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Law Office Of Howard Tagg

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5620 Old Bullard Rd Ste 105 , Tyler- 75703
Texas , United States  United States
Today (Friday) Open 9:00 AM to 5:00 PM

Law Office Of Howard Tagg - Tyler

Law Office Of Howard Tagg is a professional and best Bankruptcy attorney law firm in United States, TX. Howard Tagg has 20 years of experience and has helped various clients to emerge from debt and reclaim financial stability. We help the client to understand their case and suggest the best solution to their financial problem. We are a small firm but have created a great impact and provided best legal advices to our clients by understanding their needs. The step what we do when a client call is asking them to have free consultation with us to discuss about their current financial status and decide whether to run the case or not. We explain both the drawbacks and advantages of pursing bankruptcy to the client and allow them to take the best decision.Website : https://lawofficeofhowardtagg.com/Telephone : (903) 581-9961

Business Operation Hours
Monday 9:00 AM to 5:00 PM
Tuesday 9:00 AM to 5:00 PM
Wednesday 9:00 AM to 5:00 PM
Thursday 9:00 AM to 5:00 PM
Friday 9:00 AM to 5:00 PM
Saturday 9:00 AM to 5:00 PM
Sunday 9:00 AM to 5:00 PM

Additional Information

The bankruptcy trustee may seize a lump sum back benefit that you collect before filing for bankruptcy if you do not keep the money in a separate account.If Social Security deposits the money into a bank account that also holds other income, then the funds may be considered “commingled” if you or the trustee cannot identify the portion of the account that consists solely of the Social Security lump sum.

The trustee may consider the money as exempt after you apply certain exemptions allowed for cash or the “wildcard” exemption for property of your choosing.It is important to set up a separate and dedicated account for lump sum benefits, so they cannot be seized by a bankruptcy trustee.

Product and Services

One of the main policy objectives of Bankruptcy is to give debtors a fresh start with sufficient assets to function sucessfully in society. Different state legislatures have codified this general concept into exemption laws for their residents. In Texas, residents are allowed to choose between two exemption systems: (1) The Federal Exemptions; and (2) The Texas Exemptions.

In addition to a number of specific property exemptions, Federal exemptions also allow for a “Wildcard” exemption under section 522(d)(5). The wildcard allows you to exempt any property which is otherwise not specifically provided for under the exemption system. Most other property that people have is provided for under the Federal Exemptions (household goods, clothes, personal items, jewelry, equity in home, etc).

The dollar amount for wildcard exemption is currently set at $1125 per person filing ($2250 per married couple). In addition the wildcard allows you to use the unused portion of your federal homestead exemption (up to $11,500 for an individual and $23,000 for a married couple). This adds up to a very large amount for anybody who does not own a home or who has very little equity in their home.

The most common uses for the wildcard exemption include money in your bank account and an income tax refund, however, it can also be used for things like a boat, motorcycle, extra car, firearms or any other kind of property.

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