Chapter 7 bankruptcy tips by Dove law firm Houston, TX 2021? 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.
This is a very formal process subject to the IRS’s rules and is not as easy as calling the IRS and saying “let’s make a deal.” A Houston tax attorney will analyze your IRS tax debt situation to determine if it makes sense to prepare an offer in compromise for your tax debt. An OIC is an agreement where the IRS will accept an amount less than what you owe as settlement for your back taxes. The IRS requires that you submit a non-refundable payment equal to 20% of the total offer along with the application. An OIC should only be submitted after careful calculation and considerations.
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 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. Discover extra details on dove law firm houston.
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.
Convert Money From a Traditional to a Roth IRA: Withdrawals from traditional IRAs are taxed in retirement, but distributions from Roth IRAs are tax-free. Plus, Roth IRAs don’t have required minimum distributions, which can also be beneficial for those looking to reduce taxes in retirement. While money can be converted from a traditional to a Roth account prior to retirement, taxes must be paid on the converted amount. That means people might want to be careful that the amount they convert doesn’t bump them into the next tax bracket.
Reinvested dividends: This isn’t really a tax deduction, but it is a subtraction that can save you a lot of money. And it’s one that many taxpayers miss. If, like most investors, you have mutual fund dividends automatically invested in extra shares, remember that each reinvestment increases your “tax basis” in the stock or mutual fund. That, in turn, reduces the amount of taxable capital gain (or increases the tax-saving loss) when you sell your shares. Forgetting to include the reinvested dividends in your cost basis—which you subtract from the proceeds of sale to determine your gain—means overpaying your taxes. TurboTax Premier and Home & Business tax preparation solutions include a very cool tool—Cost Basis Lookup—that will figure your basis for you and make sure you get credit for every dime of reinvested dividends.
The trustee’s job is to review your finances and assets and oversee your Chapter 7 bankruptcy. They will sell certain property the bankruptcy won’t let you keep (nonexempt property) and use the proceeds to repay your creditors. The trustee will also arrange and run a meeting between you and your creditors-called a creditor meeting-where you’ll go to a courthouse and answer questions about your filing. Discover more information at https://dovebankruptcylaw.com/.