Bankruptcy attorney Houston, Texas and chapter 13 tricks: Non-Exempt Property Seizure – A judgment creditor has a right to have a ‘Writ of Execution’ issued, which will instruct a sheriff to seize and sell any non-exempt property. This may include rental homes, vacation homes, boats and other types of personal property. Even if you do not have any property that the sheriff is allowed to take, you may still be visited by the sheriff if a Writ of Execution is issued. The sheriff will usually send you notice before they visit your home. Receivership – This is a creditor’s harshest collection tool. In my opinion, this tool is not utilized as often for credit card lawsuits due to the costs involved compared to the possibility of recovering money. When a creditor gets a person called a ‘Receiver’ appointed by the court, that person has the power to collect property and funds of the judgment debtor (he steps in the judgment debtor’s financial shoes) and liquidates that property to pay the creditor.
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 trustee’s job is to review your finances and assets and oversee your Chapter 7 bankruptcy. They will sell certain property the bankruptcy won’t let you keep (nonexempt property) and use the proceeds to repay your creditors. The trustee will also arrange and run a meeting between you and your creditors-called a creditor meeting-where you’ll go to a courthouse and answer questions about your filing. Find even more information on tax attorney Houston.
If you have questions about how a Chapter 7 bankruptcy or a Chapter 13 bankruptcy in Houston (or the surrounding areas) may be able to help you or your business, please call today to schedule a free consultation. Even if bankruptcy is not right for you and your situation, I may be able to help you through the process of debt settlement, if needed. My job as a lawyer is to educate you about all of your options when seeking a financial fresh start so that you can make an informed decision that is right for you.
Convert Money From a Traditional to a Roth IRA: Withdrawals from traditional IRAs are taxed in retirement, but distributions from Roth IRAs are tax-free. Plus, Roth IRAs don’t have required minimum distributions, which can also be beneficial for those looking to reduce taxes in retirement. While money can be converted from a traditional to a Roth account prior to retirement, taxes must be paid on the converted amount. That means people might want to be careful that the amount they convert doesn’t bump them into the next tax bracket.
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.
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. Discover more info at https://dovebankruptcylaw.com/.