Frost & Associates September Event - Settling Tax Debt When Bankruptcy May Be A Better Option

EVENT DESCRIPTION

I. General Bankruptcy Overview
a. The Automatic Stay
b. The Bankruptcy Discharge
c. The Bankruptcy Estate
d. Exemption Planning
e. Chapter 7 No-Asset Versus Asset Cases
f. Chapter 13 Adjustment of Debts for Individuals with Regular Income
i. 3-5 Year Payment Plan
ii. Advantages of Chapter 13 over Chapter 7
1. Bifurcate certain kinds of secured claims
2. Strip liens
3. Co-debtor stay
4. Chapter 13 super-discharge
iii. Claims Deadline
II. The Automatic Stay and Stopping Tax Collections (11 U.S.C. § 362)
a. Statutory summary
III. Discharging Income Taxes in Chapter 7 and Chapter 13
a. What taxes are and are not dischargeable
IV. Treatment of Payroll Taxes in Chapter 7 and Chapter 13
V. Difference Between Priority and Non-Priority Tax Debt in Chapter 13 (11 U.S.C. § 507)
VI. Secured Tax Debt in Chapter 13
a. Stripping IRS and State of Maryland tax liens in chapter 13 (11 U.S.C. § 506)
b. Objecting to IRS and State of Maryland Secured Proofs of Claims
i. To what property do secured tax claims attach in bankruptcy?
VII. Short-Tax Year Election in Chapter 7 Asset Cases (26 U.S.C. § 1398)