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Chapter 13 IRS Lien
Hale,
You may be able to get the IRS to agree to a workout on its secured claim (post-discharge) and won't know until you file. You won't know if Debtor's will be willing to sell the home (over the course of a 5 year plan) in order to satisfy such a claim, or otherwise seek a refinance, or other viable method (contribution/etc.) to resolve this issue. 5 years is a long time.
Very truly yours,
Shai Oved
The Law Offices of Shai Oved
7445 Topanga Cyn. Blvd., Suite 220
Canoga Park, California 91303
Tel: (818) 992-6588
Fax: (818) 992-6511
Email: ssoesq@aol.com
www.shaioved.com
________________
The information contained in this email is intended only for the individual or entity named above and may contain attorney privileged and confidential information. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this communication is strictly prohibited. If you received this communication in error, please immediately notify us by the telephone number above and return any hard copies to us via the postal service.. The Law Offices of Shai Oved is a debt relief agency which helps people file for bankruptcy under the Bankruptcy Code. Shai Oved is a Certified Bankruptcy Law Specialist by The State Bar of California Board of Legal Specialization.
s.com>
To: cdcbaa
Sent: Tue, Jul 24, 2018 7:26 pm
Subject: Re: [cdcbaa] Chapter 13 IRS Lien
Yes, I was hoping you wouldn't say that and there some mysterious option unlocked by incantation I was overlooking. Thanks and have a good night!
On 7/24/2018 7:15 PM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] wrote:
Hale,
Then the case is not feasible as a Chapter 13. The IRS will put in a Proof of Claim as secured that must be paid in full as per 11 U.S.C. 1325 confirmation requirements.
Steve Lever
The post was migrated from Yahoo.
Yes, I was hoping you wouldn't say that and there some mysterious option
unlocked by incantation I was overlooking. Thanks and have a good night!
On 7/24/2018 7:15 PM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] wrote:
>
> Hale,
>
> Then the case is not feasible as a Chapter 13. The IRS will put in a
> Proof of Claim as secured that must be paid in full as per 11 U.S.C. §
> 1325 confirmation requirements.
>
> Steve Lever
>
> *From:* cdcbaa@yahoogroups.com
> *Sent:* Tuesday, July 24, 2018 6:38 PM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Chapter 13 IRS Lien
>
> Chapter 13 client has an IRS lien against home. Obviously, debtor
> wants this off her house. What is the best way to approach this?
>
> FMV of house $335k
> 1st TD: $225k
> IRS lien: $45k
>
> 522f? No, as IRS not bound by state exemptions (married) and a tad too
> much equity anyway.
> 506? No, as not wholly unsecured
> Pay 100% in BK? No, not feasible given budget surplus.
>
> Is only option then to propose plan stipulating clearly that IRS debt
> to survive the 13 discharge and debtor will address debt and lien
> postdischarge? Or is there something else?
>
> Thanks!
>
> --
> */Hale Andrew Antico/*
>
> (888) 54-BKLAW
> http://www.los-angeles-bankruptcy.net
>
> /Vice-President, Board Member, Central Dist Consumer Bankruptcy
> Attorneys' Assn.(CDCBAA)/
> /Past President, Board Member, James T. King Bankruptcy Inn of Court/
> /Member, National Association of Consumer Bankruptcy Attorneys (NACBA)/
>
> /We are a federally designated Debt Relief Agency under the United
> States Bankruptcy Laws./
> /We assist people with finding solutions to their debt problems,
> including, where appropriate, assisting them with the filing of
> petitions for relief under the United States Bankruptcy Code./
>
> /Email isn't secure, so it's not confidential. By communicating with
> me by email, you understand that it's not confidential./
>
> /This does not constitute an electronic signature./
>
>
*/Hale Andrew Antico/*
(888) 54-BKLAW
http://www.los-angeles-bankruptcy.net
/Vice-President, Board Member, Central Dist Consumer Bankruptcy
Attorneys' Assn.(CDCBAA)/
/Past President, Board Member, James T. King Bankruptcy Inn of Court/
/Member, National Association of Consumer Bankruptcy Attorneys (NACBA)/
/We are a federally designated Debt Relief Agency under the United
States Bankruptcy Laws./
/We assist people with finding solutions to their debt problems,
including, where appropriate, assisting them with the filing of
petitions for relief under the United States Bankruptcy Code./
/Email isn't secure, so it's not confidential. By communicating with me
by email, you understand that it's not confidential./
/This does not constitute an electronic signature./
The post was migrated from Yahoo.
Chapter 13 client has an IRS lien against home. Obviously, debtor wants
this off her house. What is the best way to approach this?
FMV of house $335k
1st TD: $225k
IRS lien: $45k
522f? No, as IRS not bound by state exemptions (married) and a tad too
much equity anyway.
506? No, as not wholly unsecured
Pay 100% in BK? No, not feasible given budget surplus.
Is only option then to propose plan stipulating clearly that IRS debt to
survive the 13 discharge and debtor will address debt and lien
postdischarge? Or is there something else?
Thanks!
*/Hale Andrew Antico/*
(888) 54-BKLAW
http://www.los-angeles-bankruptcy.net
/Vice-President, Board Member, Central Dist Consumer Bankruptcy
Attorneys' Assn.(CDCBAA)/
/Past President, Board Member, James T. King Bankruptcy Inn of Court/
/Member, National Association of Consumer Bankruptcy Attorneys (NACBA)/
/We are a federally designated Debt Relief Agency under the United
States Bankruptcy Laws./
/We assist people with finding solutions to their debt problems,
including, where appropriate, assisting them with the filing of
petitions for relief under the United States Bankruptcy Code./
/Email isn't secure, so it's not confidential. By communicating with me
by email, you understand that it's not confidential./
/This does not constitute an electronic signature./
The post was migrated from Yahoo.