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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2874
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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We are in the midst of filing for Chapter 13 protection. When

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We are in the midst of filing for Chapter 13 protection. When we do that, does the lawyer who is serving us communicate with the IRS to set up the repayment schedule, or do I have to do that myself? The approximate amount we owe is $37M to the IRS in addition to other debts.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

Do you have an attorney?

Terry L. :

You might be in-elligible to file chapter 13 due to the debt limits of filing.

Terry L. :

As of April 1, 2013, Chapter 13 debt limits are now $1,149,525.00 for secured debt and $383,175.00 for unsecured debt.

Terry L. :

tax debt is normally unsecured debt unless they've recorded a lien on assets, such as a home.

Terry L. :

Either way $37M is well above. You may need to file chapter 11

Terry L. :

Chapter 7 wipes out consumer debt, if you qualify for chapter 7, most taxes are not dischargeable unless they meet a few requirements. Generally the attorney does not negotiate a repayment plan with the IRS after chapter 7 unless you specifically pay them to do that.

Terry L. :

Talk to your lawyer to review.

Terry L. :

thanks

Terry L. :

Terry

Terry L. :

Let me know if you have any other questions. thanks

Terry L. :

Did you have any questions?

Terry L. :

I will change this to Q&A since you are offline. Respond and I'll followup. thanks

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If you have any other questions, please let me know. If not, please click accept to close the question and rate my answer. Thanks! Terry L