Bankruptcy is a complex procedure that requires you to make a host of critical decisions from before the time you file straight through to the time your debts are discharged and the bankruptcy procedure concludes. An experienced bankruptcy attorney can guide you through the dizzying maze of decisions, paperwork and procedure that marks a bankruptcy filing, whether it is a chapter 7 or chapter 13. At the outset, a bankruptcy attorney is there to counsel you on the bankruptcy process and whether it is right for you. They serve to help you take a critical look at your debts and assets and determine if bankruptcy is the path that will best help you or if a smarter approach is to attempt to improve your circumstances from a different angle. For instance, the bulk of your debts may be ones ineligible for bankruptcy protection, such as student loans, and an attorney can help you weigh whether you would truly benefit from bankruptcy. If bankruptcy does appear to be the right solution for you, an attorney then can help you compare the chapter 7 and chapter 13 options. This is a critical decision and will involve you and your attorney examining the size and makeup of your debt, the assets you are willing to risk in a bankruptcy, and your ability to repay your debts or a portion of your debts, among many other considerations. Once you have selected your specific filing plan, an attorney can help you make key decisions beforehand. For instance, if you file for chapter 7, an attorney can provide you with your best options for keeping any assets that you do not want to lose to help pay off creditors. If you file for chapter 13, an attorney can work with you to figure out an ideal payment plan that you would be able to afford. Attorneys can also help you consider aspects of your bankruptcy such as the impact on your co-signers on any loans that will fall under your bankruptcy filing or whether to file jointly with a spouse or as an individual. In order to be a trustworthy guide for this aspect of your decision-making, an attorney needs to have a thorough understanding of federal bankruptcy laws. During the filing process, your attorney will help you gather and prepare the necessary paperwork, which largely focuses on your income, assets, debts and expenses. Once the documents are filed and the bankruptcy is in motion, your attorney will be your key guide in ensuring that you file any additional documents and respond to necessary deadlines on time. Bankruptcy requires court hearings, including a meeting of your creditors, and your attorney will represent you at these procedures and ensure that your best interests are pursued. This is one reason that it is important to have an attorney with deep knowledge of local court procedures and the bankruptcy trustees in your region, because approaches can vary from locality to locality. These hearings could prove especially consequential if one of your creditors challenges the filing, making your attorney’s experience and understanding of your specific case crucial. Throughout, a bankruptcy attorney should be readily available when you have questions or need a consultation as you navigate the process. A bankruptcy can be a challenging, confusing experience, but a good attorney can bring a measure of clarity and comfort and help ensure that it serves its chief purpose helping you regain your financial footing. What Should I Expect From My Bankruptcy LawyerAfter filing for bankruptcy, all debtors must attend a mandatory hearing called the 341 meeting of creditors. But, depending on your case, you (or your attorney) might need to go to additional hearings. Some common types of hearings you can expect your attorney to represent you at: Expect Competence From Your Bankruptcy LawyerNot all bankruptcy cases are complicated, but they aren’t all easy, either. Either way, your bankruptcy lawyer should have the skill level necessary to handle your case. In general, the difficulty of your bankruptcy will depend on: One way to find out if it’s a good fit is to ask whether the lawyer has represented clients in similar situations in the past. Expect Sound Legal Advice From Your Bankruptcy LawyerIn general, your retainer agreement (the contract you and your attorney sign) will outline the services your bankruptcy attorney will provide. Your attorney’s job is also to provide you with competent advice throughout the bankruptcy process. First, you can expect your attorney to tell you whether filing for bankruptcy would be in your best interest. If it is, you should also learn: Most importantly, if you have any questions, you can expect your attorney to respond to your calls or emails promptly. Expect Your Bankruptcy Lawyer to Prepare and File Your PaperworkFiling for bankruptcy requires you to complete a lengthy packet of forms. Almost all bankruptcy attorneys have specialized software that prepares and files your required bankruptcy paperwork with the court. You’ll provide your attorney with all of your financial information, such as income, expense, asset, and debt information. Your lawyer will use it to prepare the official forms and then go over the completed paperwork with you to ensure accuracy. You might have to provide additional forms or documents with the court or the trustee, too. Your attorney will make sure to do so promptly because missing a bankruptcy deadline can cause: For these reasons, one of the responsibilities of your bankruptcy attorney is to know the local rules and filing procedures. Bankruptcy Planning: Rebuilding Credit After BankruptcyAll in all, attorneys are good at making sure that your case gets through the process smoothly, thereby allowing you to take full advantage of your fresh start. Even so, sometimes things occur afterward that need attention (although this is rare). Your attorney can help resolve post-bankruptcy discharge violations if a creditor attempts to collect a debt that was wiped out by the bankruptcy. Also, many attorneys provide guidance on rebuilding credit. They’ll give you handy tips that will help you take advantage of the offers you’re bound to receive shortly after your case comes to a close. Flat Fees Versus Hourly FeesMany attorneys, especially bankruptcy attorneys, will charge a “flat rate” to represent you in a bankruptcy case. You’ll pay a fixed amount for the attorney to represent you, regardless of the amount of time the attorney spends on your case. Other attorneys will charge you an hourly rate, although it’s uncommon in consumer bankruptcy cases. The more likely scenario is for the attorney to charge a flat fee for the bulk of the matter. The lawyer will charge an hourly fee for any extra work required for services like defending against an objection to discharge. Your contract should spell out what the flat fee covers. Average Chapter 7 Bankruptcy Attorney FeesMost Chapter 7 bankruptcy attorneys will base their fees on how complicated your case is and what other attorneys in the area would charge for a similar bankruptcy. If you have a lot of assets or debt, you might pay more than an unemployed person with no assets. In general, attorney fees for a Chapter 7 bankruptcy range from $1,000 to $3,500 depending on the complexity of the case. Larger firms with more advertising and overhead costs sometimes charge more than a solo practitioner, but not always. Some larger operations offer low fees and count on a higher volume of cases. Also, you might find a solo practitioner will cost more but offer more personalized service. It will depend on the office. You can expect a newer attorney to charge less than a more experienced lawyer, and if your case is a simple Chapter 7, you might not need an attorney with years of experience. Keep in mind, however, that bankruptcy is a specialized area of law and that most attorneys who don’t regularly practice bankruptcy won’t accept a bankruptcy case. When shopping around for a bankruptcy lawyer, call at least a few attorneys in your area. Compare their fees and ask if bankruptcy is an area they specialize in, as well as the number of cases they file each month. Paying a Chapter 7 AttorneyYou’ll pay your Chapter 7 attorneys’ fees in full before the attorney files the case and with good reason. Chapter 7 wipes out most unsecured debt in a Chapter 7 case, including attorneys’ fees. So if you had a balance due when filing the matter, it would get discharged. Chapter 7 attorneys know this, of course, and require full payment. Lawyers Must Disclose Attorneys’ Fees to the CourtAttorneys’ fees in bankruptcy cases are somewhat unusual in that they must be disclosed to and approved by the court. However, this doesn’t mean that the bankruptcy court fixes the amount that attorneys can charge in bankruptcy cases. Attorneys are free to charge what is reasonable given their experience and the complexity of your case subject to review by the court. Some courts have a “presumptive” maximum fee for certain types of bankruptcy cases, but the attorney can overcome the ceiling by demonstrating a good reason for charging more. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Utah Bankruptcy Attorney appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/utah-bankruptcy-attorney/
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Most people file bankruptcy due to circumstances that are mostly beyond their control. Medical bills are a good example. Hospital, surgical, and other medical debt accounts for about two-thirds of bankruptcy filings. Lifestyle decisions sometimes contribute to injury or illness. But no one asks for these things to happen. Bankruptcy is ideal for people who feel like their financial lives are spiraling. No other debt protection law offers the same one-two-three punch as bankruptcy. This combination is outlined below. So, instead of waiting and hoping for things to get better, you can take control of your own financial future. A Utah bankruptcy lawyer helps you before, during, and after the case. Attorneys give you solid advice about your debt relief options. Bankruptcy and non-bankruptcy alternatives are usually available. During the case, an attorney handles the complex paperwork and represents you at bankruptcy hearings. After the case, a lawyer can work with you on the quickest and most effective way to raise your credit score. Utah Bankruptcy LawRegardless of the state, bankruptcies are always a combination of federal and state laws. Utah’s bankruptcy laws are a good example. Federal law, mostly the Bankruptcy Code, controls most aspects of a bankruptcy case. State law, such as the Utah Exemptions Act, controls property exclusions and a few other items. General Bankruptcy PrinciplesThe fresh start is the overarching principle in bankruptcy cases. The Supreme Court has consistently held that bankruptcy “relieve[s] the honest debtor from the weight of oppressive indebtedness, and permit[s] him to start afresh free from the obligations and responsibilities consequent upon business misfortunes.” Section 362 of the Bankruptcy Code is an essential part of this fresh start. The automatic stay immediately stops creditor adverse actions, like: The automatic stay can prevent these things from happening. However, these actions are difficult to undo, whether you file bankruptcy or not. So, prompt action is essential. Typically, the automatic stay remains in full effect as long as the case is pending. That could be up to five years. So, if you need time to catch up on mortgage payments or erase other secured debt delinquency, bankruptcy gives you the chance to do so. Creditors cannot harass you during the protected repayment period, as long as you make monthly payments. When the bankruptcy ends, the judge discharges most unsecured debts, such as medical bills and credit cards. This debt discharge, or debt forgiveness, usually frees up hundreds of dollars a month. Types of Consumer BankruptcyEssentially, there are two kinds of consumer debt. So, there are basically two kinds of bankruptcy. Some other bankruptcy options are available in some jurisdictions. Families with large medical bills and other unsecured debt often choose Chapter 7 bankruptcy. In