.jpg)
[BK] Tax lien Strip
charset="ISO-8859-1"
The tax lien secures payment of a specific year or account. That year or
account is either priority or general.
The POC will report $5,000 of secured debt, and it will relate to a specific
year. The POC will always assume that the IRS is going to get paid the
secured amount.
IRS always applies payments in the way that is in its best interest.
Remember that rule, and you understand a great deal about the taxing
authority.
Let's say that the tax lien covers all the liabilities you list below. The
IRS will take $5,000 of the general unsecured liability and make it secured,
and leave the rest the way it is, because it would rather have the security
use up general unsecured debt than priority debt, which will still be owed
at the end of the day anyway.
So, assuming that the tax lien covers all the liabilities you mention, the
POC will look more like your first than your second scenario.
John D. Faucher
Hurlbett & Faucher, LLP
On 2/15/12 4:45 PM, "Alik Segal" wrote:
>
>
>
>
>
> Mates, here's a follow up question:
>
>
> When the IRS lien attaches to property, does it first make secured general tax
> debts or priority tax debts?
>
> For example, debtor has 5K of personal property when the IRS lien is filed.
> Before the lien was filed, debtor owed 15K in general tax debts and 25K in
> priority tax debts. Now that the lien has been filed 5K has become secured.
>
> Did this reduce the general tax debts or the priority tax debts?
>
> In other words, is the breakdown now
>
> 1. Secured5K, Priority25K, General10K; or
> 2. Secured5K, Priority20K, and General15K.
>
> Thanks,
>
> Alik
>
>
> On Wed, Dec 21, 2011 at 8:45 PM, Mitchell Goldstein
> wrote:
>> The IRS amended its POC down to the value of the personal property. Paying
>> off that portion will satisfy the lien. They pointed out a case that says
>> that I cannot strip the lien because it attaches to real and personal
>> property. I cannot bifurcate the lien into a lien on real property and a lien
>> on personal property. Of course, I can cram it down to the value of all
>> property.
>>
>> Regardless, the issue is settled.
>>
>>
>> On Sun, Oct 23, 2011 at 11:02 PM, Mitchell Goldstein
>> wrote:
>>> I am still exploring them. I have a case with real estate that is worth less
>>> than the first mortgage. There are also a number of other liens. I need to
>>> figure out what the status is of those liens and how to get rid of them.
>>>
>>>
>>> On Sun, Oct 23, 2011 at 1:41 AM, Elaine Dowling
>>> wrote:
>>>> What are your facts? I am curious exactly what you are doing and how.
>>>>
>>>> On 10/19/11, morgan@morganking.com wrote:
>>>>> > Remember to serve also on the Attorney General per Rule 7004(b)(4).
>>>>> >
>>>>> > HOWEVER, are you sure you want to do an adversary to strip a tax lien?
>>>>> The
>>>>> > weight of authority is that you can't strip a tax lien in chapter 7, and
>>>>> in
>>>>> > chapter 13 there may be simpler ways to do it. Rule 7001 permits or
>>>>> requires
>>>>> > adversary actions only to adjudicate the "validity, priority, or extent"
>>>>> of
>>>>> > a lien, and none of those have to do with lien stripping. Validity
>>>>> refers to
>>>>> > technical procedures, priority deals with order in which priority
>>>>> exists,
>>>>> > and extent refers to which property, exactly, the lien attaches.
>>>>> >
>>>>> > Typically, to "strip" a tax lien in chapter 13, you would file a motion
>>>>> to
>>>>> > determine the value of the secured portion, then provide for stripping
>>>>> in
>>>>> > the plan. Of course, local practice may vary this formula.
>>>>> >
>>>>> > If a chapter 7, and the taxes are dischargeable, you have in effect a de
>>>>> > facto stripping, since the lien only survives as to the property the d
>>>>> ebtor
>>>>> > owns as of the petition date.
