Top bankruptcy lawyer Raleigh right now? A Chapter 13 will STOP the danger of repossession (repo) as long as you continue making payments on the vehicle through the Chapter 13 plan or to the creditor directly. Many times a Chapter 7 can save a vehicle from repossession if it is redeemed or reaffirmed. If you have a vehicle that you wish to keep that is in danger of repossession, it is important that you file bankruptcy as soon as possible. Many times we have seen people take their time and lose a vehicle that they wanted to keep. We can file an emergency bankruptcy in a day or two, and if you are in danger of losing your vehicle, you need to ask us to do this.
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.
Any limitation on the time allowed to the IRS to collect, such as non-filing of the return or an offer in compromise or bankruptcy, “tolls” or extends the “3-Year Rule” past April 15th of the third year after the return was due. Other events can delay the bankruptcy filing date to discharge taxes, including prior bankruptcies. The time rules (3-Year, 2-Year and 240-Day) are all delayed by the period in the prior bankruptcy proceeding, plus an additional 6 months. If you file an Offer in Compromise, the 240-Day period is extended by the period it is under IRS consideration, plus 30 days. Discover additional info at bankruptcy attorney Raleigh.
Out-of-pocket charitable contributions: It’s hard to overlook the big charitable gifts you made during the year by check or payroll deduction. But the little things add up, too, and you can write off out-of-pocket costs you incur while doing good deeds. Ingredients for casseroles you regularly prepare for a qualified nonprofit organization’s soup kitchen, for example, or the cost of stamps you buy for your school’s fundraiser count as a charitable contribution. If you drove your car for charity in 2019, remember to deduct 14 cents per mile. Jury pay paid to employer: Some employers continue to pay employees’ full salary while they are doing their civic duty, but ask that they turn over their jury fees to the company. The only problem is that the IRS demands that you report those fees as taxable income. If you give the money to your employer you have a right to deduct the amount so you aren’t taxed on money that simply passes through your hands.
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? See even more information on cameronbankruptcylaw.com. Price Match Guarantee! We have bankruptcy payment plans!
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.