as little as six months, Chapter 7 eliminates most unsecured debts. The full force of the automatic stay usually applies in these cases. In other words, when you file Chapter 7, creditors leave you alone and you quickly get a fresh start. If mortgage delinquency and other secured debts are a problem, Chapter 13 is usually a good alternative. In a Chapter 7, the bankruptcy trustee does little more than verify your identity at a 341 meeting. A Chapter 13 trustee does much more. The trustee basically puts you on an allowance for either three or five years. After you pay monthly bills, most disposable income goes to pay down secured debt delinquency. Unsecured debt discharge, which happens after secured debt delinquency is erased, completes a Chapter 13 fresh start. Furthermore, not everyone in Utah is eligible for a fresh start. You must have lived in the state for at least two years to file bankruptcy here. Moreover, you cannot hide income, misclassify your debts, or otherwise commit bankruptcy fraud. There are some chapter-specific qualifications as well. Qualifying for Chapter 7The means test often determines your eligibility to file Chapter 7. Your annual household income must be below the state average. This figure, which is usually about $95,000 for a family of four, changes every few months. Some regional variations apply. For example, the cost of living is higher in the Ogden/Salt Lake City/Provo region than it is in other areas. Some other qualifications apply as well. Sometimes, these rules are unwritten. For example, if you file for Chapter 7 despite earning more income than you owe in necessary expenses each month, expect the trustee to ask questions about where the money is going. Qualifying for Chapter 13There are no debt ceilings in a Chapter 7. But, there are debt ceilings in a Chapter 13. You cannot have more than $1.4 million in secured debt and $400,000 in unsecured debt. These totals include current and past-due obligations. So, if your name is Batman and you live in Wayne Manor, you might not be eligible for Chapter 13 bankruptcy. The income/expense balance sometimes comes into play as well. But Chapter 13 has the opposite unwritten rule of Chapter 7. Chapter 13 debtors must have enough disposable income to make a monthly debt consolidation payment. The amount depends on the amount of debt and some other factors. It’s usually roughly the size of a mortgage or rent payment. Utah Bankruptcy ExemptionsOutside bankruptcy, your hard-earned assets are at the mercy of creditors. In many cases, creditors do not need court orders to take your house, car, or other property. Bankruptcy protects (exempts) these assets. Luxury items, like vacation homes and boats, are usually nonexempt (not protected). But that’s not always the case. Normally, items like camping trailers are nonexempt. An obscure bankruptcy law provision, the best interests of creditors rule, forbids such seizures and sales. Some states allow debtors to choose between federal exemptions or state bankruptcy exemptions. That choice is unavailable in Utah. But that usually does not matter, because Utah’s exemptions are so broad. They include: Chapter 7Chapter 7 bankruptcy is considered the “liquidation” form. This is a true “wipe the slate clean” type of thing a debtor filing for Chapter 7 is starting over entirely. A trustee is appointed to assist with the sale of assets – this doesn’t necessarily have to be all of a given debtor’s assets, but it’s often most of them. Once these have been liquidated, the trustee pays creditors a percentage of the proceeds. Certain other debts are forgiven, or discharged – debts which cannot be discharged generally include student loans, alimony or child support taxes. If you’ve filed for Chapter 7 bankruptcy, you won’t be eligible to file again for another seven years. Chapter 11Chapter 11 bankruptcy is considered the “reorganization” format. This format again involves a trustee, but this time includes a repayment plan which is submitted to a court for approval – the court can then approves, alter or suggest a new plan. These plans can last anywhere from three to five years. Debtors do not have to liquidate assets in this format, and they’re often only repaying 30 to 50 cents on the dollar from what they actually owe. Both individuals and corporations can file for Chapter 11 bankruptcy. Chapter 12Chapter 12 bankruptcy is relatively similar to Chapter 11, except that it’s specifically designed only for family farmers. It’s not meant for larger companies or corporations. Chapter 13Chapter 13 is also similar to the two types above, but instead of being for family farmers, it’s for all other individuals – and again, not for corporations or larger companies. There are limits set on the amount of money which can be owed by the debtor under Chapters 12 and 13 bankruptcy. What Is The Process To File For Bankruptcy In Utah?Every person or couple who files for bankruptcy must go through a legal process. Once you begin this process, it will help determine the magnitude of your debt problem, whether or not you should file, and what kind of bankruptcy would benefit you most. Additionally, this process helps protect you from aggressive creditors and misunderstandings. It can be a bit detailed, but if you need to file for bankruptcy in Utah, you need to know a few things about the process. Step One: Attend Utah Bankruptcy CounselingBefore you are allowed to file for bankruptcy, you must attend credit counseling. This is a straightforward course that teaches efficient finance- and debt-management; you will be taught how to determine whether or not you will be able to pay off any debts you may incur in a timely manner, how to avoid getting into trouble by amassing debt you cannot repay, and how to relieve yourself of your debt, among other useful things. You may be called upon to make a debt management plan for yourself; at this point, you must decide whether or not you want to go forward with your plan to file for bankruptcy. This course must be attended within six months prior to your filing date; it is best to do this as soon as you can. Step Two: Bankruptcy Information And DeterminationIn order to ensure that your bankruptcy is based on accurate information, thereby avoiding legal disciplinary action, you must gather information and fill out paperwork. This paperwork is simply a summary of your financial situation, including a list of your creditors, the amounts of debt you owe, your average income, and other relevant pieces of information. Once you have gathered all of your required information, you must take the Means Test; this is a simple test that uses that information (and a bit of math) to determine whether or not you qualify for a Chapter 7. If you do qualify, you will have the option to do so; however, you are not required to file a 7 if you’d rather file a 13. Step Three: Filing Bankruptcy Documents And MeetingsThe actual act of filing is not a difficult one. You will need to appear in court and meet with your attorney, but once you have filed, you will be granted an automatic stay. This means that your creditors will not be allowed to contact you or harass you in any way. You will be able to go forward without worrying about your creditors. You will also be required to meet with your creditors to discuss your bankruptcy or negotiate with them. As long as you have been fully honest about your situation and your assets, your bankruptcy filing process should go smoothly; all you need to do is follow procedure. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Utah Bankruptcy appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/utah-bankruptcy-3/ If your debts have become unmanageable or you’re facing foreclosure on your home, you might be thinking about declaring bankruptcy. While bankruptcy may be the only way out for some people, it also has serious consequences that are worth considering before you make any decisions. For example, bankruptcy will remain on your credit report for either seven or 10 years, depending on the type of bankruptcy.1 That can make it difficult to obtain a credit card, car loan, or mortgage in the future. It could also mean higher insurance rates and even affect your ability to get a job or rent an apartment. What to Do Before Filing for BankruptcyBankruptcy is generally considered a last resort for people who are deep in debt and see no way to pay their bills. Before filing for bankruptcy, there are alternatives that are worth exploring. They are less costly than bankruptcy and likely to do less damage to your credit record. For example, find out if your creditors are willing to negotiate. Rather than wait for a bankruptcy settlement and risk getting nothing at all some creditors will agree to accept reduced payments over a longer period of time. In the case of a home mortgage, call your loan servicer to see what options may be available to you. Some lenders offer forbearance (postponing payments for a period of time), repayment plans (such as smaller payments stretched over a longer period), or loan modification programs (which might, for example, lower your interest rate for the remainder of the loan). What to Do Before Filing for BankruptcyBankruptcy is generally considered a last resort for people who are deep in debt and see no way to pay their bills. Before filing for bankruptcy, there are alternatives that are worth exploring. They are less costly than bankruptcy and likely to do less damage to your credit record. For example, find out if your creditors are willing to negotiate. Rather than wait for a bankruptcy settlement and risk getting nothing at all creditors will agree to accept reduced payments over a longer period of time. In the case of a home mortgage, call your loan servicer to see what options may be available to you. Some lenders offer forbearance (postponing payments for a period of time), repayment plans (such as smaller payments stretched over a longer period), or loan modification programs (which might, for example, lower your interest rate for the remainder of the loan). Even the Internal Revenue Service is often willing to negotiate. If you owe taxes, you may be eligible for an offer in compromise, in which the IRS will agree to accept a lower amount. The IRS also offers payment plans, allowing eligible taxpayers to pay what they owe over time. How to File for BankruptcyIf you’ve decided to file for bankruptcy, your first step should usually be to consult an attorney. While it is possible to file without one, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes. Bankruptcy is governed by federal law, and cases are handled by federal bankruptcy courts, although some rules differ from state to state. Before you file, you’ll be required to attend a counseling session with a credit counseling organization approved by the Department of Justice’s in Utah. The counselor should evaluate your personal financial situation, describe the alternatives to bankruptcy, and help you devise a budget plan. Counseling is free if you can’t afford to pay; otherwise it should cost about $50, according to the Federal Trade Commission. If you still wish to proceed, your attorney can advise you on which type of bankruptcy is more appropriate for your situation. Types of Personal BankruptcyIn the case of individuals, as opposed to businesses, there are two common forms of bankruptcy: Chapter 7 and Chapter 13. Here is a brief description of how each type works: The Means Test for Chapter 7Whether to file for Chapter 7 or Chapter 13 is not your decision alone. The courts also impose a means test to determine whether you are eligible for Chapter 7. The means test first compares your average income over the previous six months with the median income for a household of your size in your state; if you earn less than the median, you should be eligible for Chapter 7. Even if your income is higher than the median, you may be eligible after subtracting certain allowable expenses. But if the calculation shows that you’d have enough disposable income left over to begin repaying your debts—rather than having the slate simply wiped