Houston tax attorney by Dove law firm right now? A judgment is a document signed by the judge stating whether the Defendant owes any money to the Plaintiff and if so, how much. A judgment is the end of a lawsuit. It is then up to the creditor (assuming the judgment is in favor of the creditor) and the creditor’s lawyers to try to collect on the judgment. The most common methods of collection for a debt lawsuit in Houston are as follows (note – this is not a complete list): Bank Garnishment – A creditor has the right to garnish any bank accounts that the judgment Debtor’s name is on. In special situations there are legal defenses to stop a bank account garnishment, but these rights must be asserted.
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. Discover more info on dove law houston. If you have questions about how a Chapter 7 bankruptcy or a Chapter 13 bankruptcy in Houston (or the surrounding areas) may be able to help you or your business, please call today to schedule a free consultation. Even if bankruptcy is not right for you and your situation, I may be able to help you through the process of debt settlement, if needed. My job as a lawyer is to educate you about all of your options when seeking a financial fresh start so that you can make an informed decision that is right for you. I think that customer service should be the number one priority in any business, but it is especially 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.
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.
Make 401(k) and HSA Contributions: People can make tax deductible contributions to traditional IRAs up to April 15 of next year. However, the door closes on Dec. 31 for 401(k) and health savings account contributions. “It’s a hard stop,” says Wendy Barlin, a Los Angeles-based CPA and author of “That’s Deductible!: Simple Tips and Tricks to Find More Business Tax Deductions.” “Whatever opportunities you have at work (for retirement savings), make sure you maximize them before the end of the year,” she says. Taxpayers with a qualified high-deductible family health insurance plan can deduct up to $7,000 in contributions to a health savings account. Individuals with self-only coverage can deduct $3,500. Those age 55 or older are eligible for an additional $1,000 catch-up contribution. Tax deductible contributions to a traditional 401(k) are capped at $19,000 for 2019. Workers age 50 and older can make an additional $6,000 in catch-up contributions.
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 details on dovebankruptcylaw.com.
What’s the Difference Between Chapter 7 and Chapter 13 Bankruptcy? Chapter 7 and Chapter 13 are the two common types of bankruptcy that affect consumers. Either could help when you don’t have the means to pay all your bills, but there are important differences between the two. A Chapter 7 bankruptcy can wipe out certain debts within several months, but a court-appointed trustee can sell your nonexempt property to pay your creditors. You also must have a low income to qualify.