>>>>> >
>>>>> > - Morgan
>>>>> >
>>>>> >
>>>>> >
>>>>> >
>>>>> >
>>>>> > ------- Original Message ------- On 10/19/2011 7:27 PM Mitchell
>>>>> Goldstein
>>>>> > wrote:
>>>>> > I am doing a tax lien strip under 506. What is different about suing the
>>>>> > United States Government? I believe that I have to serve IRS, the U.S.
>>>>> > Attorney in this area AND they get more time to respond. Is that it?
>>>>> >
>>>>> > Is there any reason to file the suit against them separately from
>>>>> everyone
>>>>> > else (there are other liens)?
>>>>> > If some liens can be stripped under 522 and others under 506, is it
>>>>> worth
>>>>> > filing a separate motion for some and AP for the rest (I would like to
>>>>> do
>>>>> > one AP for all of them because the issue is the same - how much is the
>>>>> > property worth and what is owed on it).
>>>>> >
>>>>> > --
>>>>> > Mitchell P. Goldstein, Esq.
>>>>> > Goldstein Law Group, Inc.
>>>>> > 9962 Brook Road, #647, Glen Allen, VA 23059 (Mailing Address & Address
>>>>> for
>>>>> > Virtual Office)
>>>>> > 102 E. Cary Street, Richmond, VA 23219 (Richmond Office)
>>>>> > CAROLINE COUNTY OFFICE COMING SOON
>>>>> > (804) 592-1674
>>>>> > I use this address only for listservs. All off-list communications
>>>>> should go
>>>>> > to mitch@mitchellpgoldstein.com.
>>>>> > www.morethanbankruptcy.com
>>>>> > LinkedIn: http://www.linkedin.com/in/mpgoldstein
>>>>> >
>>>>> > The Goldstein Law Group serves individuals and small businesses in
>>>>> Consumer
>>>>> > Law (Debt Defense, Bankruptcy, FDCPA, RESPA), and Information Law
>>>>> (Trademark
>>>>> > Law, Copyright Law, Privacy, Computer and Internet Law)
>>>>> >
>>>>> > I have been designated as a federal debt relief agency by an act of
>>>>> > Congress. Among other services, I help people obtain relief from their
>>>>> debts
>>>>> > through the Bankruptcy Code.
>>>>> >
>>>>> >
>>>>> >
>>>>> > CONFIDENTIALITY NOTICE: This e-mail transmission, and any documents,
>>>>> files
>>>>> > or previous e-mail messages attached to it, may contain confidential
>>>>> > information that is legally privileged. If you are not the intended
>>>>> > recipient, or a person responsible for delivering it to the intended
>>>>> > recipient, you are hereby notified that any disclosure, copying,
>>>>> > distribution or use of any of the information contained in or attached
>>>>> to
>>>>> > this message is STRICTLY PROHIBITED. If you have received this
>>>>> transmission
>>>>> > in error, please immediately notify us by reply e-mail at
>>>>> > cgooding@goodingfirm.com, ocgood@aol.com or by telephone at 405.948.1978
>>>>> ,
>>>>> > and destroy the original transmission and its attachments without
>>>>> reading
>>>>> > them or saving them to disk. Thank you. This email is covered by the
>>>>> > Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 and is
>>>>> legally
>>>>> > privileged. This information is confidential information and is intended
>>>>> > only for the use of the individual or entity named above. If the reader
>>>>> of
>>>>> > this message is not the intended recipient, you are hereby notified that
>>>>> any
>>>>> > dissemination, distribution or copying of this communication is strictly
>>>>> > prohibited. IRS Circular 230 Disclosure: To ensure compliance with
>>>>> > requirements imposed by the IRS, we inform you that any U.S. federal tax
>>>>> > advice contained in this communication (including any attachments) is
>>>>> not
>>>>> > intended or written to be used, and cannot be used, for the purpose of
>>>>> (i)
>>>>> > avoiding penalties under the Internal Revenue Code or (ii) promoting,
>>>>> > marketing or recommending to another party any transaction or matter
>>>>> > addressed herein.
>>>>
>>>> --
>>>> Sent from my mobile device
>>>>
>>>> Elaine M. Dowling
>>>> Oklahoma City, OK
>>>> www.dowlinglawoffice.com
>>>
>>>
>>>
>>> --
>>> Mitchell P. Goldstein, Esq.
