Bankruptcy attorney Houston and chapter 13 top guides

Chapter 7 guides by bankruptcy attorney Houston today: After the lawsuit is filed, the creditor will hire a constable or private process server whose job is to deliver a copy of the lawsuit to you (this process is what is referred to as ‘being served’). The constable or private process server will usually be looking for you at your last known address. Occasionally they will attempt to serve you are your place of employment. If the constable or private process server cannot find you to serve you (for example, if they have an incorrect or outdated address or if you are at work each time they come by), the lawyers may ask the judge for permission to serve you by another method – such as leaving the lawsuit at your house with anyone over the age of 16 or affixing the lawsuit to your door.

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.

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. I believe 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.

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.

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. Discover even more information on dove bankruptcy law firm houston.

Pick Up Capital Gains if You’re in a Low Tax Bracket: The end of the year is also a good time for some people to sell stocks that have appreciated significantly in value. This can be a particularly good strategy for those who are in the 10% and 12% tax brackets since their capital gains tax may be zero. The stocks can then be repurchased, which resets the basis and minimizes the amount of tax to be paid on future gains. Even if you’re not in the lowest tax brackets, you may want to sell winning stocks to reset the basis if you’re also harvesting losses. “What you want to do is balance (gains) with stocks that have losses,” Barlin says.