Anxious Eagle

  The Best Way to Manage Your 2021 Finances From a Bankruptcy Attorney After being a Bankruptcy Attorney for over 22 years, I have seen countless financial situations, each unique in their own way. Still, I have been able to advise my clients well using the following general "rules": Be honest with yourself Most people aren't aware of how they are doing financially until they sit down and evaluate them impartially. This often involves looking at your bank statements to see how much money you have coming in, and exactly where it goes. If you see large amounts of spending at fancy restaurants, shopping plazas, or the like - it's time to evaluate if this is sustainable for you and your goals in the long-run.  Work Smarter, Not Harder Most of the time, it's better to have 2 lines of credit at 25% or less of their limits, rather than 1 line at 50%. This is not advisement to open a lot of credit accounts, but rather a way to view your finances and/or debts from a differ...

 How Will the New Administration Affect My Taxes?     Many Americans are wondering how the Biden-Harris administration will be affecting their taxes in the coming years. According to multiple media outlets, the following alterations can be expected: Income Tax The most  significant difference for income tax will be for individuals making over $400,000 annually; the tax rate will be increased from 37% to 39.6%, and these incomes may be subject to a 12.4% Social Security tax - to be split evenly between employees and employers.  Corporate  Tax The Tax Cuts and Jobs Act reduced corporate tax from 35% to 21%, while Biden does not intend on raising it to its prior level, it is set to increase to 28%. Capital Gains Tax It is also expected that tax capital gains will be taxed at the same rate as households for those earning over $1 million. The current system allows for long-term capital gains to be taxed at a lower rate - 23.8%. 401(k) There is a proposal to chan...

 Chapter 7   Bankruptcy: from 2020 - 2021 Despite a record year for jobs lost in 2020, Chapter 7 bankruptcies were 30% lower than they were in 2019. Although this had many economists puzzled, the explanation is becoming more clear. As a Professor at Harvard's School of Business predicts, many households found their savings at an all-time-low and could not afford the court filing fees that comes with filing for bankruptcy.  With my experience as a bankruptcy attorney for over 22 years, this is very worrisome. When people are overwhelmed by debts and bills, they will often try their best to make payments, even if it means consolidating most of their income for this use. However, in many cases, this is still not enough and they will find themselves in even more debt than they were before.  At the end of the day, bankruptcy is a financial planning tool that is available to the public to help them out of these difficult situations. In many cases, it is more effective to ...

  Stressed about Credit Card Debt? Credit card debt is easy to collect but difficult to get rid of, especially in challenging times. Many credit card companies can make you feel like you don't have options, but The Tancredo Law Firm seeks to help you better understand and take advantage of your consumer rights.  Harassment : If you are currently being harassed by a credit card company, we can bring this kind of contact to a halt; this is one of the main complaints our clients tend to have.  Debt Amount : Believe it or not, our attorney can reduce the debt amount in particular circumstances by negotiating on your behalf.  We have helped hundreds of clients with debt over the past 20 years, and make the process smooth and easy to understand. Contact our office for a free consultation to see how we can get you your fresh start.