Best Bankruptcy Lawyers in Ann Arbor, MI

Precise and complex rules determine if tax debt can be wiped out in bankruptcy. These rules consider factors such as the type of tax debt, whether the returns were filed on time or not, what the government has done to collect on the tax, and the age of the tax.

If you have debts because you purchased a vehicle, financed real estate with a mortgage or deed of trust, or financed furniture or appliances and want to keep the property, you still must list these debts in your bankruptcy. But, including debts in a bankruptcy does not mean you have to surrender the property. There are procedures in place to let you keep the important things you own and are continuing to pay on the original, or perhaps better, terms.

Even more affluent or upper-middle-income people live above their means. In many instances, people with a large income are spending more than they make and have debt problems or have had a business fail. They can obtain help in bankruptcy court but may have fewer choices than someone earning much less.