clean the court may decide that Chapter 13 is your only option. To help determine your eligibility, you will be required to fill out this 122A-2 Form. Listing Your DebtsIn filing for bankruptcy, you will also be asked to supply the court with a list of your all the money you owe. Your debts fall into two categories: Discharging Your DebtsWhen the bankruptcy court issues a discharge, you are relieved of your liability to pay back the listed debts. That means creditors no longer have a legal claim against the debts, so they cannot pursue any collection activity, take any legal action, or even communicate with you in any way. The court will send your creditors a notice that the debts have been discharged. A copy will also be sent to your lawyer as well as to the U.S. Trustee Program at the Department of Justice. Any creditor who attempts to collect a debt after receiving a notice of discharge can be fined. For a Chapter 7 bankruptcy, the discharge is usually issued anywhere between four and six months after the bankruptcy petition is filed. The discharge under Chapter 13 bankruptcy is issued after the payment plan is complete, usually three to five years after the bankruptcy filing. Rebuilding Your Credit After BankruptcyAs mentioned above, bankruptcy will remain on your credit report for either seven years (in the case of Chapter 13) or 10 years (in the case of Chapter 7). That can make it difficult to obtain further credit, such as a bank loan or a conventional credit card. However, the effect of bankruptcy on your credit score will diminish over time, and your score will gradually improve if you show that you’re using credit responsibly. One tool for doing that is a secured credit card, where you make a deposit with the issuing bank, which then becomes your credit line. By using that card judiciously and making your payments on time, you can begin to establish a fresh credit history. After a period of on-time payments, you may become eligible for a regular, non-secured credit card. The process of rebuilding your credit and restoring your financial life can take time. But bankruptcy; if you have no other viable choice is not the end of the world. Chapter 7, also known as liquidation, allows individuals or businesses to give up nonexempt assets and walk away from most debts. To qualify, debtors must pass the means test that is, their income must be less than their state’s median income. Not all debt can be discharged, and discharge is not automatic in Chapter 7 bankruptcy. Individuals who successfully discharge eligible debt are no longer liable for the debt. Chapter 9 allows municipalities to reorganize debt. Whether it’s a school district, city or county that’s facing financial hardship, Chapter 9 bankruptcy allows it to restructure the debt and create a plan without selling its assets. Municipalities that file for Chapter 9 can reorganize debts by lowering the interest rate on existing debt, reducing the principal amount, extending the repayment term or refinancing. Chapter 11 Also known as reorganization, Chapter 11 bankruptcy is for individuals and, more commonly, businesses to restructure debt. It allows the filer to draft a plan to repay some debt while retaining assets. Corporations filing Chapter 11 bankruptcy don’t risk putting shareholders’ personal assets at risk since the business is considered a separate entity from share owners. In a sole proprietorship business, on the other hand, the owner and debtor are the same person, so both personal and business assets are considered in a Chapter 11 filing. Chapter 11 is much more complicated, and therefore expensive, making it financially feasible mainly for businesses and very wealthy individuals. Chapter 12 allows family farmers and fishermen with regular income to reorganize debt. Although it works similarly to Chapter 13, this option is more advantageous to farmers who have larger debts and don’t meet Chapter 13 wage-earner classifications. It’s also more straightforward than the Chapter 11 process. Repayment usually stretches out over three years, but a court can also decide to extend the repayment period up to five years if it finds this time period justified. After the debtor fulfills all payments in the reorganization plan, their debt is discharged. Certain debts, like child support or alimony, aren’t dischargeable through Chapter 12 bankruptcy. Chapter 13 which is similar to Chapter 11 is available to individuals who need to restructure their debt loads. Some creditors will be paid back in full with interest, while others will be repaid a percentage of the debt. Typically, the repayment period is from three to five years. This type of bankruptcy requires debtors to have regular income, and there are debt thresholds that restrict eligibility. Unsecured debt under this filing must be less than $394,725, and secured debts must be less than $1,184,200. A benefit of Chapter 13 is that the debtor’s home is not at risk of foreclosure during these proceedings. What To Do If You Have Too Much DebtIf your debt feels overwhelming, there are a few options you might have. Some of these paths include: Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Utah Bankruptcies appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/utah-bankruptcies/ People are living in tough times. The recent recession certainly isn’t helping anything either. More and more Utahans are being forced to declare bankruptcy and start over. Your situation doesn’t magically get better once you have declared bankruptcy. You have to start completely over…from square one. The bankruptcy process can be confusing and lengthy. However, there is one thing you can do to help facilitate the entire process. You need to find the right Utah Bankruptcy Attorney. Your bankruptcy attorney will help you sort everything out. He or she will help you fill out all necessary paperwork and advise you concerning your debts, assets and anything else associated with the bankruptcy. Your attorney will give you specific and individualized attention and counsel regarding: -the declaration of your taxes -your home and other pieces of real estate automobiles the difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy Declaring bankruptcy is never something you should do on your own. Since filing for bankruptcy is such a personal matter, you may not want to ask friends, neighbors or co-workers for referrals. If this is the case, log onto the Internet. The Internet is one of the best resources to steer you in the right direction. If you are filing for bankruptcy, you need a Utah bankruptcy attorney. Your attorney will help facilitate the process and give you the information that you need. Filing for bankruptcy in the state of Utah can be a confusing and daunting task. With the help of the right Utah bankruptcy attorney, this process can be a seamless one for you and your family. Factors to Determine If You Should File For BankruptcyDuring difficult economic times, many of us review our finances and find that there is not enough money to cover all of the expenses we have. Paying for rent, shopping for groceries, and mailing in the heating bill are all things that have to be done and continue to chip away at our wallets. Filing for bankruptcy can be a great way to get a fresh new start. Before deciding if bankruptcy is right for you, it is important to go through your finances and determine if you are actually qualified to file bankruptcy, or if you would be better off with an alternative option. Below are 7 factors that you should think of when choosing where to head with your financial future. 1. How much debt do you have? Go through your finances and determine how much debt you have. It is important to figure out all the numbers before deciding if bankruptcy is the right choice for you. If you have at least $10k in debt, you should think about filing for bankruptcy, if you have less, work on finding alternative ways to eliminate your debt. Benefits of Hiring a Bankruptcy AttorneyThe benefits of hiring a bankruptcy attorney are quite plenty. This type of lawyer advises and counsels you on ways to protect your assets and represents you in court. Such an attorney has specialized in foreclosure, consumer and commercial law. Many people and companies have filed for bankruptcy thus the need for bankruptcy attorneys. A bankruptcy attorney would be able to protect you from creditors harassing you. Once you have informed your creditors that you have retained counsel, these creditors should only communicate with your lawyer. He would then be able to save you from having a headache by calling your creditors and telling them to stop any form of harassment that they inflict upon you. Filing for a bankruptcy petition requires many steps and procedures. The court, bank trustees and creditors would frequently communicate with you. This would prove to be stressful because of the frequency of the communication and because you do not know how to handle them and what action to take so that your petition will be granted. Your attorney would know every step of the proceedings and would be able to tell you if you are on the right track and schedule or not. You would be spared of the anxiety during the whole petition. One of the benefits of hiring a bankruptcy attorney is that you get protection from things you are not aware of. When you file for bankruptcy on your own, you only have limited information with you thus things can take long or your petition for bankruptcy may even be disapproved. With a lawyer, you would be aware of laws and policies that you can benefit from. For instance, you may not know that the statute of limitations have run out on debts that are 5 to 15 years old, depending on the state. With a bankruptcy attorney, you would be protected from mistakes. Filling out documents necessary for your petition can be difficult especially if you are not aware of what should or should not be placed in such documents. Your petition will be dismissed if you do not include your car or house in your petition. In addition, your attorney would do all the paperwork that would be quicker. Bankruptcy laws alter along with the necessary paper works. To achieve success in your petition, you should know how to fill out these paper works properly. You will lose money if your case is dismissed because of failure to accurately fill out the forms. Your lawyer would be there to advise you on what to do. These are the benefits of hiring a bankruptcy attorney. Signs That You Might Need to Talk to a Bankruptcy AttorneyThe important thing to do when you are facing serious financial trauma is to take everything into account before you do anything rash, because in most cases a steady dose of discipline and will power can get you through the storm. But there is a point, however, when bankruptcy becomes the only feasible option, and it is at this point that you want to make sure that you have all your bases covered. There are several indicators to look out for that may tell you that you’re on the road to bankruptcy. Here are some areas to analyze and compare with your current financial situation. If you find yourself appropriately described by several of these topics, then it may be a good idea to sit down with a bankruptcy or taxation lawyer and figure out what your next steps should be. Continual overdraft fees: Overdraft fees happen to everyone from time to time. However, if you find yourself in a position where you are over drafting on a very regular basis, you may want to take a look at your bills and your living expenses to determine if you are living beyond your means, or if you are totally unable to produce the funds needed to cover your debt and expenses. Chapter 7 bankruptcy can wipe out many forms of overwhelming debt under the protection of a federal court. You may have to give up some assets, like an expensive car or jewelry, but the vast majority of filers do not. Chapter 7 bankruptcy is the fastest and most common form of bankruptcy. Chapter 7 bankruptcy erases most unsecured debts, that is, debts without collateral, like medical bills, credit card debt and personal loans. However, some forms of debt, such as back taxes, court judgments, alimony and child support, and student loans generally aren’t eligible. Chapter 7 bankruptcy will leave a serious mark on your credit reports for 10 years. During this time you’ll likely find it harder to get credit. Even so, you’ll probably see your credit scores start to recover in the months after you file. How Do You File Chapter 7 Bankruptcy?You can probably complete the process within six months. You’ll have to follow several steps. