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Tax liens on a property are often filed by the IRS. This lien is extended to all the property in the country. It is good for 10 years and it applies to your house as well as your personal property.
1) Can the IRS Tax lien be avoided in total?
Take an example where the market value of the house is $400,000 and the first mortgage balance is $350,000 and the second mortgage balance is $60,000. In such a situation, the IRS lien can be avoided completely.
2) After deducting senior liens, if there is still some value, then what?
Say if the value is $410,000 and the mortgage balances are only $405,000. Then the $5,000 on the IRS tax lien has to be paid 100% in case of Chapter 13 and the balance will be treated as an unsecured debt.
3) Homestead exemptions
The homestead exemption cannot be exerted, while the judgment liens can be avoided.
4) What are the possible problems that arise when IRS liens are avoided?
The debt attached to the lien might not be a dischargeable claim. This might happen if the tax liability was for payroll taxes, or the tax lien was for a recent tax year.
Whatever be the situation, to know them deeply and get a proper solution, you need a good Attorney. You can also contact Recovery Law Group from Los Angeles & Dallas, TX for the Same. Contact – (888-297-6203).