Bankruptcy attorney Houston, Texas and chapter 7 best tips

Bankruptcy lawyer Houston and chapter 7 premium lawsuits? 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.

How much will I have to offer the IRS for an Offer in Compromise? The IRS has a fairly mechanical formula for determining the amount you must offer. A Houston tax attorney will help you calculate what this number is for you. How long will I have to pay the Offer In Compromise? If the IRS accepts a lump sum offer, you will need to pay 20% when you submit the offer and the balance in 5 (or fewer) monthly payments. If the IRS accepts a monthly payment plan, the first payment must be made when you submit the offer and the rest must be paid in monthly installments in no more than 24 months. As a part of your individualized plan, a Houston tax attorney will explain to you the difference between offering a lump sum OIC and a payment plan OIC.

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 think 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. See extra details on visit dove law firm.

Who Should File Chapter 13 Bankruptcy? Many people think of bankruptcy court as the final stop on a path to financial ruin, the only option left when repaying debts seems impossible. But there’s hope even in bankruptcy, and Chapter 13 of the federal bankruptcy code offers the closest thing to a soft landing. Sometimes called the Wage Earner’s Bankruptcy, Chapter 13 allows those with enough income to repay all or part of their debts an alternative to liquidation. It’s bankruptcy for those whose biggest problem is dealing with creditors’ demands for immediate payment, not lack of income.

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.

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.

How Does Chapter 7 Bankruptcy Work? When you file for Chapter 7 bankruptcy, the court places an automatic temporary stay on your current debts. This stops creditors from collecting payments, garnishing your wages, foreclosing on your home, repossessing property, evicting you or turning off your utilities. The court will take legal possession of your property and appoint a bankruptcy trustee to your case. See additional info at https://dovebankruptcylaw.com/.

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