Retirement accounts are often one of the biggest assets in a divorce, and many people going through divorce worry about losing their retirement savings, especially if they are nearing retirement age. If you are going through a divorce and are wondering if there are ways to keep your entire pension during a divorce, the answer is yes, but only if you “buy out” any marital interest your spouse has in the asset. How Does a Pension Work? The Details of Your Plan For the most part, property transfers incident to divorce are tax-free. Not all assets carry the same tax implications, so even when two assets appear to have the same value, the values could end up being very different after taxes are applied. For example, let’s say one spouse gets the marital home with $300,000 in equity as part of their property settlement, while the other spouse gets $300,000 in other assets. The spouse who got the home may be hit with capital gains tax if they decide to sell the home, making the settlement unequal. In the case of pensions, tax applies when the monthly benefit is paid during retirement. Therefore, it is wise to take the anticipated tax burden into account when figuring out an equitable property split. Dividing retirement plans can be complicated, and requires careful attention when your lawyer is preparing the final paperwork for your divorce. You may need a separate court order, usually called a Qualified Domestic Relations Order (QDROs), to cover the division of retirement benefits. Before making any decisions about retirement, get a copy of the Summary Plan Description from the retirement plan administrator. You should probably talk to a lawyer and find out about: Divorce LawyerWhen you need legal help with divorce, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
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8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
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When Should You Walk Away From Your Marriage? Which Is Worse Bankruptcy Or Judgment? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/how-common-is-divorce-after-retirement/
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A judgment is a court order indicating that you owe a balance to your creditors. In the event that you cannot pay your debt on time, your creditors can use judgments to try to collect your personal property or garnish your wages to satisfy the debt. For creditors to obtain a judgment, they will file a lawsuit against you seeking payment on your debts. If you don’t respond, your creditors win by default and will have the go signal to do things such as collect your property, garnish your wages, seize your bank accounts, or place a lien against all your assets. Once a judgment has been passed by the court, this gives your creditor more power to use your property to settle your debts. To make matters worse, a judgment is in the public record so it will appear on your credit report, which can be damaging to your overall financial health. And since they last for a period of 10 years, it gives your creditors a powerful to collect anything that they can so that your debts with them are settled. Can You File Bankruptcy on A Judgment?Since a judgment can cause so much damage to your credit standing, a lot of people wonder whether there’s a way to quickly clear it up. Filing for bankruptcy will discharge you from any personal liabilities including debts that you owe to creditors. However, it’s important to note that once a judgment been filed and a lien is placed on your property, bankruptcy will not be able to remove that lien. You can ask your bankruptcy lawyer to petition the court to have some liens on your property voided. But it is best to deal with judgments before they are attached to the property. Non-dischargeable DebtNon-dischargeable debts include student loans, child support, spousal obligations, debts owed to the government (fines, court costs, taxes, restitution in criminal cases) and more. As a general rule, it is better to file a bankruptcy case before a judgment is entered. In most cases, if a judgment has been entered or a lawsuit has been filed, it does not change whether you can discharge the debt in the bankruptcy. Creditors can ask the bankruptcy court to make a dischargeable debt become non-dischargeable by filing an adversary proceeding. The types of dischargeable debts that can trigger an adversary proceeding are: Bankruptcy And Lien AvoidanceGetting a bankruptcy discharge can bring relief, especially if the lien from your creditor can be attached to important assets, like your house. But there is a way for you to get rid of your judgment and this is called lien avoidance. As long as you did not give the creditors consent for the judgment, you can remove the lien on your properties and assets with a chapter 7 bankruptcy. There are some requirements for this direction, which you should discuss in more detail with your bankruptcy lawyer. Please note that it is critical to follow bankruptcy procedures to avoid the lien. You also need to act quickly so that you can claim your property as an exemption in the bankruptcy paperwork and file for a motion with the court. However, take note that if you have more equity than what is available for exemption, your creditor might argue with the court that the lien is valid only up to a certain amount and a lien can be put in place for the equity that is not part of the exemption. How to Get Rid of JudgmentsMost judgments can be discharged by bankruptcy, except for those that are based on fraud. If you think you qualify for bankruptcy, make sure that you consult with a bankruptcy attorney right away to help you file a petition to place an automatic stay on any judgment and actions enforced by your creditors. There are, however, several ways to get rid of a judgment apart from filing for bankruptcy. One of the most common methods of getting rid of a judgment is