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Attorney Mike Shovan (989)847-6030

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Month: March 2010

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Is the debt canceled in a short sale treated as taxable income?

March 28, 2010March 30, 2023 Mike Shovan

The Mortgage Forgiveness Debt Relief Act of 2007 excludes canceled debts on your personal residence from being classified as income.This special, limited exception was extended

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Bankruptcy & Student Loan Relief

What’s the difference between the cancellation of a debt or the discharge of that same debt in a Michigan bankruptcy?

March 28, 2010March 30, 2023 Mike Shovan

The difference has huge tax implications. Discharged debt is not taxed as income to you – BUT canceled debt is treated as income and taxed.

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Bankruptcy & Student Loan Relief

Bankruptcies are on the rise in February of 2010

March 3, 2010March 30, 2023 Mike Shovan

The new law Congress passed to slow down bankruptcy filings is not working. All the new law does is impose unnecessary cost burdens on you.

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