Bankruptcy attorney Raleigh right now? A Chapter 13 will STOP the danger of repossession (repo) as long as you continue making payments on the vehicle through the Chapter 13 plan or to the creditor directly. Many times a Chapter 7 can save a vehicle from repossession if it is redeemed or reaffirmed. If you have a vehicle that you wish to keep that is in danger of repossession, it is important that you file bankruptcy as soon as possible. Many times we have seen people take their time and lose a vehicle that they wanted to keep. We can file an emergency bankruptcy in a day or two, and if you are in danger of losing your vehicle, you need to ask us to do this.
Hold Off on Mutual Fund Purchases: People should be wary of buying mutual funds at this time of year if they will be held in a taxable account. You could get hit with a tax bill for year-end dividends even if you just purchased shares. “That’s how mutual funds work, but people don’t realize it,” says Joanna Powell, managing director in the Boston office of accounting firm CBIZ MHM. To avoid paying additional taxes, consult with a broker before making a purchase to find out when distributions are made.
Any limitation on the time allowed to the IRS to collect, such as non-filing of the return or an offer in compromise or bankruptcy, “tolls” or extends the “3-Year Rule” past April 15th of the third year after the return was due. Other events can delay the bankruptcy filing date to discharge taxes, including prior bankruptcies. The time rules (3-Year, 2-Year and 240-Day) are all delayed by the period in the prior bankruptcy proceeding, plus an additional 6 months. If you file an Offer in Compromise, the 240-Day period is extended by the period it is under IRS consideration, plus 30 days. Find even more information at bankruptcy attorney Raleigh.
State tax you paid last spring: Did you owe taxes when you filed your 2018 state tax return in 2019? Then remember to include that amount with your state tax itemized deduction on your 2019 return, along with state income taxes withheld from your paychecks or paid via quarterly estimated payments. Beginning in 2018, the deduction for state and local taxes is limited to $10,000 per year. When you buy a house, you often get to deduct points paid to obtain your mortgage all at one time. When you refinance a mortgage, however, you have to deduct the points over the life of the loan. That means you can deduct 1/30th of the points a year if it’s a 30-year mortgage—that’s $33 a year for each $1,000 of points you paid. Doesn’t seem like much, but why throw it away? Also, in the year you pay off the loan—because you sell the house or refinance again—you get to deduct all the points not yet deducted, unless you refinance with the same lender.
We want you to feel secure with Sheree as your attorney in your Chapter 7 bankruptcy or Chapter 13 bankruptcy. Sheree is a Board Certified Consumer Bankruptcy Specialist. We have an “A+” BBB® rating. Sheree has 18+ years of experience as a debtor bankruptcy lawyer in Raleigh, NC. We have the best Google Testimonials (click here) in North Carolina! And not least, our two money-back GUARANTEES! Legally we cannot offer any guaranteed outcome in any bankruptcy case. We do offer a return of attorney’s fees if a case is dismissed (see below). JFYI, we have never had to do this! If we do not think you can receive a discharge in Chapter 7 or 13 bankruptcy, we will not take your case! Can we be fairer than that? Discover even more details at https://www.cameronbankruptcylaw.com/. We have an A+ rating by the BBB®! We offer TWO written money-back guarantees!
What Can I Do with Secured Debt in Chapter 7 Bankruptcy? Reaffirm the debt – If your payments are not current, you can try to negotiate a reaffirmation agreement with the creditor that allows you to catch up your payments. The downside to reaffirmation agreements is that signing one reinstates your personal liability for the debt. Should you decide in the future that you cannot pay the debt, you will be liable for it as if you had not filed bankruptcy. Redeem the property – You may redeem the collateral by paying the creditor what it is WORTH rather than what you OWE on it. For example, if you have a car worth $5000 and you owe $15,000 on it, you would pay the creditor $5000 for the car. The downside is that you have to make a lump sum payment. In the case of vehicles, you may be able to finance redemption through a particular company, and we are happy to provide you with their contact information.