Top bankruptcy lawyer Raleigh right now? A Chapter 13 will STOP the danger of repossession (repo) as long as you continue making payments on the vehicle through the Chapter 13 plan or to the creditor directly. Many times a Chapter 7 can save a vehicle from repossession if it is redeemed or reaffirmed. If you have a vehicle that you wish to keep that is in danger of repossession, it is important that you file bankruptcy as soon as possible. Many times we have seen people take their time and lose a vehicle that they wanted to keep. We can file an emergency bankruptcy in a day or two, and if you are in danger of losing your vehicle, you need to ask us to do this.

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.

The idea behind Chapter 7 Bankruptcy, is that you turn over all your assets to the Court, which in turn pays your Creditors from that property. In most cases, there is no property to turn over after you are allowed to keep the minimum allowed to “start over” (your exemptions). In North Carolina, you are allowed to keep $3,500 equity in a car, $5,000 in personal property, $35,000 in a home. For a married couple, filing bankruptcy jointly, these exemptions are doubled. Property is valued at what it would have brought at auction or liquidation. See even more details at family-run bankruptcy law office Raleigh.

Student loan interest paid by you or someone else: In the past, if parents or someone else paid back a student loan incurred by a student, no one got a tax break. To get a deduction, the law said that you had to be both liable for the debt and actually pay it yourself. But now there’s an exception. You may know that you might be eligible to take a deduction but even if someone else pays back the loan, the IRS treats it as though they gave you the money, and you then paid the debt. So, a student who’s not claimed as a dependent can qualify to deduct up to $2,500 of student loan interest paid by you or by someone else.

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 information at https://www.cameronbankruptcylaw.com/. Price Match Guarantee! We have bankruptcy payment plans!

What Can I Do with Secured Debt in Chapter 7 Bankruptcy? Reaffirm the debt – If your payments are not current, you can try to negotiate a reaffirmation agreement with the creditor that allows you to catch up your payments. The downside to reaffirmation agreements is that signing one reinstates your personal liability for the debt. Should you decide in the future that you cannot pay the debt, you will be liable for it as if you had not filed bankruptcy. Redeem the property – You may redeem the collateral by paying the creditor what it is WORTH rather than what you OWE on it. For example, if you have a car worth $5000 and you owe $15,000 on it, you would pay the creditor $5000 for the car. The downside is that you have to make a lump sum payment. In the case of vehicles, you may be able to finance redemption through a particular company, and we are happy to provide you with their contact information.