>>> Goldstein Law Group, Inc.
>>> 9962 Brook Road, #647, Glen Allen, VA 23059 (Mailing Address & Address for
>>> Virtual Office)
>>> 102 E. Cary Street, Richmond, VA 23219 (Richmond Office)
>>> CAROLINE COUNTY OFFICE COMING SOON
>>> (804) 592-1674
>>> I use this address only for listservs. All off-list communications should go
>>> to mitch@mitchellpgoldstein.com.
>>> www.morethanbankruptcy.com
>>> LinkedIn: http://www.linkedin.com/in/mpgoldstein
>>>
>>> The Goldstein Law Group serves individuals and small businesses in Consumer
>>> Law (Debt Defense, Bankruptcy, FDCPA, RESPA), and Information Law (Trademark
>>> Law, Copyright Law, Privacy, Computer and Internet Law)
>>>
>>> I have been designated as a federal debt relief agency by an act of
>>> Congress. Among other services, I help people obtain relief from their debts
>>> through the Bankruptcy Code.
>>>
>>
>>
>>
>> --
>> Mitchell P. Goldstein, Esq.
>> Goldstein Law Group, Inc.
>> 9962 Brook Road, #647, Glen Allen, VA 23059 (Mailing Address & Address for
>> Virtual Office)
>> 102 E. Cary Street, Richmond, VA 23219 (Richmond Office)
>> NEW OFFICE: 7350 Ladysmith Road, Ruther Glen, VA 22546
>>
>> (804) 592-1674
>> I use this address only for listservs. All off-list communications should go
>> to mitch@mitchellpgoldstein.com.
>> www.morethanbankruptcy.com
>> LinkedIn: http://www.linkedin.com/in/mpgoldstein
>>
>> Text MPGOLDSTEIN TO 50500 for my electronic business card.
>>
>>
>> The Goldstein Law Group serves individuals and small businesses in Consumer
>> Law (Debt Defense, Bankruptcy, FDCPA, RESPA), and Information Law (Trademark
>> Law, Copyright Law, Privacy, Computer and Internet Law)
>>
>> I have been designated as a federal debt relief agency by an act of Congress.
>> Among other services, I help people obtain relief from their debts through
>> the Bankruptcy Code.
>>
>
>
>
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> California Central District
>
>
>
>
>
charset="ISO-8859-1"
The tax lien secures payment of a specific year or account. That year or account is either priority or general. The POC will report $5,000 of secured debt, and it will relate to a specific year. The POC will always assume that the IRS is going to get paid the secured amount. IRS always applies payments in the way that is in its best interest. Remember that rule, and you understand a great deal about the taxing authority. Let's say that the tax lien covers all the liabilities you list below. The IRS will take $5,000 of the general unsecured liability and make it secured, and leave the rest the way it is, because it would rather have the security use up general unsecured debt than priority debt, which will still be owed at the end of the day anyway. So, assuming that the tax lien covers all the liabilities you mention, the POC will look more like your first than your second scenario. John D. FaucherHurlbett & Faucher, LLPOn 2/15/12 4:45 PM, "Alik Segal" <listserv.inbox@gmail.com> wrote:
Mates, here's a follow up question:When the IRS lien attaches to property, does it first make secured general tax debts or priority tax debts? For example, debtor has 5K of personal property when the IRS lien is filed. Before the lien was filed, debtor owed 15K in general tax debts and 25K in priority tax debts. Now that the lien has been filed 5K has become secured. Did this reduce the general tax debts or the priority tax debts? In other words, is the breakdown now1. Secured5K, Priority25K, General10K; or2. Secured5K, Priority20K, and General15K.
The post was migrated from Yahoo.
charset="ISO-8859-1"
The tax lien secures payment of a specific year or account. That year or
account is either priority or general.
The POC will report $5,000 of secured debt, and it will relate to a specific
year. The POC will always assume that the IRS is going to get paid the
secured amount.