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Should You Refinance The House After Divorce? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Utah Bankruptcy appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/utah-bankruptcy-2/ A tax attorney is an attorney who specializes in the interpretation and application of tax laws and policies. Tax attorneys can perform a wide array of services for their clients, including the preparation and filing of taxes. Tax attorneys are knowledgeable about tax laws, regulations, and policies at several levels—federal, state, and municipal. In addition to preparing tax returns, tax attorneys can: Protecting A Client’s RightsA tax attorney can help protect your rights and negotiate with the IRS on your behalf. With their in-depth understanding of tax law, tax attorneys are well qualified to act as a go-between with their clients and the IRS and are skilled at: If the IRS has assigned an agent to your case, it usually means that the IRS is close to taking action against you. If you do not already have a tax attorney, this is a clear sign that you might want to contact one. Providing Personal Wealth Management AssistanceMany taxpayers hire tax attorneys to help reduce their tax liabilities in advance of filing a tax return. A tax attorney can provide related legal documents and offer advice on how to manage your personal wealth to minimize your taxes. Other wealth management services tax attorneys offer include: When To Hire a Tax AttorneyWhen you owe back taxes to the IRS, the last thing you need is another bill. So, it’s natural to wonder if you can solve your tax debt on your own without having to hire an attorney and spending thousands of dollars you probably don’t have. The truth is that most tax problems can be resolved without having to hire an attorney, assuming you’re willing and motivated to learn how to do it yourself. This article will give you some more detailed guidelines for deciding when you should hire a tax attorney. You might not need to hire a tax attorney if all the following are true: The above criteria mean that your case is fairly simple and straight forward. It’s likely that you can handle resolving such a case on your own without spending money on expensive help. However, it’s going to take some work. Just like any DIY project, you’re going to save money with sweat equity. You probably need to hire a tax attorney if any of the following are true: If any of the above characteristics describe your situation, you stand a good chance of getting a better outcome by hiring a tax attorney than you would on your own. This is because your case is more complicated and is going to get more scrutiny from the IRS. It would be smart to have a tax attorney to prepare your financial documents and handle the negotiations. This could mean the difference between acceptance and rejection of your offer in compromise, or paying more for your offer than would otherwise have been required. You must hire a tax attorney if any of the following are true: If any of the above apply to your situation, then it would be very wise to at least consult with a tax attorney to evaluate your case and then hire one if appropriate. You are in the “danger zone” of IRS tax collections and could be looking at forced asset sales, business closures, criminal tax prosecution, and other negative consequences that can last for years to come. At the very least, you should find and consult with a qualified tax professional for a review your case. Beware Tax Debt Relief CompaniesChances are you’ve already received a bunch of direct mail advertisements from various companies, law firms, and CPAs offering to help solve your tax debt. Beware the promises these companies are making. There are a lot of dishonest tax resolution providers who will prey on your desperation and take advantage of you while you’re at your lowest point. They are notorious for charging outrageous fees and doing nothing to actually resolve your tax debt. A tax attorney is a lawyer who specializes in tax law. Tax attorneys’ help people arrange their finances to optimize their tax situations, comply with tax rules and handle disputes with the IRS or other tax authorities. Some specialize in areas such as estate, international or business taxes. • Tax attorneys often practice at law firms or accounting firms. Some may be solo practitioners, meaning they own their businesses and work for themselves. When It’s Worth Hiring A Tax AttorneySome situations may be especially suited for hiring a tax attorney. Estate PlanningA tax attorney can help you devise estate planning strategies and handle the paperwork involved in minimizing estate taxes, transferring assets to family members, setting up trusts and other tactics. Starting A BusinessA tax attorney may be able to help devise tax-smart strategies for starting, buying, selling or expanding a business. Tax DisputesIf you have a tax dispute; want to sue the IRS, the state or a local tax authority over a tax matter; or if you want a hearing before Utah Tax Court, a tax attorney can help. ReliefIf you have an outstanding balance with the IRS or other tax authority that you want to negotiate or contest, a tax attorney may be able to help you pursue options such as: Here are three things to check for. 1. A law license: An attorney must have a law license to practice law. You can verify whether a tax attorney has a license to practice law in your state by searching your state’s bar association website. In general, legal work isn’t cheap. Tax attorneys charges between $295 to $390 per hour on average. The attorney’s length of experience can move the figure lower or higher. The firm also has data showing 37% of people who use legal representation for taxes spend from $0 to $5,000, and another 14% spend $5,000 to $100,000. About a quarter have the work done pro bono, or free of charge, and 4% have it done on contingency (where the attorney receives a portion of the damages if any are awarded). You might be able to get free or low-cost help from a tax attorney by visiting a low-income tax clinic, known as an LITC, in your area. These clinics represent people with income below certain levels and who need to resolve tax problems with the IRS. LITCs can represent you in audits, appeals and tax collection disputes before the IRS and in court. LITCs can also help people respond to IRS notices or fix account problems. You can locate a local clinic on the Taxpayer Advocate Service website. CPA vs. Tax Attorney: What’s the DifferenceTax season can be a difficult time for individuals and businesses. Whether this is your first year filing complex taxes or you’ve let years of tax debts add up, help is available. There are a few different options when it comes to entrusting a professional with your tax case. Two of the most popular options are certified public accountants (CPAs) and tax attorneys. Knowing which is right for you comes down to your unique needs and goals, as well as the status of your case with the Internal Revenue Service (IRS). Tax debt is no small matter. Protect yourself with the correct tax professional for your situation. What Is a Certified Public Accountant?CPAs have five-year business degrees under their belts, with at least 150 hours of education. They also passed the intensive CPA exam and continue to complete at least 120 hours of continuing education every three years. A CPA is not the person you’d see at your average tax preparation chain. These are employees who have undergone about 60 to 80 hours of training. A CPA is much more knowledgeable and experienced in tax preparation. You might need to hire a CPA to do your taxes if you have complicated tax situations. For example, if you own a business, are divorced, have children, and have investments with high net worth, you’ll want to spend the extra money on a CPA to prepare your taxes. The more money you have coming in and out, the more a CPA can benefit you during tax season. CPAs know how to abide by federal laws while still minimizing your tax liability and maximizing benefits. If you want to develop an ongoing relationship with a tax professional, hire a CPA. Finding a CPA you trust can mean returning to the same professional year after year for a simpler tax process. A CPA can come up with a long-term tax plan and help you stick to it, as well as help with monthly and annual accounting services. Paying quarterly taxes, creating a financial plan, and undergoing audits are easiest with a CPA by your side. Choosing the Right Type of Tax Assistance for YouIf you’re on the fence about whether to hire a CPA or a tax attorney, consider the tax matter at hand. Do you have to muddle through complex personal or business taxes and want to minimize tax liability? Go with a CPA. Are you in trouble with the IRS, receiving debt collection notices, or involved in a tax controversy matter? Hire a tax attorney. If you need an attorney, don’t hire a CPA to save money. You’ll only end up getting into deeper trouble with the IRS – something that could end in much more costly losses than paying for a tax attorney. You might need to retain a tax attorney if you’re in a complex case involving tax agents or revenue officers. If the IRS has assigned a revenue officer to your case, it means you’re very close to receiving a levy on your bank accounts or wages. In these cases, confide in a tax lawyer to protect your rights and advise you on how to stay out of trouble. Legal representation can be paramount in negotiations and discussions with the IRS if you owe taxes or if you’re facing allegations of tax fraud. If you have a serious tax problem, go to a tax attorney, not a CPA. Another way tax lawyers are helpful is with tax planning. If you need someone to come up with a tax plan that minimizes your liability, trust an attorney to structure your assets. An attorney has undergone more training in dispute resolution than the average CPA. If you only need basic tax preparation and aren’t in trouble with the IRS, consider a CPA or even an enrolled agent (EA). An EA is like a CPA, except that an EA doesn’t have to have as much experience or training. EAs typically cost the least out of EAs, CPAs, and attorneys. Just remember – an EA or CPA might not be helpful if you’re involved in a tax dispute. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Self Service Storage Facilities Law Should You refinance The House After Divorce? