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Bankruptcy guarantee Raleigh 2021? GENERALLY creditors do not actually repossess (or repo) a vehicle until you are 3 or more months behind in payments. They cannot break into a garage or harm any of your personal property (such as a chain around the axle) while repossessing the vehicle. Once repossessed, they must give any personal property that was in the vehicle back to you if you request it — but beware. Some will charge storage fees, or charge to get the personal property out of the vehicle for you. Many times they will claim there was no personal property in the vehicle — and you will be hard pressed to prove there was personal property stored there. It is nearly ALWAYS best not to leave personal property in any vehicle that could get repossessed (repo’ed)!

Harvest Your Capital Losses: If you own stocks that have lost money, you can sell them and deduct up to $3,000 on your federal taxes. Just be careful not to violate the wash-sale rule, which would disallow the deduction. This rule states you cannot purchase the same or a substantially similar stock within 30 days before or after the sale. “Some people think it’s OK if I do it using two accounts,” Zollars says. They may think they can sell a stock from a taxable account and then immediately purchase similar securities in an IRA. However, this is not allowed. “That’s not the way the rule works,” he says.

In Chapter 7 Bankruptcy, the immediate impact of filing bankruptcy is that all collection efforts are stopped by a Federal Court Order called a stay. The IRS is included in this stay. The only way a collector can overcome the automatic stay while your bankruptcy case is still open is to apply to the Bankruptcy Court for relief from stay. Judges will rarely lift a stay for the IRS, unless the IRS can prove some kind of fraud is being perpetrated by the bankrupt taxpayer. Unfortunately, the statute of limitations for collections runs only while a person is not in bankruptcy. If the bankruptcy is not finished (discharged), the tax bill will not age for purposes of the statutes of limitations. If you go into bankruptcy and emerge from the process still owing the IRS, it gives the IRS extra time to collect the balance. This often happens if the Taxpayer has some, but not all, of their taxes erased in a Chapter 7. As a result, many taxpayers end up filing a “Chapter 20,” wherein they first file a Chapter 7 to eliminate what tax can be eliminated and then file a Chapter 13 to deal with what is left. The IRS can have a total of ten years to collect taxes, penalties, and interest. Once a bankruptcy case is over, the IRS gets whatever time remained on the original ten years, plus the time the bankruptcy case was pending-plus an additional six months to collect the remaining debt (if any). Chapter 7 cases will add about 4 months to this. See extra information at bankruptcy guarantee Raleigh.

Child and Dependent Care Tax Credit: A tax credit is so much better than a tax deduction—it reduces your tax bill dollar for dollar. So missing one is even more painful than missing a deduction that simply reduces the amount of income that’s subject to tax. But it’s easy to overlook the child and dependent care credit if you pay your child care bills through a reimbursement account at work. The law allows you to run up to $5,000 of such expenses through a tax-favored reimbursement account at work. Up to $6,000 in care expenses can qualify for the credit, but the $5,000 from a tax favored account can’t be used. So if you run the maximum $5,000 through a plan at work but spend more for work-related child care, you can claim the credit on up to an extra $1,000. That would cut your tax bill by at least $200 using the minimum 20 percent of the expenses. The credit percentage goes up for lower income households.

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? Find additional information on cameronbankruptcylaw.com. We have an A+ rating by the BBB®! We offer TWO written money-back guarantees!

We call the other method the “cram-down ” method. This method is used when either the collateral is worth less than the amount of the debt, or when the number of payments left on a debt is less than the length of the plan. The following examples illustrate the “cram-down” method. In it, you can pay what the collateral is worth (not what you owe on it), stretch out the payments from 36 to 60 months, and pay a reduced interest rate. If you have a second mortgage with no equity to cover it, you can completely eliminate it. To qualify for a “cram-down” you have to have paid the purchase money for a car 910 days before filing bankruptcy, and for other property, you must have made the first payment at least a year before filing bankruptcy.