IRS always applies payments in the way that is in its best interest.
Remember that rule, and you understand a great deal about the taxing
authority.
Let's say that the tax lien covers all the liabilities you list below. The
IRS will take $5,000 of the general unsecured liability and make it secured,
and leave the rest the way it is, because it would rather have the security
use up general unsecured debt than priority debt, which will still be owed
at the end of the day anyway.
So, assuming that the tax lien covers all the liabilities you mention, the
POC will look more like your first than your second scenario.
John D. Faucher
Hurlbett & Faucher, LLP
On 2/15/12 4:45 PM, "Alik Segal" wrote:
>
>
>
>
>
> Mates, here's a follow up question:
>
>
> When the IRS lien attaches to property, does it first make secured general tax
> debts or priority tax debts?
>
> For example, debtor has 5K of personal property when the IRS lien is filed.
> Before the lien was filed, debtor owed 15K in general tax debts and 25K in
> priority tax debts. Now that the lien has been filed 5K has become secured.
>
> Did this reduce the general tax debts or the priority tax debts?
>
> In other words, is the breakdown now
>
> 1. Secured5K, Priority25K, General10K; or
> 2. Secured5K, Priority20K, and General15K.
>
> Thanks,
>
> Alik
>
>
> On Wed, Dec 21, 2011 at 8:45 PM, Mitchell Goldstein
> wrote:
>> The IRS amended its POC down to the value of the personal property. Paying
>> off that portion will satisfy the lien. They pointed out a case that says
>> that I cannot strip the lien because it attaches to real and personal
>> property. I cannot bifurcate the lien into a lien on real property and a lien
>> on personal property. Of course, I can cram it down to the value of all
>> property.
>>
>> Regardless, the issue is settled.
>>
>>
>> On Sun, Oct 23, 2011 at 11:02 PM, Mitchell Goldstein
>> wrote:
>>> I am still exploring them. I have a case with real estate that is worth less
>>> than the first mortgage. There are also a number of other liens. I need to
>>> figure out what the status is of those liens and how to get rid of them.
>>>
>>>
>>> On Sun, Oct 23, 2011 at 1:41 AM, Elaine Dowling
>>> wrote:
>>>> What are your facts? I am curious exactly what you are doing and how.
>>>>
>>>> On 10/19/11, morgan@morganking.com wrote:
>>>>> > Remember to serve also on the Attorney General per Rule 7004(b)(4).
>>>>> >
>>>>> > HOWEVER, are you sure you want to do an adversary to strip a tax lien?
>>>>> The
>>>>> > weight of authority is that you can't strip a tax lien in chapter 7, and
>>>>> in
>>>>> > chapter 13 there may be simpler ways to do it. Rule 7001 permits or
>>>>> requires
>>>>> > adversary actions only to adjudicate the "validity, priority, or extent"
>>>>> of
>>>>> > a lien, and none of those have to do with lien stripping. Validity
>>>>> refers to
>>>>> > technical procedures, priority deals with order in which priority
>>>>> exists,
>>>>> > and extent refers to which property, exactly, the lien attaches.
>>>>> >
>>>>> > Typically, to "strip" a tax lien in chapter 13, you would file a motion
>>>>> to
>>>>> > determine the value of the secured portion, then provide for stripping
>>>>> in
>>>>> > the plan. Of course, local practice may vary this formula.
>>>>> >
>>>>> > If a chapter 7, and the taxes are dischargeable, you have in effect a de
>>>>> > facto stripping, since the lien only survives as to the property the d
>>>>> ebtor
>>>>> > owns as of the petition date.
>>>>> >
>>>>> > - Morgan
>>>>> >
>>>>> >
>>>>> >
>>>>> >
>>>>> >
>>>>> > ------- Original Message ------- On 10/19/2011 7:27 PM Mitchell
>>>>> Goldstein
>>>>> > wrote:
>>>>> > I am doing a tax lien strip under 506. What is different about suing the
>>>>> > United States Government? I believe that I have to serve IRS, the U.S.