to vacate it. To vacate a judgment, you need to file a motion to ask the judge to vacate the judgment. You also need to tell the judge why you did not respond to any lawsuits raised against you. If you do not receive any notice of the lawsuit, you have 2 years from the date of the judgment to make any motion. If there is a lawsuit, you have 6 months to respond. If your motion is successful, the judgment is then vacated, and you can contest your case. This gives you more options to resolve or settle the case. Another strategy that you can do is to satisfy the judgment. This means that you need to settle your judgment and have the creditor file a “satisfaction of judgment” with the court. Creditors often settle judgments for less than the balance owed by the debtor. Make sure that you obtain a clear written agreement with the creditor. If You Are Considering BankruptcyYou need help from an experienced bankruptcy attorney to help you go through the process of getting rid of a judgment through bankruptcy. That way, you will be able to protect your assets and prevent your creditors from putting up lines on your property. What is a judgment?A judgment is really just a piece of paper signed by a judge that says you owe a debt. For example, in the event you can’t pay a credit card on time, the bank has no immediate recourse. They can call and write, but they cannot immediately attach your personal assets in satisfaction of what you owe. However, once a judgment has been obtained, the game changes. A creditor then has the green light to use the legal system to try to attach your personal property or garnish your wages in satisfaction of the debt. How do creditors obtain a judgment?In order to obtain a judgement, a creditor will usually be required to file a lawsuit seeking payment of past due debts. In the credit card scenario, most borrowers fail to respond to the lawsuit, which allows the bank to win by default. If the borrower never files an answer to the creditor’s complaint, the court will assume the debt is valid and automatically enter judgment for the creditor. Although the process can seem complicated, judgments don’t come falling out of the sky. You must receive notice of a creditor lawsuit in order for a judgment to be entered against you. When a creditor files suit, they must notify you by delivering a summons and a copy of the complaint to your home. The summons will tell you how long you have to respond before a default judgment will be entered against you. If you receive court documents in the mail that you do not understand, it is always best to pick up the phone and call an attorney to make sure that your rights are protected. Creditors are typically more difficult to negotiate with once they have obtained a judgment because their ability to collect is strengthened. A judgement is a matter of public record, often recorded in the county records where you live. One of the truly unfortunate aspects of the recordation of a judgement, is the fact that it will appear on your credit under the “public records” section of the report. Judgements and bankruptcies will both appear under this section of your credit report and both can do significant damage to your FICO score. In addition to telling the story of your financial history, the judgment tells the world that you owe a debt and that your creditors can look to your personal assets in satisfaction. Notice I say “look to your personal assets.” Unless you have property that is considered non-exempt under your state’s exemption laws, even the creditor armed with a judgment will not be able to take anything from you. Debtors who have no property that is vulnerable to creditors are known as judgment proof. How long do judgements last?Although this is a function of state law, most recorded judgments last for a period of 10 years, and creditors are often given the opportunity to seek renewal of the judgment prior to its expiration. This means that although you may be broke today, if you win the lottery tomorrow, your creditor can still enforce its judgment against your winnings. Does bankruptcy eliminate a judgment?Filing for bankruptcy will discharge your personal liability for debts, including debts that are owed to judgment creditors. However, if a judgment creditor has placed a lien on your property, filing for bankruptcy will not, in and of itself, remove the lien. While the lien cannot attach to property that you acquire after bankruptcy, it can remain as an encumbrance on property that you owned prior to filing for bankruptcy, such as real estate. In some cases, your bankruptcy lawyer may be able to petition the court to have liens that impair an exemption avoided, but judgments are sticky. The best strategy is to take action before they attach. Creditors use judgments to step up their efforts in collecting a debt. Prior to a judgment being entered against you, you will likely receive collection letters, phone calls and eventually a summons in a lawsuit. It is important to take action when you receive documents in the mail that you do not understand, working with an attorney sooner rather than later, can help you protect your credit as well as your assets. If you’re struggling with debt, filing for bankruptcy can be a good way to get your finances back on track. But not everyone needs to start a bankruptcy case right away. Whether you should file for bankruptcy or do nothing will depend on whether you’re vulnerable to creditors. In some cases, doing nothing, at least for now might be the best option. Most creditors need to file and win a money judgment in court before they can take your property. If, however, you don’t have anything that a judgment creditor can collect, you’re “judgment proof.” You won’t need to file for bankruptcy. Past due Child SupportA Chapter 7 bankruptcy filing won’t eliminate or reduce child support debt. So filing for Chapter 7 bankruptcy won’t help unless you can free up