Sounds like a solution. Carolyn
----- Original Message -----
To:
cdcbaa@yahoogroups.com ;
nacba@hastingsgroup.com
Sent: Thursday, January 27, 2005 9:49 AM
Subject: [cdcbaa] Tax discharge: 7, 11 or 13?
Clients (H&W) have received IRS Notice of Levy showing unpaid income and SET taxes for 1995 to 2003 of $440,964.
Federal tax lien has been filed, but clients are renters and do not have much personal property, thus not enough of the $440K tax debt will be secured to get them under Chapter 13 limit of $307,675 on unsecured debt.
At this point they does not have enough expenses to allow a 7. My thought is that if clients make an installment agreement with the IRS for the priority taxes, their expenses would be high enough to rid them of the excess income, thus qualifying them for a 7. Any problems with this approach?
If we can't qualify him for a 7, I assume he must go into an 11. Correct?
Pat
Patrick T. Green, Esq.
Fitzgerald & Green, Attorneys at Law
1010 E. Union Street Suite 206
Pasadena, CA 91106
Ph: (626) 449-8433
Fax: (626) 449-0565
pg23@earthlink.net
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