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Tax Attorney appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/tax-attorney-2/ If you default on your home loan payments in Utah, the servicer (on behalf of the loan owner, called the “lender”) will eventually begin the foreclosure process. The method will most likely be non-judicial, although judicial foreclosures are also allowed. Utah law specifies how non-judicial procedures work, and both federal and state laws give you rights and protections throughout the foreclosure. Mortgage Loans in UtahIf you get a loan to buy a home in Utah, you’ll likely sign two documents: a promissory note and a deed of trust. The promissory note is the document that contains your promise to repay the loan along with the repayment terms. The deed of trust, which is very similar to a mortgage, is the document that gives the lender a security interest in the property and will probably include a power of sale clause. If you fail to make the payments, the power of sale clause gives the lender the right to sell the home non-judicially so it can recoup the money it loaned you. What Happens if You Miss a Mortgage PaymentIf you miss a payment, the servicer can usually charge a late fee after the grace period expires. Most mortgage loans give a grace period of ten to fifteen days, for example, before you’ll incur late charges. To find out the grace period in your situation and the amount of the late fee, review the promissory note or your monthly billing statement. If you miss a few mortgage payments, the servicer will probably send letters and call you to try to collect. In most cases, federal mortgage servicing laws require the servicer to contact you (or attempt to contact you) by phone to discuss foreclosure alternatives—called “loss mitigation” options—no later than 36 days after a missed payment and again within 36 days after each following missed payment. No more than 45 days after a missed payment, the servicer must let you know in writing about loss mitigation options that could be available, and assign personnel to help you. Some exceptions to a few of these requirements exist, like if you file for bankruptcy or tell the servicer not to contact you under the Fair Debt Collection Practices Act. What Is a Breach Letter?Many deeds of trust in Utah have a provision that requires the lender to send a breach letter if you fall behind in payments. This notice tells you that the loan is in default. If you don’t cure the default, the lender can accelerate the loan (call it due) and go ahead with the foreclosure. When Does Foreclosure Start?Federal law generally requires the servicer to wait until the loan is over 120 days delinquent before officially starting a foreclosure. However, in a few situations, like if you violate a due-on-sale clause or if the servicer is joining the foreclosure action of a superior or subordinate lien holder, the foreclosure can begin sooner. Pre-foreclosure Notice in UtahBefore the lender or servicer can officially start the foreclosure, it has to mail you (the borrower) a notice of intent to file a notice of default. This pre-foreclosure notice must include, among other things, information about: Utah law also provides borrowers with specific rights during the loss mitigation process, like the right to a single point of contact while seeking an alternative to foreclosure. Before the expiration of the three-month period described below, you may apply directly with the single point of contact for any available foreclosure relief. Notice of the Foreclosure in UtahTo officially start the foreclosure, the trustee records a notice of default in the county recorder’s office at least three months before giving a notice of sale. The trustee mails a copy of the notice of default within ten days after recording it to anyone who requested a copy. Most deeds of trust in Utah include a request for notice, so borrowers typically get this notification. The trustee mails a copy of the notice of sale to you at least 20 days before the sale if the deed of trust includes a request for notice. Again, most Utah deeds of trust have a request for notice provision. Check your loan documents for details. The lender or trustee also: Right to Reinstate Before a Foreclosure Sale in Utah“Reinstating” is when a borrower pays the overdue amount, plus fees and costs, to bring the loan current and stop a foreclosure. Utah law gives you three months after the trustee records the notice of default to reinstate. Also, the deed of trust might give you more time to complete a reinstatement. Check the paperwork you signed when you took out the loan to find out if you get more time to bring the loan current and, if so, the deadline to reinstate. You can also call your loan servicer and ask if the lender will let you reinstate. Deficiency Judgment Following the Sale in UtahSometimes, a foreclosure sale doesn’t bring in enough money to pay off the full amount owed on the loan. The difference between the sale price and the total debt is called a “deficiency balance.” Many states allow the lender to get a personal judgment, called a “deficiency judgment,” for this amount against the borrower. In Utah, the lender can get a deficiency judgment after a non-judicial foreclosure by filing a lawsuit within three months after the sale. A deficiency judgment is limited to the lesser of: Eviction After a Utah Non-judicial ForeclosureIf you don’t leave the home after a Utah foreclosure sale, the new owner has to give you a notice to quit (leave) before initiating an eviction action. Reasons for a Pending ForeclosureApart from those who knowingly participate in mortgage fraud with the intention of never making a single payment—most homeowners face sudden extenuating circumstances that force them to stop making timely mortgage payments. Here are a few of those reasons: Ways to Stop a ForeclosureThe best way to stop a foreclosure in Utah, for example, is to prevent the filing of a Notice of Default. Lenders do not want to foreclose but will file a Notice of Default to protect their interests, if necessary Don’t put it off, be embarrassed or ignore letters from your lender because those responses will make the situation worse, not better. Depending on your particular situation and hardship circumstances, there are some loan modification options your lender might propose, including the following: Options After a Notice of DefaultWhen the lender files a Notice of Default, your options are limited. That is why it is better for you to call your lender before falling behind on your payments because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have commenced. You will be given a certain time period to bring the payments current, pay the costs of filing the foreclosure, and stop the foreclosure. This is called reinstatement of your loan. If you cannot make up the missed payments and the lender will not work with you, here are a few other options to stop foreclosure: Getting Help from a Utah Foreclosure LawyerForeclosure laws are complicated. Servicers and lenders sometimes make errors or forget steps. If you think your servicer or lender failed to complete a required step, made a mistake, or violated state or federal foreclosure laws, you might have a defense that could force a restart to the foreclosure or you might have leverage to work out an alternative. Consider talking to a local foreclosure attorney or legal aid office immediately to learn about your rights. A lawyer can also tell you about different ways to avoid foreclosure. Likewise, a personal and competent counselor can provide helpful information (at no cost) about various alternatives to foreclosure. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
Salt Lake City Bankruptcy Attorneys Self Service Storage Facilities Law Should You Refinance The House After Divorce? Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Stop Foreclosure Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/stop-foreclosure-utah/ If you’re going through a divorce, there’s a good chance you’re already feeling emotionally taxed. Add in the stress of legal proceedings and the necessary mountains of paperwork, and things can get overwhelming fast. If you and your ex-spouse are dividing up property after a divorce, refinancing your house could be one way to move forward. Refinancing Your Mortgage After A DivorceTo understand whether you need to refinance after a divorce, it’s important to note the differences between the names on your home’s mortgage and the names on the title. Names On The MortgageThe names that are on the mortgage show who’s responsible for paying back the debt. If both you and your ex-spouse’s names are on the mortgage, then both of you are liable for the mortgage payments. If your ex-spouse is on the mortgage with you, there are a couple of ways to remove their name from the mortgage. How To Remove A Spouse’s Name From A Mortgage• Release of liability: First, you can ask your lender for a release of liability. This is a document that releases a borrower from their obligation to pay back the loan. However, there’s no guarantee that your lender will issue one. Many, including Rocket Mortgage®, won’t do this. How To Remove A Spouse’s Name From A Home’s Title• Quitclaim deed: You can have your ex-spouse sign a quitclaim deed, which will transfer their ownership of the property to you. You’ll need to do this to refinance the home. Reasons To Refinance After DivorceThere are a few reasons why it may make sense to refinance your home after getting divorced. Let’s take a closer look. • Purchase A New Home: As mentioned above, a refinance is one way to remove someone’s name from the mortgage. This protects the spouse who no longer has ownership interest in the home. This can be important if that spouse plans to purchase another home or take on other debt. Debt LiabilityYour divorce decree doesn’t affect your liability for debt. Divorce decrees are issued by the courts at the end of divorce proceedings and state the division of your property. However, your lender is not legally required to take any action as a result of your divorce decree. This means they can still hold you and your ex-spouse liable as long as both your names are on the mortgage. If you’re going through a divorce and want to keep the family home, you will likely have to buy-out your spouse by paying an amount equal to his or her interest in the home. For example, let’s say that you (Sally) and your spouse (Tom) own a house valued at $300,000, subject to a mortgage with an outstanding balance of $200,000. Under this scenario, the equity in the house is $100,000. If you and Tom split your assets 50-50, you would each have $50,000 of equity. If you want to keep the home after the divorce, you will have to pay Tom his 50% share, or $50,000, to buy him out. Note that not all couples split their equity 50-50; this is discussed in more detail below. Unless you have a large pile of cash sitting around that you can use to buy Tom out, or you have other assets you can give Tom in exchange for his share of the home, (for example, retirement funds), you will need to find an alternative. A common way for divorcing spouses to accomplish a buy-out is to refinance the home (making sure the new loan is in buying spouse’s name alone), and take out enough cash from the home equity to pay the non-buying spouse his or her share. Once that’s done, the home must also be transferred into the buying spouse’s name alone. Your first step is to figure out your share of the “equity” in the home. Home equity is created when the value of your home increases and/or when you reduce the amount you owe on your home through your loan payments. In order to determine the amount of equity or ownership you have in your home, you must: How Do I Value the House?The first step in this process is to determine a current home value (meaning what it would sell for today). There are several ways to do this. When Spouses Can Agree On a Home ValueSome couples can easily agree on a home value. They can check local websites such as www.zillow.com or www.trulia.com, both of which provide estimated home values based on local comparable sales. You can also look at the tax assessed value used by your city or county for the property taxes on the home, but this value is often unreliable. The best way to determine a value may be for the two of you to ask a trusted real estate agent in your area, who may have more recent comparable sales and can give you a good estimate of what your home, might sell for. If you and your spouse can agree on a value, that agreed-upon amount should be included in your divorce settlement agreement, and/or any separate “stipulation” (written agreement) you enter into regarding the sale of the home. Make sure you are certain that the value is fair, especially if your spouse is more knowledgeable about real estate. When Spouses Disagree On The Home ValueIf there is any disagreement over the value of the home, or if you have any misgivings about your spouse’s proposed home value, you should hire a professional real estate appraiser who can give you a reliable valuation. A professional appraiser may charge between $300-$400 (depending on the locale), but this fee may be well worth it, especially when you consider that judges are very likely to accept