Excellent Raleigh bankruptcy lawyer 2021? Stop Foreclosure in Chapter 7, the lender is entitled to apply to the Court for permission to go forward with the foreclosure. So, in Chapter 7, although your debt may be discharged, a secured lender will be able to get collateral back (rental property, real estate, house or home) IF you don’t pay for it. You will need to catch up on what you are behind IF you want to keep your rental property, real estate, house or home. Chapter 7 only removes your personal liability for a debt: It normally can’t remove a lien or mortgage unless it is a judicial lien from a lawsuit, and even then it requires extra work and cost.
Hold Off on Mutual Fund Purchases: People should be wary of buying mutual funds at this time of year if they will be held in a taxable account. You could get hit with a tax bill for year-end dividends even if you just purchased shares. “That’s how mutual funds work, but people don’t realize it,” says Joanna Powell, managing director in the Boston office of accounting firm CBIZ MHM. To avoid paying additional taxes, consult with a broker before making a purchase to find out when distributions are made.
Can you stop wage garnishment? Typically, the debts that can cause wage garnishment for employees in North Carolina-based businesses are tax debt, child support, and alimony. If the business is entierly in NC, Only the government can garnish wages. It gets a bit more complicated for businesses that have offices in other states. A bankruptcy filing will stop all garnishment (with a few exceptions) ASAP! A Chapter 7 bankruptcy can get rid of most, and a Chapter 13 can spread the payments that can’t be discharged over a 3-5 years. Find even more info at bankruptcy attorney 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.
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Chapter 13 plans operate very much like bill consolidation loans, in that debts are consolidated into one monthly payment that is paid to a Trustee. The Trustee then pays the Creditors. Certain debts such as attorney fees are given priority and are paid first. Then taxes and child support are given priority and are paid before the secured debts. After priority debts, secured debts are paid. The last debts to be paid are unsecured debts. A Trustee is an attorney appointed by the Court. He is not a judge, although he runs the 341 hearing in both Chapter 7 and 13 cases and will ask questions at the 341 hearing like a judge. The trustee does not work for you. He represents the banks and the Creditors that you owe. The Trustee’s major job is to take property from you if he can. This is how he earns his fees. Although you are required to tell the truth at the hearing, this is not the time to brag about how much your property is worth if it is worthless.