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Best bankruptcy lawyer Raleigh today? 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.

Pick Up Capital Gains if You’re in a Low Tax Bracket: The end of the year is also a good time for some people to sell stocks that have appreciated significantly in value. This can be a particularly good strategy for those who are in the 10% and 12% tax brackets since their capital gains tax may be zero. The stocks can then be repurchased, which resets the basis and minimizes the amount of tax to be paid on future gains. Even if you’re not in the lowest tax brackets, you may want to sell winning stocks to reset the basis if you’re also harvesting losses. “What you want to do is balance (gains) with stocks that have losses,” Barlin says.

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 info at Raleigh bankruptcy lawyer.

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.

We believe in excellency as both a virtue and a compulsion. We are workaholics, both passionate and personable. We believe success is measured by action, not wealth. We believe in doing the right thing for the right price. We are family, and will treat you like family, too. We are Cameron Bankruptcy Law. Sheree Cameron’s double undergraduate degree came from the University of Tennessee where she graduated “Summa Cum Laude”. Sheree received a scholarship for the UNC Chapel Hill School of Law, where she received her Doctorate in Law. She has helped people find relief from their debts as a Bankruptcy Lawyer for over 10 years, and carries an “A+” rating with the BBB® under “Cameron Bankruptcy Law”. Discover even more info on https://www.cameronbankruptcylaw.com/. Price Match Guarantee! We have bankruptcy payment plans!

Secured claims are handled in one of two ways in chapter 13: The first, which we call the ” catch-up and maintenance” method, is where your past due payments on secured debts are paid from your monthly bankruptcy plan payments, and payments that come due after filing bankruptcy are paid directly to the creditor (“outside the plan”) or to the trustee, who then pays the secured creditor (“inside the plan”). When the Chapter 13 has been terminated, you are still obligated to make any payments remaining due on the secured debts.