a certified appraiser’s valuation. If you and your spouse are both unsure of the value but still capable of working together, you may want to select a joint appraiser (someone you hire together) and split the costs of the appraisal fee. This will save you time and money. If the two of you cannot agree on an appraiser, you may each end up hiring your own appraiser and submitting competing appraisal reports to the court. In this case, a judge will decide which value seems most reliable. How Do I Determine the Exact Mortgage Balance?This is the easy part. You can get a “payoff” amount from the lender (bank or institution that holds your mortgage). Don’t forget to include any second mortgages, equity lines of credit, or other encumbrances (debts against the home) such as any liens. How Do I Determine My Share Of The Equity?The exact amount of your share in the home equity will depend on your state’s laws, your judge, and your ability to negotiate. Factors vary, but may include: How to Remove a Name from a Mortgage without RefinancingDivorcing spouses wondering how to keep a house in a divorce may mistakenly believe that if the divorce decree awards the home (and outstanding mortgage balance) to one spouse, they can simply have the other spouse’s name taken off the mortgage. But a divorce decree doesn’t have the power to nullify your mortgage contract. However, there may be a way to take a name off a mortgage without refinancing — if you can qualify for a mortgage assumption after divorce. When you assume a home loan, you take over the interest rate, monthly payments and loan term of an existing mortgage. If you and your spouse decide that one of you will be assuming the mortgage after divorce, check with your lender about whether the other spouse is still liable for the loan. This is especially important if the spouse keeping the home fails to maintain on-time payments. If the other person still has the mortgage listed on their credit report, they will be negatively affected by any late mortgage payments their former spouse makes. What Happens If The House Isn’t In My Name?It depends on whether you live in a “community property” state or an “equitable distribution” state. If you live in one of these states and you or your spouse individually purchased the home you lived in as a couple after you married, each spouse owns a 50% share of the home at the time of divorce even though only one spouse’s name is on the house deed and title. The 50-50 split generally applies to all property both spouses acquired over the course of the marriage. Any property you acquired separately before the marriage or after the divorce or separation still belongs only to you. For all other states that recognize equitable distribution, a divorce judge will fairly divide any property, including a home that the couple acquired during the marriage. Keep in mind that fairly doesn’t always mean equally in other words, there might not be a 50-50 split. If one spouse purchased the home while single and the other spouse moved in after getting married, for example, the house solely belongs to the spouse who bought the home. When Should I Refinance My House When Filing For Divorce?Option 1: Refinancing Before Filing For DivorceStarting the refinance process before the divorce is filed is by far the quickest and easiest path. This is because, when you talk to your mortgage lender about refinancing, they will ask you your marital status. If you refinance before you file, you report that you’re still married, and then removing one of the spouses from the mortgage loan is much easier. After the divorce is finalized, you will still have to perform a Quitclaim to remove your spouse from the title, but the refinancing will already be taken care of. If you already filed for divorce, the process gets a little more complicated. Option 2: Refinancing While SeparatedIf you refinance after filing for divorce, you will have to report to the mortgage lender that you and your spouse are separated. Unlike refinancing beforehand, you will have to wait until you have a written agreement between you and your soon-to-be ex-spouse detailing how much one party will be paying the other if anything. This process happens during the divorce proceedings, but it’s not quick. Until this written agreement is official, lenders will not be able to help you, since they can’t know for sure what your monthly debts will be. Oftentimes, you can get this agreement before the divorce is final, but you’re still looking at several months before you’ll be able to refinance. Option 3: Refinancing After Finalizing The DivorceThe last option for refinancing by divorce would be after the divorce is finalized. In many divorces, one of the parties will have to pay alimony, maintenance or child support. To a mortgage lender, these payments are viewed as a monthly obligation, similar to a car payment. When trying to refinance, this will be included in your debt-to-income (DTI) ratio, which affects your new rates. The process becomes more complicated when the receiving party of the alimony or child support wants to use that money to stay in the home. This can be done, but it’s not automatic. There is a required six-month period to ensure the party is actually receiving the alimony or child support before a mortgage lender can include that as income when calculating DTI. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
How To File Bankruptcy In Utah Salt Lake City Bankruptcy Attorneys Self Service Storage Facilities Law Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Should You Refinance The House After Divorce? appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/should-you-refinance-the-house-after-divorce/ Self-service storage facility means any real property designed and used for the purpose of renting or leasing individual storage space to occupants who are to have access to such facility for the purpose of storing and removing personal property. A self-service storage facility is not a public warehouse. States may regulate such facilities, such as prohibiting an occupant from using a self-service storage facility for residential purposes. State laws may apply which determine who bears the risk of loss when stored property is damaged or destroyed and procedures for placing a lien on stored property and public sales of stored property when the occupant is in default of payment. If an owner issues any warehouse receipt, bill of lading or other document of title for the personal property stored, the owner and the occupant may be subject to the provisions of Article 7 of the Uniform Commercial Code. “Default” definedAs used in this chapter, “default” means the failure of a renter to perform, in a timely fashion, any duty imposed by section 10 of this chapter or by a rental agreement. “Emergency” definedAs used in this chapter, “emergency” means any sudden, unexpected occurrence or circumstance at or near a self-service storage facility that requires immediate action to avoid injury to persons or property at or near the self-service storage facility. “Last known address” definedAs used in this chapter, “last known address” means the address provided to the owner by the renter: “Rented space” definedRented space means the individual storage space at a self-service storage facility that is rented to a renter under a rental agreement. “Renter” definedAs used in this chapter, “renter” means: Personal property definedPersonal property means movable property not affixed to land. The term includes goods, wares, merchandise, and household items. “Self-service storage facility” definedSelf-service storage facility means any real property designed and used for the renting of space under a rental agreement that provides a renter access to rented space for the storage and retrieval of personal property. Entry Of Owner Into Rented SpaceA renter, upon a reasonable request from the owner, shall allow the owner to enter a rented space for the purpose of: If an emergency occurs, an owner may enter a rented space for any purpose set forth in this section without notice to or consent from the renter. Lien of owner of facility upon personal property; priority; attachment; statement• The owner of a self-service storage facility has a lien upon all personal property present in the self-service storage facility for: Enforcement Of Owner’s Lien; Notice• After a renter has been in default continuously for thirty (30) days, an owner may begin enforcement of the owner’s lien under this chapter. Redemption Of Personal PropertyBefore any sale or other disposition of the personal property under this chapter, the renter may redeem the personal property by paying the owner an amount sufficient to satisfy the owner’s lien. Upon the payment of this amount, the owner shall immediately return the personal property to the renter. After returning the personal property under this section, the owner has no liability to any person with respect to the personal property. Place of sale; owner as buyer; proceeds of sale• Any sale of the personal property under this chapter shall be held at the self-service storage facility or, if that facility is not a suitable place for a sale, at the suitable place nearest to where the property is held or stored. Rental Agreements; Rights Of Owner Additional To Creditor’s RightsThis chapter does not impair the power of the parties to a rental agreement to create rights, duties, or obligations that do not arise from this chapter. The rights provided to an owner by this chapter are in addition to all other rights provided by law to a creditor against a debtor. Things to Know When a Tenant Defaults Under a LeaseTenant problems and defaults are inevitable challenges for successful commercial and industrial landlords and property managers. A bad tenant situation can be a potentially expensive problem and the ultimate outcome eviction is a potential minefield for the unwary landlord. Knowing what to do and what not to do is essential to effective and profitable property management. 1. Make Sure That The Tenant Is In Default. 2. Undertake Self-Help Only If It Is Clear That Acting Unilaterally Is Appropriate. 3. “Abandoned” Personal Property Carries Its Own Risk. 4. Understand The Applicable Laws Governing Formal, Court-Administered Eviction. 5. Consider Prejudgment Possession Of Premises In Eviction Proceedings. 6. Be Open To Informal Resolution At Every Stage In The Landlord-Tenant Dispute. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
