Lawyers representing creditors often compete with federal government claims against the same insolvent borrower/debtor. There are several common federal statutes that impact these disputes including: 11 U.S.C. Section 507[1]; 26 U.S.C. Section 6321[2], et seq.; and 31 U.S.C.
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The Seventh Circuit recently decided that a mortgage that assigns future rental income to the mortgagee creates a security interest that takes priority over a federal tax lien. Bloomfield State Bank v. United States, No.
USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Frost Brown Todd LLP, Debtor, Unsecured debt, Interest, Mortgage loan, Default (finance), Tax lien, Internal Revenue Service (USA), Internal Revenue Code (USA), United States bankruptcy court, Seventh Circuit
Recently, there have been cases in several states presenting the issue whether funds in an “inherited IRA” are exempt assets.1 An Ohio Bankruptcy Court has now ruled in favor of granting exempt status.
USA, Ohio, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Frost Brown Todd LLP, Tax exemption, Bankruptcy, Debtor, Beneficiary, Retirement, Westlaw, Title 11 of the US Code, Internal Revenue Code (USA), United States bankruptcy court