future income you can use to pay your child support by discharging other debt. A Chapter 13 bankruptcy case, however, can be a better option. You can stop collection actions by entering into a three to five year repayment plan to pay off your past-due support payments in full. Be aware that if you have a hefty outstanding balance, your monthly payment might be steep because you must pay off all of the arrearages in the plan. You’ll still have to continue making your ongoing child support payment, as well. Past Due Income TaxesTaxpayers with outstanding tax debts are subject to a levy on assets or other income sources. A levy is a legal seizure of your property to satisfy a debt. Once a levy is in place, it usually remains until you pay off your tax debt. If you owe past-due income taxes and you do nothing, you could face the following: Utah Bankruptcy LawyerWhen you need judgment and bankruptcy help in Utah, please all Ascent Law LLC 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
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Why You Should Not File Bankruptcy? When Should You Walk Away From Your Marriage? West Valley City Utah Attorneys Foreclosure Lawyer Tooele Utah Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/which-is-worse-bankruptcy-or-judgment/ A DUI, which stands for driving under the influence, is a driving violation. It is driving under the influence of alcohol, drugs, or other substances that impair one’s ability to operate an automobile. If someone is convicted of committing a DUI, they can incur significant penalties, which will be discussed here. In most states, in order to be considered driving under the influence, one has to have blood alcohol content higher than a certain amount. It is typically in the range of .05% – .08%. This level is obtained by chemical testing. It is a crime in every state for a motorist to operate a vehicle while impaired by the effects of alcohol or other drugs, including prescription medications. Depending on the state, the offense is called driving under the influence (DUI), driving while intoxicated (DWI), or a similar term. Even if evidence of blood-alcohol concentration (BAC) shows impairment, a good DUI lawyer may seek to have the case dismissed or the charges reduced. Also, attorneys often negotiate for lesser sentences and treatment diversion programs. Upon conviction of a DUI, you will receive some sort of criminal sentence (such as community service, a fine, even jail) and your driver’s license likely will be suspended or revoked, depending on the severity and whether it is a first offense. Your attorney may be able to help you obtain driving privileges with the condition of using an ignition interlock device (IDD) or the court’s permission to drive to and from work. Some DUI Terms to Know• Implied Consent: In every state, motorists consent to a police stop and BAC test as a condition of receiving a driver’s license. Failure to submit to a BAC test breaks this agreement and results in a driver’s license suspension. When You May Need a DUI Attorney Some Consequences for a First-Time DUI ConvictionThe consequences of driving under the influence are serious. Penalties for a first-offense DUI often include fines, license suspension, and substance abuse education courses. Some states also require mandatory jail time and ignition interlock devices (IIDs) for first DUIs. And even if you aren’t ultimately convicted of a DUI in criminal court, the Department of Motor Vehicle might still take away your license if there’s evidence that you drove with a BAC of .08% or greater. Also, there are lots of costs of a first-offense DUI like attorney fees and insurance rate increases that can significantly increase the amount you’ll actually end up paying. Blood-Alcohol Level Determines Guilt Some long-term consequences of a DUI conviction include: Best DUI Lawyer In UtahWhen you need legal help from a DUI UT Attorney, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
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Foreclosure Lawyer Alpine Utah Driver License Hearings After A DUI Why You Should Not File Bankruptcy When Should You Walk Away From Your Marriage Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/best-dui-ut/ During marriage, couples acquire the rights to some of the property and assets, as well as debts, acquired by one or both of them. Marital property doesn’t include things that are considered “separate property “owned by either spouse, for example, property owned before marriage, inheritance, gifts, property specifically excluded by valid prenuptial agreements, and property gained after legally separating. In addition, keep in mind that you are also on the hook still for your separate debts from before marriage. Reasons for DivorceLike a majority of states, Utah allows both no-fault and fault-based divorce. In a no-fault divorce, spouses don’t have to prove that the other’s misconduct caused the breakup of the marriage, so these types of case are generally faster and less expensive. Utah provides two kinds of no-fault grounds: “irreconcilable differences” and living apart for at least three years under a separate maintenance order issued by any state. If you and your spouse can’t agree on an amicable divorce, you can file for a fault divorce, where you have to show that your spouse engaged in some type of misconduct that caused the marriage to fail. Waiving the Minimum Waiting PeriodIn Utah, there is usually a minimum 90-day waiting period before a divorce may be granted. However, this delay may be waived if you can prove the waiver is warranted by extenuating circumstances. To waive the waiting period, you will need to file a Motion to Waive the 90-Day Waiting Period with the help of a divorce attorney. If your spouse objects by filing a Statement Opposing Motion to Waive 90-day Waiting Period in response, you must then file a Reply. Additionally, the judge will not decide