Chapter 13 tips by bankruptcy attorney Houston

Chapter 13 tricks from bankruptcy attorney Houston: A settlement is a voluntary agreement reached by the parties in the lawsuit. A settlement resolving a debt lawsuit usually addresses how much the Defendant has agreed to pay and what actions the Plaintiff will (or won’t) take as long as the payment(s) are timely made. For a long-term payment plan, the Plaintiff may require the Defendant to sign an ‘Agreed Judgment.’ An Agreed Judgment is basically the Defendant admitting that the money is owed and the Plaintiff promising not to collect on the judgment as long as the Defendant makes the agreed upon payments. Settlements can vary from very simple to very complicated. Legal counsel should be sought before signing a settlement agreement.

As a bankruptcy lawyer in Houston, I primarily help people and companies file Chapter 7 bankruptcy and Chapter 13 bankruptcy. I also help both individuals and companies resolve other debt issues. I have been practicing as a Chapter 7 lawyer in Houston and as a Chapter 13 lawyer in Houston for over 5 years. I think that customer help should be the number one priority in any business, but it is especially important in the bankruptcy and debt settlement field. When people are struggling financially they may be stressed, nervous and scared about their situation. The prompt returning of telephone calls and e-mails is important so as to help alleviate anxiety. You can also take comfort in knowing that you will be speaking with an attorney every time you call or come in for an appointment. Dove Law Firm, PLLC is a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code as well as resolve other debt issues.

Reinvested dividends: This isn’t really a tax deduction, but it is a subtraction that can save you a lot of money. And it’s one that many taxpayers miss. If, like most investors, you have mutual fund dividends automatically invested in extra shares, remember that each reinvestment increases your “tax basis” in the stock or mutual fund. That, in turn, reduces the amount of taxable capital gain (or increases the tax-saving loss) when you sell your shares. Forgetting to include the reinvested dividends in your cost basis—which you subtract from the proceeds of sale to determine your gain—means overpaying your taxes. TurboTax Premier and Home & Business tax preparation solutions include a very cool tool—Cost Basis Lookup—that will figure your basis for you and make sure you get credit for every dime of reinvested dividends.

The list of property you don’t have to sell or turn over to creditors (exempt property), and the total value that you can exempt, varies by state. Some states let you choose between their exemption list and the federal exemptions. But most Chapter 7 bankruptcy cases are “no asset” cases, meaning all of the person’s property is either exempt or there’s a valid lien against the property. At the end of the process, approximately four to six months from your initial filing, the court will discharge your remaining debts (meaning you don’t need to pay them anymore). However, some types of debts generally aren’t dischargeable through bankruptcy, including child support, alimony, court fees, some tax debts and most student loans.

Bunch Your Charitable Contributions: In 2019, married couples filing jointly have a standard deduction of $24,400. For single taxpayers, the standard deduction is $12,200. The Tax Cuts and Jobs Act of 2017, which nearly doubled the standard deduction, also eliminated miscellaneous deductions, capped state and local tax deductions at $10,000 and limited mortgage interest deductions to loans of up to $750,000. These changes can make it difficult to itemize deductions unless someone has significant charitable donations. Powell suggests people bunch two years of contributions into a single year, which would allow them to claim an itemized deduction every other year. For those with the financial means, setting up a donor-advised fund may be ideal. “You get the deduction in the year you move the money (into the fund),” Powell says. However, charitable gifts from the fund can be spread out over time. Discover extra info on visit website for more.

Who Should File Chapter 13 Bankruptcy? Many people think of bankruptcy court as the final stop on a path to financial ruin, the only option left when repaying debts seems impossible. But there’s hope even in bankruptcy, and Chapter 13 of the federal bankruptcy code offers the closest thing to a soft landing. Sometimes called the Wage Earner’s Bankruptcy, Chapter 13 allows those with enough income to repay all or part of their debts an alternative to liquidation. It’s bankruptcy for those whose biggest problem is dealing with creditors’ demands for immediate payment, not lack of income.

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