High reputation bankruptcy attorney Raleigh today? GENERALLY creditors do not actually repossess (or repo) a vehicle until you are 3 or more months behind in payments. They cannot break into a garage or harm any of your personal property (such as a chain around the axle) while repossessing the vehicle. Once repossessed, they must give any personal property that was in the vehicle back to you if you request it — but beware. Some will charge storage fees, or charge to get the personal property out of the vehicle for you. Many times they will claim there was no personal property in the vehicle — and you will be hard pressed to prove there was personal property stored there. It is nearly ALWAYS best not to leave personal property in any vehicle that could get repossessed (repo’ed)!
Avoid Taxes on an RMD with a Charitable Donation: Seniors who have a traditional 401(k) or IRA must take a required minimum distribution each year once they reach age 70 1/2. Those who don’t need this money for living expenses may want to consider having it sent directly to a charity as a qualified charitable distribution. “It’s basically a check issued from the IRA and made out to the charity,” Zollars says. This prevents the money from becoming taxable income and could help reduce the amount of Social Security retirement benefits that are deemed taxable, too.
In Chapter 7 Bankruptcy, the immediate impact of filing bankruptcy is that all collection efforts are stopped by a Federal Court Order called a stay. The IRS is included in this stay. The only way a collector can overcome the automatic stay while your bankruptcy case is still open is to apply to the Bankruptcy Court for relief from stay. Judges will rarely lift a stay for the IRS, unless the IRS can prove some kind of fraud is being perpetrated by the bankrupt taxpayer. Unfortunately, the statute of limitations for collections runs only while a person is not in bankruptcy. If the bankruptcy is not finished (discharged), the tax bill will not age for purposes of the statutes of limitations. If you go into bankruptcy and emerge from the process still owing the IRS, it gives the IRS extra time to collect the balance. This often happens if the Taxpayer has some, but not all, of their taxes erased in a Chapter 7. As a result, many taxpayers end up filing a “Chapter 20,” wherein they first file a Chapter 7 to eliminate what tax can be eliminated and then file a Chapter 13 to deal with what is left. The IRS can have a total of ten years to collect taxes, penalties, and interest. Once a bankruptcy case is over, the IRS gets whatever time remained on the original ten years, plus the time the bankruptcy case was pending-plus an additional six months to collect the remaining debt (if any). Chapter 7 cases will add about 4 months to this. Find more information on bankruptcy payment plan Raleigh.
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.
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? Read extra information on cameronbankruptcylaw.com. Sheree is in the top 3.9% nationwide! After the bankruptcy, Kerry can help you raise your credit score to 720+!
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.
