Chapter 7 bankruptcy guides from bankruptcy lawyer Houston, Texas 2021? What is the benefit of a business Chapter 7 bankruptcy in Houston? A business Chapter 7 allows for orderly liquidation of your assets. This will prevent creditors (employees, suppliers, banks, etc.) from arguing that the business’ assets were sold in an unfair manner. The Chapter 7 Trustee is responsible for collecting and selling all of the business’ assets (including cash and bank accounts) and distributing the money to the business’ creditors. If your business is struggling with debt, call me today to schedule a consultation to review the business’ options.
Your creditor could also object and keep certain debts from getting discharged. For example, a credit card company could object to the debt from recent luxury goods purchases or cash advances, and the court may decide you still need to repay this portion of the credit card’s balance. Additionally, a Chapter 7 bankruptcy may discharge the debt you owe on secured loans. Secured loans are those backed by collateral, such as your home for a mortgage, or when a creditor has a lien on your property. However, even if the debt is discharged, the creditor may still have the right to foreclose on or repossess your property. Find extra info on see the dove law firm website. I hope that you find this website to be helpful and informative. Information on a website, however, is not a substitute for the knowledge and advice of an experienced bankruptcy attorney. Once you have had a chance to look over our website, please fill out the contact form or give us a call to talk more about the specifics of your situation. I will get back to you the same business day, if possible. Take your first step towards a fresh financial start! 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.
Moving expense to take first job: Here’s an interesting dichotomy: Job-hunting expenses incurred while looking for your first job are not deductible, but moving expenses to get to that first job are. And you get this write-off even if you don’t itemize. If you moved more than 50 miles, you can deduct 23 cents per mile of the cost of getting yourself and your household goods to the new area, (plus parking fees and tolls) for driving your own vehicle. However, beginning in 2018, moving expenses are no longer deductible for federal taxes unless you are in the military and the move is due to military orders. Some states such as California continue to provide this tax benefit.
Meet With Your Tax Advisor: November is a good month to meet with a tax advisor, Powell says. They have finished their October tax filings and may have time in their schedule before the busy tax season starts after the first of the year. “If you sit down and do some math between now and the end of the year, you can make sure you are in a favorable tax bracket,” Barlin says. An advisor can help pinpoint strategies to reduce taxable income through retirement contributions or itemized deductions. That, in turn, may be key to ensuring households remain eligible for some income-based tax incentives such as student loan interest deductions. If you don’t regularly use a tax professional, Barlin says running numbers through tax software can be just as beneficial.
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.
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. See even more information on https://dovebankruptcylaw.com/.