2009 Taxes Due, Are they considered unsecured?

[lolie]

Where will they figure in my 2009 taxes that are due?

I know they are a priority claim and have to be paid in full, which would make them secure, right?

I would like to surrender our home, but the deficiency would put us near 320,000 in unsecured debt nearing us to the limit in a 13 and I'm really hoping taxes don't fall in the unsecure category.

[SMinGA]

Taxes are unsecured.

[forgotten]

FYI, unsecured debt limit increases to an estimated $360,525 on April 1st, 2010.

[lolie]

Forgotten,
Really!!!?? Not sure that even helps. Have 82K in CC, 40K in Taxes plus whatever the deficiency will be on our underwater mortgage. Current market is about 200K and I owe 394K on the first and 50K on a second. Puts me at about 366,000. I guess we will try to pay some taxes before filing.

Thanks!

[SMinGA]

Be careful with that... Payments over $600 to unsecured - even the IRS - can be called back by the trustee to distribute evenly.

How accurate do you think the $200k value is? If its worth a little more, you might be able to squeak by in ~4 1/2 weeks with a little more secured, a little less unsecured.

[SMinGA]

duplicate - not sure how I did that?

[forgotten]

Be careful with that... Payments over $600 to unsecured - even the IRS - can be called back by the trustee to distribute evenly

I'm not so sure about that... I don't see a point in doing a clawback since the IRS is a priority debt. If you took back $800 from the IRS you would have to mail it right back because they are first in line as a priority debt and they get paid at 100%.

Plus, the chapter 13 debt limit is your unsecured debt at time of filing. You could probably make a preferential payment to get you under that and win over any debt limit objection, even though the trutsee could take the payment back to distribute it.

[SMinGA]

I read that in one of the threads here in the past 2 days... Someone asked about paying down his tax debt ahead of filing. I'll look for it...

[SMinGA]

Here it is:

http://www.bkforum.com/showthread.php?t=52591

Much of it might go back to the IRS, but if the trustee can grab it he/she will. And get to keep x% of it. Here the trustee gets 5.4%, some places are higher.

[lolie]

SMinGA, thank you for the link.
A trustee grabbing your money back from the IRS? That's scary! Just found out we will be able to pay about half of our taxes on time and would put us back under the limit for unsecured debt.

So here is where it gets tricky and I will have to talk to our attorney next week and see what he says... if the trustee pulled the money back we technically couldn't qualify for a 13 or we wouldn't be able to surrender our house. With ALL taxes included, We're at about 366,000 - still over the raised limit.

This will definitely be an interesting adventure. Thanks to all for your help.

[optimistic1]

Its a unsecured priority creditor, meaning "I am next in line, move bitc*."

[lolie]

LOL! That's exactly what I would expect the IRS to say. Thank you for the comic relief.