How To File Bankruptcy In Utah How To File Bankruptcy In Utah/a> Salt Lake City Bankruptcy Attorneys Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post Self-Service Storage Facilities Law appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/self-service-storage-facilities-law/ Filing for bankruptcy is often the best option if you cannot afford your minimum debt payments, are facing garnishment of wages for unpaid debts, or are at risk of losing your home or vehicle. Wherever you are in Salt Lake City, bankruptcy lawyers can stop the creditor calls, file all necessary paperwork and get you the best possible outcome for your debt. An Attorney assist clients with the removal and consolidation of many types of debts, including but not limited to: Filing for Chapter 7 Bankruptcy in UtahChapter 7 bankruptcy allows qualified individuals to eliminate most or even all of their debts. Unprotected assets may be taken and sold to pay off creditors, so Chapter 7 is often referred to as a liquidation bankruptcy. In practice, however, the Utah exemption system allows filers to protect much of their personal property. Many people who file for Chapter 7 never lose any of their assets. In order to qualify for Utah Chapter 7 bankruptcy, debtors must meet strict criteria. Those who earn less than the median income for their county in Utah which is currently $64,806 for a one-person household and $93,474 for a four person household are generally eligible. Anyone who earns more than the allowed amount can only file for Chapter 7 if they pass the Means Test. The Means Test compares the debtor’s earnings and living expenses to calculate the amount of disposable income available to pay debt. That’s the number that determines whether an individual qualifies for Chapter 7 bankruptcy. As each county and region of Utah allows for different deductions in the means test, working with an experienced local bankruptcy attorney is the best way to ensure all allowable expenses are accounted for in the Means Test. Filing for Chapter 13 Bankruptcy in UtahFor debtors with a disposable income above the current Utah limit after the allowable deductions as well as those who have nonexempt property they don’t want to surrender filing for Chapter 13 bankruptcy in Utah can be a smart approach. Also called a reorganization bankruptcy, Chapter 13 allows individuals to eliminate debt by committing to a three- to five-year repayment plan. In a Chapter 13 bankruptcy, the debtor makes monthly payments to a court trustee, who distributes the funds among the creditors. The amount paid is based on what the individual can afford, not simply the total owed. Once the repayment period ends, any remaining non-priority unsecured debts are discharged regardless of whether the creditors have been fully paid. Filing for Chapter 13 can be advantageous for debtors who want to stop a foreclosure sale or car repossession, as this type of bankruptcy allows individuals to keep their property while catching up on the debts. Paying back taxes can also be easier, as Chapter 13 eliminates interest and penalties on certain tax debts. It’s important to remember that creating the repayment plan and getting through the filing process can be very challenging. Debtors are wise to work with an experienced bankruptcy attorney. What Documents Do You Need to File for Bankruptcy?The documents you’ll need are the same whether you are filing a Chapter 7 bankruptcy or Chapter 13 matter, with slight variations. However, for exact documentation requirements, be sure to check the guidelines provided by your district and your specific bankruptcy trustee. Not only do some trustees require more proof than others, but the particular evidence you’ll have to produce will also be determined by the facts of your case. Below are the most commonly required documents in bankruptcy. Tax ReturnsYou’ll usually need to provide copies of your tax returns or tax transcripts for the last two years in a Chapter 7 case, and four years in a Chapter 13 matter. If you have unfiled returns because you weren’t required to file—for instance, your only income source was nontaxable disability benefits—you’ll need to explain why. A short letter of explanation will usually work. If you merely failed to file, you can expect the trustee to require you to do so and provide copies before concluding or approving your case especially in a Chapter 13 case. Income DocumentationIf you’re an employee, you’ll need copies of pay stubs for the six-month period before the bankruptcy and your last two W-2s. You’ll also need proof of other income sources such as Social Security funds, disability, or rental properties. If you’re self-employed and filing for bankruptcy, you’ll probably need to provide a year-to-date profit and loss statement, as well as for the two full years before filing. Also be prepared to present business bank statements to verify the profit and loss amounts. Proof of Real Estate Fair Market Value & Mortgage StatementsIf you own real estate, you’ll likely need to provide proof of the property’s fair market value. You might choose an online valuation, a broker’s price opinion, or a full appraisal, depending on the potential amount of equity or the guidelines of your district. Also, plan to provide mortgage statements showing current loan balances and payment amounts. Some trustees also require the deed of trust and proof of home insurance. Vehicle Registration, Proof of Value & InsuranceIf you have a car loan, you’ll need a recent loan statement showing how much you owe and what your monthly payment is to prepare your paperwork. You might need to produce it along with copies of your registration and proof of insurance, depending on the particular trustee. Retirement And Bank Account StatementsRecent bank and retirement account statements must be provided to the bankruptcy trustee for all accounts. IdentificationWhen you go to your hearing with the trustee, you will be asked to show valid photo identification such as a driver’s license and proof of your social security number. Other DocumentsIf you have other circumstances affecting your bankruptcy, such as being required to pay alimony, child support, or another unusual expense, you’ll need to show proof of these costs. For instance, it’s common to provide a copy of a child support order. If you’ve divorced recently, you might need to produce an order or marital settlement agreement documenting a property distribution. Most of the information you’ll need to fill out your bankruptcy paperwork will be in those documents, including asset value and income information. For example, you’ll use the income documentation to calculate your average monthly income. Similarly, you’ll look to your real estate and car documentation to fill in the parts regarding the value of these assets, your lenders, and monthly loan payments. However, you’ll need to gather more information to fill out the rest of your bankruptcy petition, including creditor, co-debtor, expense, and pending lawsuit information. Start by finding loan statements or bills so that you can list each of your creditors in the bankruptcy. Alternatively, you can obtain a credit report that shows all your debts; however, be aware that you’re required to list the creditor’s billing address, and that address rarely shows up on your credit report. So it’s best to use the credit report as a tool to verify that you’ve listed all of your debts only. You should also look at your utility bills and other expenses to determine accurate figures for your monthly utilities and expenses, such as food, dry cleaning, and transportation to name a few. Usually, you won’t be required to send these documents to the trustee (unless your expenses are higher than usual, in which case you might trigger a bankruptcy audit). Credit Counseling RequirementIn addition to the documents above, the law requires that you complete a credit counseling class and obtain a certificate before you can file for bankruptcy. These courses can usually be completed online in under a couple of hours. Pros of Chapter 7 BankruptcyBankruptcy falls victim to all sorts of misinterpretations. In truth, it was designed to relieve certain debts and give individuals a fresh start. It should be seen as a way out rather than a punishment. So, if done properly Chapter 7 really can be a “fresh start” for someone and not a time when they lose everything. Debt ReliefThe undeniable upside to filing for Chapter 7 bankruptcy is the debt relief it provides. It has the power to lift a major burden off your shoulders in just a few months. Most unsecured debt can be discharged, including credit cards, medical bills, and personal loans. Individuals, self-employed workers, small business owners, and corporations may all file Chapter 7 bankruptcy. Relief is available regardless of how much you owe; there is no max limit that disqualifies you. However, individuals are required, within 180 days before filing, to receive credit counseling from an approved credit counseling agency. No Collections or RepossessionsFiling Chapter 7 Bankruptcy automatically stays collection actions. This forces creditors to stop any lawsuits, wage garnishments, and phone calls. The bankruptcy clerk will alert all creditors whose names and addresses you provide. No more repossessions or debt collections to worry about. The Bankruptcy Code lets debtors protect most of their property. This protected property is considered exempt, which means the bankruptcy trustee cannot sell it to pay off your creditors. Exemptions vary by state. However, most things that are considered necessary for life usually fall under exemptions. Your car, most of your household items including clothes and furniture, and a portion of your home’s equity are often considered ‘exempt’. Credit Flexibility. If you’re considering bankruptcy, you’re in a tight position and credit is hard to come by. Nobody wants to loan money to underwater borrowers. Once you file and assume the label of bankrupt, it will be even harder to qualify for any sort of credit. However, after some time, your credit score will rise again, and the more time that passes after filing, the less creditors will hold your bankruptcy against you. Eventually, with a little effort, you will be in good standing once more, but the only way to get there is by sticking out the entire bankruptcy process. Some lines of credit are easier to get your hands on than others. For this reason, it may be wise to apply for a secured credit card, which can improve your credit score when you pay your bill on time, each month. Quick & Cheap ProcessingThough a Chapter 7 bankruptcy remains on your credit report for 10 years, the process, from initial filing to discharge, should take between four to six months. This is a good thing since the sooner your debts are cleared, the sooner you can begin the road to re-establishing good credit and healthy finances. Here are some of the fees you will need to pay when you file: Cons of Chapter 7 BankruptcyThe consequences of bankruptcy may not be as severe as they were in the past, but it still comes with risks. Bankruptcy can wipe the slate clean, but there are measures in place to make sure the debtor is still held accountable for falling short on his or her agreement. Here are some of the cons of filing Chapter 7 bankruptcy: Effects on CreditA bankruptcy will tarnish your credit report for 10 years. This will make it harder to apply for credit, which means you may have to hold off on major purchases. Buying a house, returning to school, even applying for a credit card will all become more difficult after you file. Just keep in mind these effects are temporary, though long term. Not All Debts Are DischargedFor some, there’s just no escaping all of it. Certain debts will remain on your account when you file for Chapter 7 bankruptcy. You will still be responsible for alimony and child support. Tax liens, student loans, and personal injury debts caused by intoxicated drivers are still on the docket, as well. Loss of PropertyThis chapter of the Bankruptcy Code provides for liquidation – the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors. The keyword here is ”nonexempt.” Essentially, this means you will be able to keep most of what you need to get by. However, you may have to give up some property. Luxury items are the first to go. If you have a second car or vacation home, then you won’t have them for much longer. Exemptions vary by state. For example, borrowers (who have equity) filing in Florida face little risk of losing their home thanks to the state’s homestead exemptions. Check your local laws to verify what qualifies as exempt. Potential CostsThere is a $245 case fee for filing federal bankruptcy, along with a few other administrative fees. However, you can pay these in as many as 4 installments. Just keep in mind, the last installment must be made 120 days after filing the petition. You may be able to have these fees waived if your income falls below 150% of the federal poverty guideline. There is a means test required for debtors currently making over a monthly limit. If you make more than the median monthly salary of your state, then a means test is required to determine if you’re truly in a position that calls for bankruptcy. If the court finds that you make too much to file for Chapter 7, your case may be converted to Chapter 13 or dismissed. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
How To File Bankruptcy In Utah How To File Bankruptcy In Utah How To File Bankruptcy In Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeSalt Lake City
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This article is about the capital of Utah. For other uses, see Salt Lake City (disambiguation).
