Chapter 7 bankruptcy lawsuits by bankruptcy attorney Houston today? Can I still run my business if it files a business Chapter 7 bankruptcy? No, a business filing a Chapter 7 bankruptcy will not continue to operate. BUT – if you are self-employed, a sole proprietor, or doing business as (‘D/B/A’) you may benefit from a personal bankruptcy (instead of a business bankruptcy) and may be able to continue your business.
Chapter 7 bankruptcy, also known as a straight or liquidation bankruptcy, is a type of bankruptcy that can clear away many types of unsecured debts. If you’re far behind on your bills and don’t have the means to afford monthly payments and living expenses, filing Chapter 7 bankruptcy could be a last resort to help you reset your finances. However, you may have to give up some of your possessions, and it will have a long-lasting negative impact on your creditworthiness. Find extra details on find more info. I hope that you find this website to be helpful and informative. Information on a website, however, is not a substitute for the knowledge and advice of an experienced bankruptcy attorney. Once you have had a chance to look over our website, please fill out the contact form or give us a call to talk more about the specifics of your situation. I will get back to you the same business day, if possible. Take your first step towards a fresh financial start! I believe that customer service should be the number one priority in any business, but it is also very important 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.
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.
Meet With Your Tax Advisor: November is a good month to meet with a tax advisor, Powell says. They have finished their October tax filings and may have time in their schedule before the busy tax season starts after the first of the year. “If you sit down and do some math between now and the end of the year, you can make sure you are in a favorable tax bracket,” Barlin says. An advisor can help pinpoint strategies to reduce taxable income through retirement contributions or itemized deductions. That, in turn, may be key to ensuring households remain eligible for some income-based tax incentives such as student loan interest deductions. If you don’t regularly use a tax professional, Barlin says running numbers through tax software can be just as beneficial.
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.
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. Read additional information at dovebankruptcylaw.com.