get that discharged through Chapter 7 bankruptcy case. So if you’ve got older tax debts where there has not been a tax lien or if there’s no real estate that you own that that tax lien can attach to. Then, often times, we can get rid of that debt through bankruptcy, and that’s certainly something worth thinking about. That’s the first thing. The second thing that can be done is, even if a tax debt is more recent we’ve been able to do chapter 13 cases to resolve the payments on the taxes. Often times, the chapter 13′s are able to get rid of certain penalties, certain interests, and that type of thing, that you would be liable for otherwise. And often make up a portion of the settlement that you need to come to with the IRS risk outside the bankruptcy court.

The other thing too is that it can result in a payment arrangement which is usually paid over five years and often times is, is going to be a lower payment than you would be able to work out with the IRS cause usually they require things to be paid off in two years or less. So taxes are something that can be addressed through bankruptcy. It’s not always the best option but it can be, it can be under certain circumstances so I definitely suggest people facing a tax liability, you might want to talk to a bankruptcy attorney as well.

Again, I’m with the Financial Law Group here in Warren, Michigan in Macomb County. The number is 586-693-2000 and my website is financiallawgroup.com

Posted by Michigan Bankruptcy Attorney - Michael Greiner Jun 24, 2011
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