anything until either you or your spouse files a Request to Submit for Decision. You may also request a hearing on the matter. While 90 days is the minimum duration of most Utah divorce cases, cases which need litigation to settle strong disagreements can take several years. • File the papers: You will turn in the original as well as the copies to the county clerk. Your papers will be reviewed and, presuming everything is in order, stamped as “filed.” The court will retain the original summons and any other papers as the official beginning of divorce proceedings. They will return the copies for both parties to you with the “filed” stamp. This stamp means your divorce is officially underway. Finalizing Your Divorce• Complete any necessary classes, courses, and/or tests: Many states have parenting classes and education courses that some or all divorcing parents are required to take before a divorce will be granted. Check with the county clerk, the court, or an attorney to determine if there are any instructional courses you need to take in order to have your divorced granted. Divorce LawyerWhen you need a divorce lawyer, please call Ascent Law LLC 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
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West Jordan Utah Divorce Attorney Why You Should Not File Bankruptcy? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/when-should-you-walk-away-from-your-marriage/ Bankruptcy is a court proceeding where you tell a judge you can’t pay your debts. The judge and court trustee examine your assets and liabilities to decide whether to discharge those debts. If the court finds that you really have no means to pay back your debt, you declare bankruptcy. Who should not file for BankruptcyWhile there are many reasons to file for Bankruptcy protection, there are a number of reasons for a person to not file for Bankruptcy. Reasons Not to File for BankruptcyYou Can Afford to Pay Your DebtsThis one seems simple, and is truly rare among most people I meet with, but every now and again someone comes in and simply wants to walk away from it all. The debt is relatively minimal compared to income. A good way to determine if you fall into this category is to take your monthly income, minus all of your monthly expenses, including your credit card payments, and if there is a significant amount of money left over, you are likely going to be better off in the long term just making arrangements to pay the debt. Your Debt is Mostly Tax DebtNot all debts are created equal. Certain debts, even in bankruptcy, are not discharged or eliminated through the bankruptcy process. Most taxes fall into this category. Certain taxes like payroll taxes a business owner owes will never go away. The typical income tax will not be eliminated in your bankruptcy unless it meets certain criteria. Specifically, it must be at least three years old and must not have been assessed to you at anytime in the last 240 days. If the majority of your debt is taxes and relatively recent, bankruptcy is likely not going to be a good option because you will not obtain the benefit of discharging those debts. However, if your debt is income tax, and it is at least three years old, you should meet with a bankruptcy attorney to see if it can be eliminated through bankruptcy filing. Your Debt is Mostly Student Loan DebtThe only thing more difficult to eliminate through bankruptcy other than taxes is student loan debt. Back in 2005 the Bankruptcy Code was amended to include a provision that made all debt obtained for educational purposes presumed to be non-dischargeable. You can overcome this by showing hardship; however the bar has been set very high. If student loan debt is the main debt problem you have a better option than bankruptcy would be to seek out the many organizations that help with student loan borrowers going through financial hardship. Filing Bankruptcy Will Hurt Your Credit ScoreIt is pretty much common knowledge that filing for bankruptcy is going to damage your credit score. While bankruptcy will absolutely lower your credit score, most of my clients are surprised to see that their score will actually increase within 12 months of their bankruptcy case being discharged. Most that look to file for bankruptcy are behind on their bills. When you fall behind on your credit card payments each month the credit card company lets the credit bureaus know that you are late. This lowers your score and continues to hit you month after month. The filing of a bankruptcy stops the bleeding. You are no long getting hit each month with a “late”. You will get hit with a bankruptcy on your credit report, but that is a onetime thing; it is not re-reported each month. The further you get away from your filing date the better you will be. You Can Lose Assets in BankruptcyAnother reason you may not want to file for bankruptcy, particularly Chapter 7 bankruptcy, is that you can be at risk of losing assets. A Chapter 7 bankruptcy is a liquidating bankruptcy, meaning that if you have assets that are not protected under the various exemption laws, then a bankruptcy trustee can seize the asset, sell it, and give the money to your creditors. If you have assets that are not protected you will likely lose them. For some, this is a big reason not to file. There may be land that is not protected that has been in the family for generations, or other property that is simply not worth the risk of losing. That being said, most people that go through the bankruptcy process do not lose assets. If you are thinking of filing bankruptcy but are worried about losing assets it is a good idea to meet with a bankruptcy lawyer to determine what you would be at risk of losing. Often this fear is unfounded. You Have Recently Become Entitled to an InheritanceIf you have received an inheritance, or the more relevant situation is that you have become entitled to receive an inheritance but have not