Chapter 7 bankruptcy tricks by bankruptcy attorney Houston today? Once you have been served, that triggers the deadline to file an answer, a written response to the lawsuit that gets filed with the court. If the lawsuit is filed in a justice of the peace court, the answer deadline is calculated by adding ten days to the day you were served and going to the next Monday after those ten days. If the lawsuit was filed in county court or district court, the answer deadline is calculated by adding twenty days to the day you were served and going to the next Monday after those twenty days. Failing to timely file an answer may result in a loss of possible defenses in the lawsuit and/or a judgment being entered against you.
Do you owe the IRS back taxes for filed tax returns? Has the IRS threatened to garnish your wages (yes, they can do this, even in Texas) or to put a lien on your home? The IRS can be aggressive in collecting past due taxes, and the longer you wait the higher the amount will become as they add penalties and interest. Whether you owe IRS tax debt for your personal tax return or for business tax returns (including 941 payroll taxes), call us. We can help! Do not ignore your back taxes, call a Houston tax attorney today for advice on tax relief.
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 believe that customer help should be the no 1 priority in any business, but it is also very important 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. Read extra info on top bankruptcy attorney in houston.
Chapter 13 bankruptcy is like Chapter 11, which applies to businesses. In both cases, the petitioner submits a reorganization plan that safeguards assets against repossession or foreclosure and typically requests forgiveness of other debts. They both differ from the more extreme Chapter 7 filing, which liquidates all assets except those specifically protected. No bankruptcy filing eliminates all debts. Child support and alimony payments aren’t dischargeable, nor are student loans and unpaid taxes. But bankruptcy can clear away many other debts, though it will likely make it harder for the debtor to borrow in the future.
Avoid Taxes on an RMD with a Charitable Donation: Seniors who have a traditional 401(k) or IRA must take a required minimum distribution each year once they reach age 70 1/2. Those who don’t need this money for living expenses may want to consider having it sent directly to a charity as a qualified charitable distribution. “It’s basically a check issued from the IRA and made out to the charity,” Zollars says. This prevents the money from becoming taxable income and could help reduce the amount of Social Security retirement benefits that are deemed taxable, too.
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.
How Does Chapter 7 Bankruptcy Work? When you file for Chapter 7 bankruptcy, the court places an automatic temporary stay on your current debts. This stops creditors from collecting payments, garnishing your wages, foreclosing on your home, repossessing property, evicting you or turning off your utilities. The court will take legal possession of your property and appoint a bankruptcy trustee to your case. Find extra info on dovebankruptcylaw.com.