Houston, Texas tax lawyer by DoveBankruptcyLaw 2021

High professionalism tax attorney in Houston, Texas in 2021? 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.

What is the downside to filing an Offer In Compromise with the IRS? If the IRS rejects your OIC, you have now provided the IRS all the information they need to know exactly how they can collect on the debt you owe, such as who your current employer is, where your bank accounts are and what kind of property you own. This is why you should have a Houston tax attorney analyze your situation and advise you of your options first rather than just filing an OIC as a one-size-fits-all approach. See more info on see dove law firm website. 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 no 1 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.

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.

Earned Income Tax Credit (EITC): Millions of lower-income people take this credit every year. However, 25% of taxpayers who are eligible for the Earned Income Tax Credit fail to claim it, according to the IRS. Some people miss out on the credit because the rules can be complicated. Others simply aren’t aware that they qualify. The EITC is a refundable tax credit—not a deduction—ranging from $529 to $6,557 for 2019. The credit is designed to supplement wages for low-to-moderate income workers. But the credit doesn’t just apply to lower income people. Tens of millions of individuals and families previously classified as “middle class”—including many white-collar workers—are now considered “low income” because they: lost a job, took a pay cut, or worked fewer hours during the year. The exact refund you receive depends on your income, marital status and family size. To get a refund from the EITC you must file a tax return, even if you don’t owe any taxes. Moreover, if you were eligible to claim the credit in the past but didn’t, you can file any time during the year to claim an EITC refund for up to three previous tax years. See extra info on https://dovebankruptcylaw.com/.

The list of property you don’t have to sell or turn over to creditors (exempt property), and the total value that you can exempt, varies by state. Some states let you choose between their exemption list and the federal exemptions. But most Chapter 7 bankruptcy cases are “no asset” cases, meaning all of the person’s property is either exempt or there’s a valid lien against the property. At the end of the process, approximately four to six months from your initial filing, the court will discharge your remaining debts (meaning you don’t need to pay them anymore). However, some types of debts generally aren’t dischargeable through bankruptcy, including child support, alimony, court fees, some tax debts and most student loans.