Salt Lake City (often shortened to Salt Lake and abbreviated as SLC) is the capital and most populous city of Utah, as well as the seat of Salt Lake County, the most populous county in Utah. With a population of 199,723 in 2020,[10] the city is the core of the Salt Lake City metropolitan area, which had a population of 1,257,936 at the 2020 census. Salt Lake City is further situated within a larger metropolis known as the Salt Lake City–Ogden–Provo Combined Statistical Area, a corridor of contiguous urban and suburban development stretched along a 120-mile (190 km) segment of the Wasatch Front, comprising a population of 2,606,548 (as of 2018 estimates),[11] making it the 22nd largest in the nation. It is also the central core of the larger of only two major urban areas located within the Great Basin (the other being Reno, Nevada). Salt Lake City was founded July 24, 1847, by early pioneer settlers, led by Brigham Young, who were seeking to escape persecution they had experienced while living farther east. The Mormon pioneers, as they would come to be known, entered a semi-arid valley and immediately began planning and building an extensive irrigation network which could feed the population and foster future growth. Salt Lake City’s street grid system is based on a standard compass grid plan, with the southeast corner of Temple Square (the area containing the Salt Lake Temple in downtown Salt Lake City) serving as the origin of the Salt Lake meridian. Owing to its proximity to the Great Salt Lake, the city was originally named Great Salt Lake City. In 1868, the word “Great” was dropped from the city’s name.[12] Immigration of international members of The Church of Jesus Christ of Latter-day Saints, mining booms, and the construction of the first transcontinental railroad initially brought economic growth, and the city was nicknamed “The Crossroads of the West”. It was traversed by the Lincoln Highway, the first transcontinental highway, in 1913. Two major cross-country freeways, I-15 and I-80, now intersect in the city. The city also has a belt route, I-215. Salt Lake City has developed a strong tourist industry based primarily on skiing and outdoor recreation. It hosted the 2002 Winter Olympics. It is known for its politically progressive and diverse culture, which stands at contrast with the rest of the state’s conservative leanings.[13] It is home to a significant LGBT community and hosts the annual Utah Pride Festival.[14] It is the industrial banking center of the United States.[15] Salt Lake City and the surrounding area are also the location of several institutions of higher education including the state’s flagship research school, the University of Utah. Sustained drought in Utah has more recently strained Salt Lake City’s water security and caused the Great Salt Lake level drop to record low levels,[16][17] and impacting the state’s economy, of which the Wasatch Front area anchored by Salt Lake City constitutes 80%.[18] [geocentric_weather id=”938d21e0-6c09-4f16-89a4-3026157ac6d0″] [geocentric_about id=”938d21e0-6c09-4f16-89a4-3026157ac6d0″] [geocentric_neighborhoods id=”938d21e0-6c09-4f16-89a4-3026157ac6d0″] [geocentric_thingstodo id=”938d21e0-6c09-4f16-89a4-3026157ac6d0″] [geocentric_busstops id=”938d21e0-6c09-4f16-89a4-3026157ac6d0″] [geocentric_mapembed id=”938d21e0-6c09-4f16-89a4-3026157ac6d0″] [geocentric_drivingdirections id=”938d21e0-6c09-4f16-89a4-3026157ac6d0″] [geocentric_reviews id=”938d21e0-6c09-4f16-89a4-3026157ac6d0″] The post Salt Lake City Bankruptcy Attorneys appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/salt-lake-city-bankruptcy-attorneys/ Bankruptcy process begins with the filing of a bankruptcy petition, whether it be a Chapter 7 petition, Chapter 13 petition, or another petition under the United States Bankruptcy Code. The filing of the bankruptcy petition creates an automatic stay on your creditors. This means that your creditors can no longer make efforts to collect the debt you owe. Instead, they must go through the bankruptcy courts in order to collect anything. You Also Are Limited to Working Through the Bankruptcy CourtWhen you file for a Utah bankruptcy your creditors must work through the bankruptcy court in order to recover anything. You also, however, cannot distribute or sell any of your property without the authority of the bankruptcy court. You cannot give preference to any creditor by giving that creditor property to settle any debt. The U.S. Trustee has the sole power of management of your assets unless held otherwise by the bankruptcy court. You Must Get Court Approval for Selling Property After Filing Bankruptcy in UtahLet’s say you have an automobile that you own outright that you want to sell, but you just recently filed a bankruptcy petition. Once you file a bankruptcy petition, and until you have been discharged through order of the bankruptcy court, you cannot sell any property without the court’s approval. Thus, even though you may own that car outright, you cannot sell it without the approval of the court. Motion and HearingIn order to get the court’s approval to sell property after filing a bankruptcy petition your attorney, file a motion to get leave to sell the property. The court will then hold a hearing on the motion and decide whether to give you permission to sell the property. Chapter 7 bankruptcy is the only type of bankruptcy that liquidates or gets rid of all of your debts without requiring you to pay anything back. In order to file under Chapter 7, debtors need to meet certain income requirements depending on their family size. In most cases, debtors are able to keep all of their property. Careful planning with your attorney will ensure that you retain most, if not all, your personal property. Consulting With a Chapter 7 Bankruptcy Attorney in UtahChapter 7 bankruptcy is the most common bankruptcy filed. Our Utah bankruptcy attorney will prepare a bankruptcy petition for the bankruptcy court to eliminate your debts. With Chapter 7, debtors will be able to keep most of their personal property. Personal loans, credit cards, medical bills, and other unpaid expenses may be discharged through a Chapter 7 bankruptcy filing. Immediately after you file bankruptcy papers, the federal “automatic stay” will take effect. The automatic stay will provide the debtor protection from all collection activities, including car repossessions, wage garnishment, and home foreclosure sales. Preparing to File Chapter 7 Bankruptcy in UtahWhen you file Chapter 7 bankruptcy in Utah, debtors need to make an inventory of personal property. Green Legal Group will help you determine which property is exempt (debtors can keep) and non-exempt (debtors will surrender). How Long Will a Bankruptcy Case Take?Once you file a petition for Chapter 7 bankruptcy, it normally takes about four to six months for your case to be completed. There are several situations that can delay a bankruptcy case including: Bankruptcy ExemptionBankruptcy is the court process in which a debtor’s debts are discharged; meaning, the debtor is no longer legally liable for repaying those debts. Both individuals and businesses may generally file for bankruptcy, and there are different forms of bankruptcy available based on different qualifying criteria. Chapter 7 and Chapter 13 are the two most common forms of bankruptcy. Very simply put, a Chapter 7 bankruptcy involves the debtor selling some of their possessions and assets in order to repay their creditors. Whatever is eligible and remaining is discharged. A Chapter 13 bankruptcy does not involve any asset liquidation; rather, the debtor works with the court and creditors in order to create a restructuring plan. This reduces the monthly debts to a more manageable amount, which the debtor pays to the creditors. A bankruptcy exemption is what allows a debtor to retain specific property or assets after bankruptcy has been filed. These exemptions are defined by state statute, and cannot be seized or sold in order to satisfy the debts of the person filing for bankruptcy. In Chapter 7 bankruptcy, exemptions are used to help determine which property the debtor will keep once the bankruptcy discharge has been granted. This is how bankruptcy exemptions protect the debtor’s property after a bankruptcy. Alternatively, in Chapter 13 bankruptcy, exemptions are used to help determine how much the debtor will have to pay to their unsecured creditors. This can mean the difference between having the repayment plan confirmed, and getting knocked out of Chapter 13. Federal bankruptcy law allows each state to determine which assets a debtor may keep when a bankruptcy case is filed. A state may allow a debtor to choose between federally-created exemptions, or state-created exemptions. Or, a state may limit a debtor to the state-created exemptions only. Additionally, a debtor can only use the exemptions from either the federal or the state, but not both. For debtors filing for bankruptcy in states that provide more than one exemption statute or system, they are allowed to use the exemptions from only one statute. Utah has opted out of the federal bankruptcy exemptions. What this means is that debtors filing for bankruptcy in Utah must use the aforementioned exemptions, and cannot use the exemptions that are provided by the federal Bankruptcy Code. According to the Utah Exemptions Act, some equity in the debtor’s home is protected. The debtor would need to file a homestead declaration with the county recorder’s office in order to claim the exemption. It is important to note that in Utah, a debtor cannot use the exemption to protect their property from debts associated with: Common Legal Issues with Bankruptcy ExemptionsThere are some common legal issues with bankruptcy exemptions. One of the most common would be bankruptcy exemption limits. An exemption limit applies to any equity the debtor has in property, and limits the amount of equity that is exempt. Equity refers to the difference between the fair market value of the property, and the unpaid balance on the property. An example of this would be how a home valued at $500,000 with a loan of $450,000 has an equity value of $50,000. If the state’s homestead exemption is $50,000 or greater, the debtor would be exempt from liquidating the $50,000 equity in the home in order to pay off the debts. Some states allow married couples to double their exemption limits. Utah is one such state. Filing with “head of household” status or having a specific number of dependents can increase some exemption amounts. Some states allow its senior citizens to have a higher exemption limit on homestead, personal property, or other items. Finally, disability can also raise exemption limits, especially in terms of motor vehicles. Remedies if I Have a Bankruptcy Exemption Issue in UtahIf you have a bankruptcy exemption issue in Utah, one of the most common remedies is reworking the property or asset to fit within the exemptions provided by the statute. As Utah does not allow an individual to use federal bankruptcy exemptions, you are still allowed to use federal non-bankruptcy exemptions, such as federal retirement and veteran benefit exemptions. If an individual wishes to keep property that is not protected by an exemption, the most helpful remedy for exemption issues will always be facilitating a conversation between the debtor filing for bankruptcy and the creditor. If a repayment plan or something else can be worked out on a property or asset that benefits both parties, then that is the main solution to bankruptcy exemption issues. Finally, as Utah law does not provide a wildcard bankruptcy exemption similar to other states, it is important that property and assets are prepared ahead of time to ensure that as much property and assets are covered by the stated exemptions as possible. Thus, it is important to begin planning for the bankruptcy process well before filing. Do I Need a Bankruptcy Lawyer?If you are in Utah and are considering filing for bankruptcy, you should consult with an experienced and local Utah bankruptcy lawyer. Because state laws vary so widely in regard to bankruptcy and exemptions, it is important that you consult with someone in your area as they will be best suited to understanding your state’s specific laws. An experienced bankruptcy attorney can help you adhere to those laws and navigate how they may affect your specific case, as well as protect your legal rights. A bankruptcy attorney will also be able to represent you in court, as needed. Bankruptcy attorneys are primarily focused on helping their client through the bankruptcy process, from start to finish. They can help you understand which chapter of bankruptcy you should file for, and what exempt property you should keep. Finally, an attorney will also be able to speak to your creditors on your behalf, and help you settle various debts on property or assets that you may wish to retain. What You Cannot Do Under Bankruptcy Lawse to make payments towards your debt as one of the benefits of filing bankruptcy is a stay of proceeding. An undischarged bankrupt cannot apply for credit of more than $500 without disclosing that they are an undischarged bankrupt. This means that while you are bankrupt you will not have access to credit. However once you receive your discharge, you can begin immediately to repair your credit. Bankruptcy Trustee DutiesThe Bankruptcy trustee also defines the powers, duties and role of the bankruptcy trustee now called a Licensed Insolvency Trustee. A trustee in bankruptcy is licensed by the Office of the Superintendent of Bankruptcy to carry out the administration of all aspects of a bankruptcy or consumer proposal. They ensure all parties follow all bankruptcy rules so that the process is fair for everyone. A bankruptcy trustee: Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
4.9 stars – based on 67 reviews
How To File Bankruptcy In Utah How To File Bankruptcy In Utah Divorce Lawyer and Family Law Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah OfficeThe post How To File Bankruptcy In Utah appeared first on Ascent Law. via Ascent Law https://ascentlawfirm.com/how-to-file-bankruptcy-in-utah-3/ |