Chapter 7 tricks from bankruptcy attorney Houston


Posted On Jun 29 2020

Chapter 13 guides by bankruptcy attorney Houston, TX: Discovery is a formal request for information and documents during the lawsuit process. If the case is pending in a justice of the peace court, court approval must be given prior to either side beginning the discovery process. If the case is pending in a county court or a district court, court approval is not needed. Typically, but not always, discovery must be concluded thirty days before the case is set for trial. If the ‘Plaintiff’ (the person or company doing the suing) believes that they have all the proof they need to win the lawsuit (and there are no disputed facts), they can file a writing with the court asking for a judgment to be entered. This writing is called a motion for summary judgment. If the ‘Defendant’ (person being sued) believes that the Plaintiff is absolutely lacking some of the proof required to win the lawsuit, the defendant can file a writing asking that the case be dismissed. This writing is called a no-evidence motion for summary judgment.

Earned Income Tax Credit (EITC): Millions of lower-income people take this credit every year. However, 25% of taxpayers who are eligible for the Earned Income Tax Credit fail to claim it, according to the IRS. Some people miss out on the credit because the rules can be complicated. Others simply aren’t aware that they qualify. The EITC is a refundable tax credit—not a deduction—ranging from $529 to $6,557 for 2019. The credit is designed to supplement wages for low-to-moderate income workers. But the credit doesn’t just apply to lower income people. Tens of millions of individuals and families previously classified as “middle class”—including many white-collar workers—are now considered “low income” because they: lost a job, took a pay cut, or worked fewer hours during the year. The exact refund you receive depends on your income, marital status and family size. To get a refund from the EITC you must file a tax return, even if you don’t owe any taxes. Moreover, if you were eligible to claim the credit in the past but didn’t, you can file any time during the year to claim an EITC refund for up to three previous tax years.

What’s the Difference Between Chapter 7 and Chapter 13 Bankruptcy? Chapter 7 and Chapter 13 are the two common types of bankruptcy that affect consumers. Either could help when you don’t have the means to pay all your bills, but there are important differences between the two. A Chapter 7 bankruptcy can wipe out certain debts within several months, but a court-appointed trustee can sell your nonexempt property to pay your creditors. You also must have a low income to qualify. See extra details on tax attorney Houston.

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.

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.

To be eligible to file for Chapter 13 bankruptcy, an individual must have no more than $394,725 in unsecured debt, such as credit card bills or personal loans. They also can have no more than $1,184,200 in secured debts, which includes mortgages and car loans. These figures adjust periodically to reflect changes in the consumer price index. One of Chapter 13 allows you to stop an effort to foreclose on your home. Filing a Chapter 13 petition suspends any current foreclosure proceedings and payment of any other debts owed. This buys time while the court considers the plan, but it does not eliminate the debt. Hopefully, the bankruptcy plan will free enough of your income that you’ll be able to make regular mortgage payments and keep your house.

I think that customer service 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. Discover even more information at https://dovebankruptcylaw.com/.

Last Updated on: July 3rd, 2020 at 12:49 pm, by


Written by Raducioiu Florin