yet received it, filing bankruptcy may not be a good option for you. For example, say you were the beneficiary under a will or trust of a person that had died. You became entitled to a certain asset or cash upon their death. It is likely that it will take some time to process everything and you may not actually receive the inheritance for some time. If you file for bankruptcy and then receive the inheritance, your bankruptcy trustee can take that asset and use that for the benefit of your creditors. Similarly, if you become entitled to an inheritance within 180 after you file your bankruptcy case the bankruptcy trustee can go after those funds to pay your creditors. In situations where the inheritance is large, your creditors end up receiving 100% payment but you still have to deal with a bankruptcy on your credit report. If you have become entitled to an inheritance or expect to become entitled to an inheritance in the near future, you should consult with a bankruptcy attorney about this situation prior to jumping into a bankruptcy case. You Have Business Debts that are not personally GuaranteedMany small business owners file for bankruptcy. In fact, if you think about it, without the bankruptcy laws how many people would be willing to lay it all on the line and start their own business? Bankruptcy allows entrepreneurs to take the risk knowing that if necessary they have bankruptcy as a fallback position. If most of your debt is business debt AND you do not have personal guarantees on that debt, bankruptcy may not be necessary. If you have properly set up a corporation or limited liability company (LLC), you will have some protection against creditors of the business. Without a personal guarantee the creditors are left to the assets of the business but cannot come after you personally. However, in most small businesses the owners of the business have personally guaranteed nearly all of the debts of the business. If this is the case, then a personal bankruptcy filing can be very helpful at eliminating all personal liability on those business debts. Bankruptcy is not for every person or every situation. There are absolutely draw backs for filing a bankruptcy case. However, for many suffering through debt problems the benefits obtained from filing a bankruptcy case outweigh the drawbacks the come with filing. Will Bankruptcy Wipe Out Your Debt?Not all debts get discharged in bankruptcy. If you’ll still have to pay your most worrisome bills after filing for bankruptcy, then filing probably won’t be good idea. On the other hand, if filing for bankruptcy gets rid of enough debt that you’ll have more money to devote to non-dischargeable debt, bankruptcy might still help. Below are some debts that are either difficult or impossible to wipe out in bankruptcy. Also, creditors with these types of debt can use collection techniques like wage garnishments or bank levies even without a judgment. Past Due Child SupportA Chapter 7 bankruptcy filing won’t eliminate or reduce child support debt. So filing for Chapter 7 bankruptcy won’t help unless you can free up future income you can use to pay your child support by discharging other debt. A Chapter 13 bankruptcy case, however, can be a better option. You can stop collection actions by entering into a three to five year repayment plan to pay off your past-due support payments in full. Be aware that if you have a hefty outstanding balance, your monthly payment might be steep because you must pay off all of the arrearages in the plan. You’ll still have to continue making your ongoing child support payment, as well. Bankruptcy Lawyer Free ConsultationWhen you need legal help with a bankruptcy in Utah, please call Ascent Law LLC 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
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West Jordan Utah Divorce Attorney Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/why-you-should-not-file-bankruptcy/ Business succession planning is the process in which long-term needs are identified and addressed. The main concern in succession planning is in providing for the continuation of business operations in the event that the owner or manager retires or suddenly becomes incapacitated or deceased. This can occur by several means, such as transferring leadership to the following generation of family members or by naming a specific person to become the next owner. It is highly advantageous to have a business succession plan. Such a plan can create several benefits for the business, including tax breaks and no gaps in business operations. The plan will be formally recorded in a document, which is usually drafted by an attorney. A business succession plan is similar to a contract in that it has binding effect on the parties who sign the document and consent to the plan. Therefore, the main advantage of having a succession plan is that the organization will be much better prepared to handle any unforeseen circumstances in the future. A well thought out succession plan will be both very broad in scope and specific in detailed instruction. It should include many provisions to address other concerns besides the issue of who will take over ownership. A business succession plan should include• Approximate dates or time frames when succession will begin. For example, the projected date of the owner’s retirement. Instructions should also be composed for steps to take as the date approaches. Picking the Successor For Your BusinessWhen creating the business succession plan, it is crucial that the person that succeeds the current owner is able to continue the company successfully. Without this ability, many individuals may be crossed off the list. Otherwise, it is just easier to sell the organization to someone that the owner has not invested interest in, and the continued transactions and revenue mean nothing personal. One of the primary reasons to have a business succession plan is to ensure