High professionalism IRS tax lawyer in Houston? 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.
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. I believe that customer help should be the number one 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.
There is a time limit for the IRS to assess or collect back taxes. Once that time limit expires, the IRS can no longer take collection actions. A Houston tax attorney can analyze your tax information to determine if any of the tax years for which you owe are at or near the statute of limitations. Generally speaking, the IRS has 10 years from the date a tax is assessed to collect on the back taxes (there are certain occurrences which can extend the 10-year deadline). Find extra info on more info.
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.
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.
Invest in Qualified Opportunity Funds: Taxpayers can defer paying capital gains by reinvesting their money into Qualified Opportunity Funds. The funds, which were created by the Tax Cuts and Jobs Act of 2017, are intended to spur economic development and job creation in distressed communities. If money is held in a Qualified Opportunity Fund for seven years, 15% of the capital gains tax on the investment is eliminated. “It’s a wonderful tax incentive,” Zollars says. However, like other provisions of the tax reform law, the funds and their tax-savings benefits are scheduled to end in 2026. That means to have your money held in a fund for seven years, you’ll need to make an investment before Dec. 31, 2019.
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.