>>>>> > Attorney in this area AND they get more time to respond. Is that it?
>>>>> >
>>>>> > Is there any reason to file the suit against them separately from
>>>>> everyone
>>>>> > else (there are other liens)?
>>>>> > If some liens can be stripped under 522 and others under 506, is it
>>>>> worth
>>>>> > filing a separate motion for some and AP for the rest (I would like to
>>>>> do
>>>>> > one AP for all of them because the issue is the same - how much is the
>>>>> > property worth and what is owed on it).
>>>>> >
>>>>> > --
>>>>> > Mitchell P. Goldstein, Esq.
>>>>> > Goldstein Law Group, Inc.
>>>>> > 9962 Brook Road, #647, Glen Allen, VA 23059 (Mailing Address & Address
>>>>> for
>>>>> > Virtual Office)
>>>>> > 102 E. Cary Street, Richmond, VA 23219 (Richmond Office)
>>>>> > CAROLINE COUNTY OFFICE COMING SOON
>>>>> > (804) 592-1674
>>>>> > I use this address only for listservs. All off-list communications
>>>>> should go
>>>>> > to mitch@mitchellpgoldstein.com.
>>>>> > www.morethanbankruptcy.com
>>>>> > LinkedIn: http://www.linkedin.com/in/mpgoldstein
>>>>> >
>>>>> > The Goldstein Law Group serves individuals and small businesses in
>>>>> Consumer
>>>>> > Law (Debt Defense, Bankruptcy, FDCPA, RESPA), and Information Law
>>>>> (Trademark
>>>>> > Law, Copyright Law, Privacy, Computer and Internet Law)
>>>>> >
>>>>> > I have been designated as a federal debt relief agency by an act of
>>>>> > Congress. Among other services, I help people obtain relief from their
>>>>> debts
>>>>> > through the Bankruptcy Code.
>>>>> >
>>>>> >
>>>>> >
>>>>> > CONFIDENTIALITY NOTICE: This e-mail transmission, and any documents,
>>>>> files
>>>>> > or previous e-mail messages attached to it, may contain confidential
>>>>> > information that is legally privileged. If you are not the intended
>>>>> > recipient, or a person responsible for delivering it to the intended
>>>>> > recipient, you are hereby notified that any disclosure, copying,
>>>>> > distribution or use of any of the information contained in or attached
>>>>> to
>>>>> > this message is STRICTLY PROHIBITED. If you have received this
>>>>> transmission
>>>>> > in error, please immediately notify us by reply e-mail at
>>>>> > cgooding@goodingfirm.com, ocgood@aol.com or by telephone at 405.948.1978
>>>>> ,
>>>>> > and destroy the original transmission and its attachments without
>>>>> reading
>>>>> > them or saving them to disk. Thank you. This email is covered by the
>>>>> > Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 and is
>>>>> legally
>>>>> > privileged. This information is confidential information and is intended
>>>>> > only for the use of the individual or entity named above. If the reader
>>>>> of
>>>>> > this message is not the intended recipient, you are hereby notified that
>>>>> any
>>>>> > dissemination, distribution or copying of this communication is strictly
>>>>> > prohibited. IRS Circular 230 Disclosure: To ensure compliance with
>>>>> > requirements imposed by the IRS, we inform you that any U.S. federal tax
>>>>> > advice contained in this communication (including any attachments) is
>>>>> not
>>>>> > intended or written to be used, and cannot be used, for the purpose of
>>>>> (i)
>>>>> > avoiding penalties under the Internal Revenue Code or (ii) promoting,
>>>>> > marketing or recommending to another party any transaction or matter
>>>>> > addressed herein.
>>>>
>>>> --
>>>> Sent from my mobile device
>>>>
>>>> Elaine M. Dowling
>>>> Oklahoma City, OK
>>>> www.dowlinglawoffice.com
>>>
>>>
>>>
>>> --
>>> Mitchell P. Goldstein, Esq.
>>> Goldstein Law Group, Inc.
