Chapter 13 lawsuits from bankruptcy lawyer Houston, Texas

Chapter 13 lawsuits by bankruptcy attorney Houston: A ‘Motion for Non-Suit’ is what a creditor files to have its lawsuit dismissed. This can be ‘with prejudice’ (meaning a new lawsuit cannot be filed over the debt in the future) or ‘without prejudice’ (meaning the creditor has the right to file a lawsuit over the same debt in the future). A creditor may file a non-suit as part of a settlement agreement. A creditor may also file a non-suit when they realize they do not have all the documents necessary to prove the debt to a judge (or jury). If a non-suit is filed that means the lawsuit will not result in a judgment.

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State sales taxes: This write-off makes sense primarily for those who live in states that do not impose an income tax. You must choose between deducting state and local income taxes, or state and local sales taxes. For most citizens of income-tax-states, the income tax deduction usually is a better deal. IRS has tables for residents of states with sales taxes showing how much they can deduct. But the tables aren’t the last word. If you purchased a vehicle, boat or airplane, you get to add the state sales tax you paid to the amount shown in IRS tables for your state, to the extent the sales tax rate you paid doesn’t exceed the state’s general sales tax rate. The same goes for home building materials you purchased. These items are easy to overlook. The IRS even has a calculator to help you figure out the deduction, which varies by your state and income level. Beginning in 2018, your itemized deduction for state and local taxes is limited to $10,000 per year. You still will only be allowed to deduct either state and local sales tax or state and local income taxes, but not both.

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.

Pick Up Capital Gains if You’re in a Low Tax Bracket: The end of the year is also a good time for some people to sell stocks that have appreciated significantly in value. This can be a particularly good strategy for those who are in the 10% and 12% tax brackets since their capital gains tax may be zero. The stocks can then be repurchased, which resets the basis and minimizes the amount of tax to be paid on future gains. Even if you’re not in the lowest tax brackets, you may want to sell winning stocks to reset the basis if you’re also harvesting losses. “What you want to do is balance (gains) with stocks that have losses,” Barlin says. Read more info at visit their website.

One of Chapter 13’s most attractive features is the chance to keep your home as long as you can pay the mortgage under a settlement plan. Under Chapter 13, people have three to five years to resolve their debts while applying all their disposable income to debt reduction. The option allows applicants to eliminate unsecured debts while catching up on missed mortgage payments. Short-circuiting home foreclosure is one of the option’s most attractive features. Though keeping your home can be a major relief, you’re required to spend years living under the supervision of a court-appointed trustee who will collect and distribute your payments.