the company continues functioning after the owner either enters retirement or dies. For the successor to be a family member, he or she must be fully prepared to work hard and invest time and energy into the business. Many owners of a business have multiple family members or assistants that could take his or her place. It is important to assess both the strengths and weaknesses of each individual so he or she is able to choose the person best suited for the position. There could be resentment and negative emotions that affect the arrangement with other members of the family, and this must be taken into account along with keeping other relationships from becoming complicated such as a spouse or the manager of the business who may have assumed he or she would take on the ownership or full run of the company. Finalizing the Process When to Create a Small Business Succession PlanEvery business needs a succession plan to ensure that operations continue, and clients don’t experience a disruption in service. If you don’t already have a succession plan in place for your small business, this is something you should put together as soon as possible. While you may not plan to leave your business, unplanned exits do happen. In general, the closer a business owner gets to retirement age, the more urgent the need for a plan. Business owners should write a succession plan when a transfer of ownership is in sight, including when they intend to list their business for sale, retire, or transfer ownership of the business. This will ensure the business operates smoothly throughout the transition. There are several scenarios in which a business can change ownership. The type of succession plan you create may depend on a specific scenario. You may also wish to create a succession plan that addresses the unexpected, such as illness, accident, or death, in which case you should consider whether to include more than one potential successor. Selling Your Business to a Key EmployeeWhen you don’t have a co-owner or family member to entrust with your business, a key employee might be the right successor. Consider employees who are experienced, business-savvy, and respected by your staff, which can ease the transition. Your org chart can help with this. If you’re concerned about maintaining quality after your departure, a key employee is generally more reliable than an outside buyer. Just like selling to a co-owner, a key employee succession plan requires a buy-sell agreement. Your employee will agree to purchase your business at a predetermined retirement date, or in the event of death, disability, or other circumstance that renders you unable to manage the business. Selling Your Business to an Outside PartyWhen there isn’t an obvious successor to take over, business owners may look to the community: Is there another entrepreneur, or even a competitor, that would purchase your business? To ensure that the business is sold for the proper amount, you will want to calculate the business value properly, and that the valuation is updated frequently. This is easier for some types of businesses than others. If you own a more turnkey operation, like a restaurant with a good general manager, your task is simply to demonstrate that it’s a good investment. They won’t have to get their hands dirty unless they want to and will ideally still have time to focus on their other business interests. Meanwhile, if you own a real estate company that’s branded under your own name, selling could potentially be more challenging. Buyers will recognize the need to rebrand and remarket and, as a result, may not be willing to pay full price. Instead, you should prepare your business for sale well in advance; hire and train a great general manager, formalize your operating procedures, and get all your finances in check. Make your business as stable and turnkey as possible, so it’s more attractive and valuable to outside buyers. Reasons You Should Call A Business Succession Attorney• Decisions during the Idea Stage: Even before you officially open your doors for business, you have several decisions to make that will affect your daily operations going forward. What will you call your company? Is the name you have in mind available? What is your marketing tag line? Can you use that without encountering any problems? Where will your business be located? Are there any zoning issues of which you need to be aware? These are just a few examples of decisions that need to be made before you even start doing what it is you want to do. These decisions will be a lot easier to make with the help of a business attorney. 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
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When To Amend A Contract And Why West Jordan Utah Divorce Attorney Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/business-succession/ West Jordan was on of the earliest Utah pioneer settlements after the founding of Salt Lake City. The community’s roots begin in the later part of 1849 when some pioneers began spreading out in the Salt Lake valley. West Jordan’s original unofficial area included most of the valley on the West Side of the Jordan River, and about a three-mile strip on the east side of the river past State Street in an area now occupied by Midvale, Sandy and the former Crescent area. West Jordan’s name captures some of the flavor of what the Mormon pioneers considered their promised land. They saw strong similarities in this arid western desert and the biblical lands. Both contained fresh water lakes (Sea of Galilee and Utah Lake) and dead salt water rivers (River Jordan and Utah River.) This similarity in geological features led to this area being referred to as a western Jordan and the southern part of the valley as the Jordan Valley. Brigham Young reinforced this concept when he renamed the Utah River the West Jordan River, which was shortened through time and use to the Jordan