Posted by Amelia Whitehart on October 14, 2021 in Legal
The best bankruptcy guarantee Raleigh right now? If you have negative equity in the rental property, real estate, house or home or a bad mortgage rate you may want to allow the home to go back in a foreclosure and live in it rent-free while it is in foreclosure. You can save up those mortgage payments and then use them as a down payment later when you can finance a home. If you let a home go back to the bank in Chapter 7, it will take about 2 months to 5 years before you will have to move (due to the length of time it takes to foreclose and sell the house). This time is spent rent free in your home while the foreclosure happens, and you will owe no deficiency balance because of your bankruptcy filing! (Please note that you are responsible for any property taxes and HOA dues that are incurred after your bankruptcy case is filed and while the property deed is still in your name.) Then 2 years after a discharge in bankruptcy or 3 years after the foreclosure sale you may be able to purchase a home at the current prime interest rate! Many people qualify for a sub-prime mortgage the day after a bankruptcy.
Invest in Qualified Opportunity Funds: Taxpayers can defer paying capital gains by reinvesting their money into Qualified Opportunity Funds. The funds, which were created by the Tax Cuts and Jobs Act of 2017, are intended to spur economic development and job creation in distressed communities. If money is held in a Qualified Opportunity Fund for seven years, 15% of the capital gains tax on the investment is eliminated. “It’s a wonderful tax incentive,” Zollars says. However, like other provisions of the tax reform law, the funds and their tax-savings benefits are scheduled to end in 2026. That means to have your money held in a fund for seven years, you’ll need to make an investment before Dec. 31, 2019.
Can you stop wage garnishment? Typically, the debts that can cause wage garnishment for employees in North Carolina-based businesses are tax debt, child support, and alimony. If the business is entierly in NC, Only the government can garnish wages. It gets a bit more complicated for businesses that have offices in other states. A bankruptcy filing will stop all garnishment (with a few exceptions) ASAP! A Chapter 7 bankruptcy can get rid of most, and a Chapter 13 can spread the payments that can’t be discharged over a 3-5 years. See additional information on 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? Discover extra details at cameronbankruptcylaw.com. Sheree is in the top 3.9% nationwide! After the bankruptcy, Kerry can help you raise your credit score to 720+!
In Chapter 13, you must pay back Creditors within five years in full or in part to the best of your ability, and you must pay as much as Chapter 7 would have paid if there had been a liquidation. Any Chapter 13 must always pay back at least as much as a Chapter 7 would have, regardless of the state in which you live. By this, we mean if your house would have been sold in Chapter 7 and would have paid back $20,000 to your unsecured creditors, your Chapter 13 must repay at least $20,000 to your unsecured creditors. Each local district has its own rules.