>>> 9962 Brook Road, #647, Glen Allen, VA 23059 (Mailing Address & Address for
>>> Virtual Office)
>>> 102 E. Cary Street, Richmond, VA 23219 (Richmond Office)
>>> CAROLINE COUNTY OFFICE COMING SOON
>>> (804) 592-1674
>>> I use this address only for listservs. All off-list communications should go
>>> to mitch@mitchellpgoldstein.com.
>>> www.morethanbankruptcy.com
>>> LinkedIn: http://www.linkedin.com/in/mpgoldstein
>>>
>>> The Goldstein Law Group serves individuals and small businesses in Consumer
>>> Law (Debt Defense, Bankruptcy, FDCPA, RESPA), and Information Law (Trademark
>>> Law, Copyright Law, Privacy, Computer and Internet Law)
>>>
>>> I have been designated as a federal debt relief agency by an act of
>>> Congress. Among other services, I help people obtain relief from their debts
>>> through the Bankruptcy Code.
>>>
>>
>>
>>
>> --
>> Mitchell P. Goldstein, Esq.
>> Goldstein Law Group, Inc.
>> 9962 Brook Road, #647, Glen Allen, VA 23059 (Mailing Address & Address for
>> Virtual Office)
>> 102 E. Cary Street, Richmond, VA 23219 (Richmond Office)
>> NEW OFFICE: 7350 Ladysmith Road, Ruther Glen, VA 22546
>>
>> (804) 592-1674
>> I use this address only for listservs. All off-list communications should go
>> to mitch@mitchellpgoldstein.com.
>> www.morethanbankruptcy.com
>> LinkedIn: http://www.linkedin.com/in/mpgoldstein
>>
>> Text MPGOLDSTEIN TO 50500 for my electronic business card.
>>
>>
>> The Goldstein Law Group serves individuals and small businesses in Consumer
>> Law (Debt Defense, Bankruptcy, FDCPA, RESPA), and Information Law (Trademark
>> Law, Copyright Law, Privacy, Computer and Internet Law)
>>
>> I have been designated as a federal debt relief agency by an act of Congress.
>> Among other services, I help people obtain relief from their debts through
>> the Bankruptcy Code.
>>
>
>
>
> --
> Alik Segal
> Alik.Segal@gmail.com
> 310-362-6157
> California Central District
>
>
>
>
>
charset="ISO-8859-1"
The tax lien secures payment of a specific year or account. That year or account is either priority or general. The POC will report $5,000 of secured debt, and it will relate to a specific year. The POC will always assume that the IRS is going to get paid the secured amount. IRS always applies payments in the way that is in its best interest. Remember that rule, and you understand a great deal about the taxing authority. Let's say that the tax lien covers all the liabilities you list below. The IRS will take $5,000 of the general unsecured liability and make it secured, and leave the rest the way it is, because it would rather have the security use up general unsecured debt than priority debt, which will still be owed at the end of the day anyway. So, assuming that the tax lien covers all the liabilities you mention, the POC will look more like your first than your second scenario. John D. Faucher
The post was migrated from Yahoo.
Mates, here's a follow up question:
When the IRS lien attaches to property, does it first make secured general
tax debts or priority tax debts?
For example, debtor has 5K of personal property when the IRS lien is filed.
Before the lien was filed, debtor owed 15K in general tax debts and 25K in
priority tax debts. Now that the lien has been filed 5K has become
secured.
Did this reduce the general tax debts or the priority tax debts?
In other words, is the breakdown now
1. Secured5K, Priority25K, General10K; or
2. Secured5K, Priority20K, and General15K.
Thanks,
Alik
On Wed, Dec 21, 2011 at 8:45 PM, Mitchell Goldstein wrote:
> The IRS amended its POC down to the value of the personal property. Paying
> off that portion will satisfy the lien. They pointed out a case that says
> that I cannot strip the lien because it attaches to real and personal
> property. I cannot bifurcate the lien into a lien on real property and a
> lien on personal property. Of course, I can cram it down to the value of
> all property.
>
> Regardless, the issue is settled.