River. The first settlers in the present area known as West Jordan were the Marius Ensign, Thomas Butterfield, and Samuel Egbert families. Other settlers soon followed. In 1850 Archibald Gardner and his brother Robert built a 2.5 mile millrace (canal) to bring water out of the Jordan River to the area of 7800 South. The water thus channeled was to provide a source of power for the saw mill they built the following year. Before long the population began to cluster near this general area and other enterprises were built and operated such as a flour mill, woolen mill, and tannery. Many settlers initially built dugouts to live in near the crest of the hill overlooking the river bottoms where farming was done. Although the original flour mill was burned by fire, it was rebuilt and still stands. During the 1980’s it was converted into a fine furniture and delightful gift shop before a quality restaurant was added as well as a little village complex on the adjoining land. About one hundred yards to the Southwest of the flour mill, stands the first non-log chapel in Salt Lake Valley outside Salt Lake City. It took years of construction (1861-1867) before completion and dedication by Brigham Young. This building was known as the Rock Meeting House. It served most of settlements in the south end of the valley on both sides of the river and was used for many activities besides church. In fact to help finance the roof, a grand ball was held and officers from Fort Douglas were invited to participate. Dancing was a favorite pastime of the pioneers. In addition the building was used for school and other community activities and social events. Today the structure remains basically unchanged from the way the pioneers built it. Although the city of West Jordan now owns the property, it is operated by The Daughters of the Utah Pioneers, who make it available through rental to the public. Over the past three decades, its has also been used by other religions coming into the area. The building, now known as Pioneer Hall, adjoins the West Jordan Cemetery, which is one of two in the community with pioneer origins. The second is the small Wight’s Forts cemetery located on 9000 South at 3449 West. In 1872 a major multicommunity cooperative effort was launched to build canals throughout the valley to provide water. This in turn provided the initial means for further growth in farming, settlement and other related development. West Jordan was also the site of some of the very earliest airplane flights in the west, which commenced in 1909 and continued through 14 March 1910. These experimental flights were made by L. R. Culver about six years after the Wright brothers flew their airplane at Kitty Hawk in 1903. Culver, a farmhand, built the aircraft in a farm equipment shed near 1700 West and 9000 South. At first a glider was constructed, then a motor was added to power the craft. His most successful flight was about fifty feet off the ground and lasted for about fifteen to twenty minutes. Much of Utah’s sugar beet history and production was centered in West Jordan due to the large sugar factory built and operated in the community for many years. West Jordan also had been known for its fur industry, which has mostly disappeared due to urbanization. In the sports world, several West Jordan boxers gained national and international recognition, ranking and titles under the management of Marvin Jenson. Most notably native-son Gene Fullmer twice won the World Middle Weight Boxing Championship. Other fighters of note include AAU champions Floyd Richardson and Rex Layne (also a top professional contender), Olympic champion Jay Lambert, and Gene Fullmer’s brother Don, who also fought for the Middle-weight championship. In politics, West Jordan was the home of Jean M. Westwood, when she was chosen to chair the National Democratic party on 14 July 1972, the first woman in America to chair a major national political party. It was 10 January 1941 before the town of West Jordan, with a population of less than 2,000, was officially incorporated. In the late 1960s the community began growing at such a rate it became one of the fastest growing small communities in the United States. By 1990 the population had reached 42,912. During this time the community has developed a degree of economic diversity with segments of industrial and commercial development along with its population growth. In the process, over a dozen community parks have been acquired and developed. This push to strengthen quality of life for citizens is also reflected in a recent successful proposal that brought it together with its sister city, South Jordan, to win the location site for a new 100-acre Salt Lake Community College campus, which will be built straddling the cities’ shared border. Utah Lawmakers Clarify Role Of Fault In Divorce Alimony AwardsIn many marriages, one partner makes more significant financial contributions to the relationship. When the marriage ends in divorce, this partner may be required to pay spousal support, otherwise known as alimony, so that the other partner can maintain a standard of living more similar to that enjoyed during the marriage. In West Jordan, Utah, courts may consider many factors in deciding whether to award spousal support, such as the recipient’s earning capacity and current financial situation, the individual paying alimony’s ability to provide spousal support, the length of the marriage, and whether the recipient helped increase the individual paying alimony’s earning capacity during the marriage by supporting him or her through higher education. Interestingly, while West Jordan Utah is a no-fault divorce state (meaning that neither party has to show wrongdoing to dissolve the marriage), Utah courts can consider fault when setting alimony. However, courts had long struggled with how to properly define fault in making a spousal support award. Now, thanks to a new law passed in