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The Expanding Potential Benefits of Remaining Silent on Secured Debts
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By Ken Siomos, Staff Attorney to Chapter 13 Trustee John H. Germeraad, Springfield, IL
In a recent case, the Internal Revenue Service filed an unsecured priority claim despite a tax lien which appeared to fully secure the debt. When I inquired as to whether claiming priority status was a mistake, as it forgoes interest on the claim, it was explained to me that a nearby bankruptcy court does not require Debtors to pay anything to the IRS through their plan to the extent that . . .
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