>
>
> On Sun, Oct 23, 2011 at 11:02 PM, Mitchell Goldstein goldsteinatlaw@gmail.com> wrote:
>
>> I am still exploring them. I have a case with real estate that is worth
>> less than the first mortgage. There are also a number of other liens. I
>> need to figure out what the status is of those liens and how to get rid of
>> them.
>>
>>
>> On Sun, Oct 23, 2011 at 1:41 AM, Elaine Dowling > dowlinglawoffice@gmail.com> wrote:
>>
>>> What are your facts? I am curious exactly what you are doing and how.
>>>
>>> On 10/19/11, morgan@morganking.com wrote:
>>> > Remember to serve also on the Attorney General per Rule 7004(b)(4).
>>> >
>>> > HOWEVER, are you sure you want to do an adversary to strip a tax lien?
>>> The
>>> > weight of authority is that you can't strip a tax lien in chapter 7,
>>> and in
>>> > chapter 13 there may be simpler ways to do it. Rule 7001 permits or
>>> requires
>>> > adversary actions only to adjudicate the "validity, priority, or
>>> extent" of
>>> > a lien, and none of those have to do with lien stripping. Validity
>>> refers to
>>> > technical procedures, priority deals with order in which priority
>>> exists,
>>> > and extent refers to which property, exactly, the lien attaches.
>>> >
>>> > Typically, to "strip" a tax lien in chapter 13, you would file a
>>> motion to
>>> > determine the value of the secured portion, then provide for stripping
>>> in
>>> > the plan. Of course, local practice may vary this formula.
>>> >
>>> > If a chapter 7, and the taxes are dischargeable, you have in effect a
>>> de
>>> > facto stripping, since the lien only survives as to the property the d
>>> ebtor
>>> > owns as of the petition date.
>>> >
>>> > - Morgan
>>> >
>>> >
>>> >
>>> >
>>> >
>>> > ------- Original Message ------- On 10/19/2011 7:27 PM Mitchell
>>> Goldstein
>>> > wrote:
>>> > I am doing a tax lien strip under 506. What is different about suing
>>> the
>>> > United States Government? I believe that I have to serve IRS, the U.S.
>>> > Attorney in this area AND they get more time to respond. Is that it?
>>> >
>>> > Is there any reason to file the suit against them separately from
>>> everyone
>>> > else (there are other liens)?
>>> > If some liens can be stripped under 522 and others under 506, is it
>>> worth
>>> > filing a separate motion for some and AP for the rest (I would like to
>>> do
>>> > one AP for all of them because the issue is the same - how much is the
>>> > property worth and what is owed on it).
>>> >
>>> > --
>>> > Mitchell P. Goldstein, Esq.
>>> > Goldstein Law Group, Inc.
>>> > 9962 Brook Road, #647, Glen Allen, VA 23059 (Mailing Address & Address
>>> for
>>> > Virtual Office)
>>> > 102 E. Cary Street, Richmond, VA 23219 (Richmond Office)
>>> > CAROLINE COUNTY OFFICE COMING SOON
>>> > (804) 592-1674
>>> > I use this address only for listservs. All off-list communications
>>> should go
>>> > to mitch@mitchellpgoldstein.com.
>>> > www.morethanbankruptcy.com
>>> > LinkedIn: http://www.linkedin.com/in/mpgoldstein
>>> >
>>> > The Goldstein Law Group serves individuals and small businesses in
>>> Consumer
>>> > Law (Debt Defense, Bankruptcy, FDCPA, RESPA), and Information Law
>>> (Trademark
>>> > Law, Copyright Law, Privacy, Computer and Internet Law)
>>> >
>>> > I have been designated as a federal debt relief agency by an act of
>>> > Congress. Among other services, I help people obtain relief from their
>>> debts
>>> > through the Bankruptcy Code.
