Central District Consumer Bankruptcy Attorney's Association

This happened to me in a Chapter 7 Case. I counseled the client on
the distinct probability (more than a possibility), so that before the
case closed the client cut them a check for the value of the personal
property that was subject to the lien, and after, the IRS issued a
discharge letter on the unsecured portion. The IRS did not even
challenge the value of the property, but we had a valuation ready in
the file, nevertheless and just in case. Great result! Client kept
medical practice and discharged a ton of general unsecured and tax debt.
Lou Esbin
>
>
> --- Nathan Berneman wrote:
>
> > Don't forget though tha the tax lien is also secured
> > against ALL personal property. Therefore, you must
> > go carefully through Schedule B with your clients to
> > get a true liquidation value.
> >
> > Nate
> >
> >
>
> Nate is correct. The Irs can demand a check for the
> amount of all schedule b property before the tax lien
> is abated.
>
> dennis
>
>
>

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> Don't forget though tha the tax lien is also secured
> against ALL personal property. Therefore, you must
> go carefully through Schedule B with your clients to
> get a true liquidation value.
>
> Nate
>
>
Nate is correct. The Irs can demand a check for the
amount of all schedule b property before the tax lien
is abated.
dennis

The post was migrated from Yahoo.

Don't forget though tha the tax lien is also secured against ALL personal property. Therefore, you must go carefully through Schedule B with your clients to get a true liquidation value.
Nate
Dennis McGoldrick wrote: Ty:
She will have difficulty dumping the house. Any deed
from her to anyone else will convey the house with the
lien. A foreclosure of a prior lien will wipe out the
IRS lien, if and only if the IRS does not take any
action after the sale (irs has 90 or 180 days, don't
recall which, but if you need it I can look it up, to
file an action to recover the house and sell it to
collect the taxes).

If the irs lien is extinguished, the debt becomes
unsecured and, if income taxes and 3 year rule, 2 year
rule, 240 days rule, and no attempt to evade or defeat
the tax, debtor can discharge the tax.

I had a guy in Hermosa Beach let his house be
foreclosed so we could discharge the taxes in a
subsequent bk. I told him he could later buy a house
on the same street and pay a lot less than he owed the
IRS.

dennis
--- Tyson Takeuchi wrote:

> Hi everyone, (especially Dennis)'
>
>


The post was migrated from Yahoo.

Ty:
She will have difficulty dumping the house. Any deed
from her to anyone else will convey the house with the
lien. A foreclosure of a prior lien will wipe out the
IRS lien, if and only if the IRS does not take any
action after the sale (irs has 90 or 180 days, don't
recall which, but if you need it I can look it up, to
file an action to recover the house and sell it to
collect the taxes).
If the irs lien is extinguished, the debt becomes
unsecured and, if income taxes and 3 year rule, 2 year
rule, 240 days rule, and no attempt to evade or defeat
the tax, debtor can discharge the tax.
I had a guy in Hermosa Beach let his house be
foreclosed so we could discharge the taxes in a
subsequent bk. I told him he could later buy a house
on the same street and pay a lot less than he owed the
IRS.
dennis
> Hi everyone, (especially Dennis)'
>
>

The post was migrated from Yahoo.

Hi everyone, (especially Dennis)'
My debtor has 50k IRS tax lien against her home for old taxes ((91-97).
If she "dumps" her house, what is the status of the taxes then?
Thanks!!
Ty Takeuchi

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