May 13 plan take more than 5 y to pay secured tax?
Posted: Fri Oct 21, 2011 5:08 pm
Dear Alik,
". . . the plan may not provide for payments over a period that is longer than 5 years." 1322(d)(1)(C).
" . . . the court may not approve a period that is longer than 5 years."
". . . the court may not approve a period that expires after five years after [the time that the first payment under the original confirmed plan was due]." 1329(c).
You may be able to get the taxing authority to agree to receiving payment of less than 100% through the plan, with the proviso that the debtor will be liable for the unpaid portion after receiving a discharge. I did that in a chapter 13 that was confirmed a couple of years ago. However, as you can see, the Code is clear: the plan cannot last more than five years.
Good luck,
Nick
Nicholas Gebelt, Ph.D., J.D.
Certified Bankruptcy Specialist
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