Raleigh bankruptcy attorney 2021? 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.
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.
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. Read more information at bankruptcy guarantee Raleigh.
Moving expense to take first job: Here’s an interesting dichotomy: Job-hunting expenses incurred while looking for your first job are not deductible, but moving expenses to get to that first job are. And you get this write-off even if you don’t itemize. If you moved more than 50 miles, you can deduct 23 cents per mile of the cost of getting yourself and your household goods to the new area, (plus parking fees and tolls) for driving your own vehicle. However, beginning in 2018, moving expenses are no longer deductible for federal taxes unless you are in the military and the move is due to military orders. Some states such as California continue to provide this tax benefit.
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 extra details on cameronbankruptcylaw.com. We treat you like family, We have the best bankruptcy reviews in North Carolina!
The Chapter 7 process is quick, and it is the cheapest bankruptcy. It also offers you almost all the benefits of bankruptcy. It usually only takes about 120 days. It is often the best way to deal with a predatory mortgage where you owe 125% of the value of a home or you have a high-interest rate. It allows you to repair a poor credit rating and purchase houses and cars shortly after filing. Repairing your credit is done by making prompt payments on remaining accounts after you file. If you had bad credit before you filed a bankruptcy, Chapter 7 is a chance to repair your credit. A Chapter 7 bankruptcy can be reported on your credit report for 10 years, but your present bad credit will be reported for 7 years after the last collection action (which can make it last far longer than 10 years). Most people who file bankruptcy already have damaged credit, so a Chapter 7 bankruptcy is unlikely to harm it much more.