>>> >
>>> >
>>> >
>>> > CONFIDENTIALITY NOTICE: This e-mail transmission, and any documents,
>>> files
>>> > or previous e-mail messages attached to it, may contain confidential
>>> > information that is legally privileged. If you are not the intended
>>> > recipient, or a person responsible for delivering it to the intended
>>> > recipient, you are hereby notified that any disclosure, copying,
>>> > distribution or use of any of the information contained in or attached
>>> to
>>> > this message is STRICTLY PROHIBITED. If you have received this
>>> transmission
>>> > in error, please immediately notify us by reply e-mail at
>>> > cgooding@goodingfirm.com, ocgood@aol.com or by telephone at
>>> 405.948.1978,
>>> > and destroy the original transmission and its attachments without
>>> reading
>>> > them or saving them to disk. Thank you. This email is covered by the
>>> > Electronic Communications Privacy Act, 18 U.S.C. 2510-2521 and is
>>> legally
>>> > privileged. This information is confidential information and is
>>> intended
>>> > only for the use of the individual or entity named above. If the
>>> reader of
>>> > this message is not the intended recipient, you are hereby notified
>>> that any
>>> > dissemination, distribution or copying of this communication is
>>> strictly
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>>> --
>>> Sent from my mobile device
>>>
>>> Elaine M. Dowling
>>> Oklahoma City, OK
>>> www.dowlinglawoffice.com
>>>
>>
>>
>>
>> --
>> Mitchell P. Goldstein, Esq.
>> Goldstein Law Group, Inc.
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>>
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>> Congress. Among other services, I help people obtain relief from their
>> debts through the Bankruptcy Code.
>>
>>
>
>
> --
> Mitchell P. Goldstein, Esq.
> Goldstein Law Group, Inc.
> 9962 Brook Road, #647, Glen Allen, VA 23059 (Mailing Address & Address for
> Virtual Office)
> 102 E. Cary Street, Richmond, VA 23219 (Richmond Office)
> NEW OFFICE: 7350 Ladysmith Road, Ruther Glen, VA 22546
>
> (804) 592-1674
> I use this address only for listservs. All off-list communications should
> go to mitch@mitchellpgoldstein.com.
> www.morethanbankruptcy.com
> LinkedIn: http://www.linkedin.com/in/mpgoldstein
>
> Text MPGOLDSTEIN TO 50500 for my electronic business card.
>
>
> The Goldstein Law Group serves individuals and small businesses in
> Consumer Law (Debt Defense, Bankruptcy, FDCPA, RESPA), and Information Law
> (Trademark Law, Copyright Law, Privacy, Computer and Internet Law)
>
> I have been designated as a federal debt relief agency by an act of
> Congress. Among other services, I help people obtain relief from their
> debts through the Bankruptcy Code.
>
>
Alik Segal
Alik.Segal@gmail.com
310-362-6157
California Central District
Mates, here's a follow up question:When the IRS lien attaches to property, does it first make secured general tax debts or priority tax debts? For example, debtor has 5K of personal property when the IRS lien is filed. Before the lien was filed, debtor owed 15K in general tax debts and 25K in priority tax debts. Now that the lien has been filed 5K has become secured.
Did this reduce the general tax debts or the priority tax debts? In other words, is the breakdown now1. Secured5K, Priority25K, General10K; or
2. Secured5K, Priority20K, and General15K.Thanks,Alik<goldsteinatlaw@gmail.com> wrote:
The IRS amended its POC down to the value of the personal property. Paying off that portion will satisfy the lien. They pointed out a case that says that I cannot strip the lien because it attaches to real and personal property. I cannot bifurcate the lien into a lien on real property and a lien on personal property. Of course, I can cram it down to the value of all property.
Regardless, the issue is settled.On Sun, Oct 23, 2011 at 11:02 PM, Mitchell Goldstein <goldsteinatlaw@gmail.com> wrote:
I am still exploring them. I have a case with real estate that is worth less than the first mortgage. There are also a number of other liens. I need to figure out what the status is of those liens and how to get rid of them.
On Sun, Oct 23, 2011 at 1:41 AM, Elaine Dowling <dowlinglawoffice@gmail.com> wrote:
What are your facts? I am curious exactly what you are doing and how.
On 10/19/11, morgan@morganking.com <
The post was migrated from Yahoo.