the West Jordan Utah legislature, judges will have an easier time determining what qualifies as wrongdoing when setting an alimony award. The wrongful conduct listed in the statute includes: Generally, conduct must have been knowing and intentional to come into play in an alimony decision. For example, a spouse who accidentally caused his or her spouse and children to reasonably fear life threatening harm by being involved in an auto accident while driving the family car would likely not have to worry about such an incident being used as leverage in a spousal support determination. If fault is at issue, the court may, in its discretion, close the proceedings, and may also seal the records when the proceedings are complete. Alimony In West Jordan, UtahUnder Utah law, the court may award alimony to either spouse. The court will examine the circumstances in the case, including whether either party’s behavior caused the marital failure. Alimony may be granted on a temporary basis as well as permanently after entry of the divorce decree. The longer the marriage, the more likely alimony will be awarded. Utah courts determine alimony on a case-by-case basis by looking at the financial situation of each spouse. The courts generally compare the earning capacities. The court requests a financial statement from both spouses to assess their financial needs and conditions. The court then examines the income and debts of the payor spouse. These factors are crucial in determining if alimony will be awarded, and how much alimony the recipient receives. Alimony may be reviewed and modified if the parties’ conditions change. Alimony terminates automatically upon remarriage or cohabitation by the recipient. The party seeking modification due to change of circumstances must provide proof of changed circumstances. Types of Alimony In West JordanCourts may order temporary, short- and long-term alimony. Temporary alimony is granted at the discretion of the court during the divorce proceedings and before the final decree. Short-term alimony may be granted to allow the receiving party time to gain necessary skills. Long-term, or permanent, alimony may be granted to a spouse who has significant needs, and is usually reserved for lengthy marriages. Factors Considered by the CourtAlimony in West Jordan Utah is discretionary. According to the Utah Code – Sections: 30-3-3, 30-3-5, the court considers at least the following factors in determining the length of time and amount of alimony to be awarded: Utah Marital Property LawsDuring marriage, couples acquire the rights to some of the property and assets, as well as debts, acquired by one or both of them. Marital property doesn’t include things that are considered “separate property” owned by either spouse, for example, property owned before marriage, inheritance, gifts, property specifically excluded by valid prenuptial agreements, and property gained after legally separating. In addition, keep in mind that you are also on the hook still for your separate debts from before marriage. Equitable Distribution vs. Community PropertyThere are two ways states divide marital property: equitable distribution and community property. Utah is an equitable distribution or common law state, which is the majority marital property legal system. This means marital property in West Jordan Utah isn’t automatically assumed to be owned by both spouses and therefore should be divided equally in a divorce. In West Jordan Utah, marital property is divided “equitably” or fairly, which may not be an even 50-50. Usually for longer marriages, it is about 50% to each party. For short-term marriages, the court generally puts people back to their position before the marriage, such as giving people what they had before the marriage and typically what they made during the marriage. Parties can agree on how they want to divide the property outside of court, but a judge will review it to ensure it’s fair. Knows The ProcedureDivorce attorneys are specialized in family law, especially the part which focuses on divorce. They are up to date with regards to all the latest developments in divorce law. Each state has different laws and having a divorce attorney helps ensure that you someone on your side who knows the entire procedure. The divorce lawyer would know exactly how a divorce would be handled in the jurisdiction of your residence. There are many rules and regulations in every state. This is why when you have a divorce attorney working for you, you get to take advantage of his or her expertise. Handles The PaperworkJust like any other legal procedure, there are a lot of paperwork involved in a divorce. The divorce attorney would know when and how to file motions and petitions at the court. Keep in mind that there is a ton of paperwork that is involved in a divorce and it determines the outcome of your divorce. Therefore, when you hire a divorce attorney, you can be rest assured knowing that the attorney would know what to file, when to file, and what to request. May Cause Drama 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
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What Is A Hardship Discharge In Chapter 13? State And Federal Firearms Laws Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/west-jordan-utah-divorce-attorney/ The job of a criminal defense solicitor is to analyze the evidence against a client and advise on the appropriate plea and possible sentence. If a client pleads not guilty, the solicitor will represent the client at trial; testing the prosecution evidence and promoting the client’s case, and ensuring that the client has a fair trial. In cases where the client has pleaded guilty, the job is to direct the court to the appropriate sentence and highlight the good points about their client so that they receive as fair a sentence as possible. Types of crimes that criminal defense lawyers defend in court What Will A Defense Lawyer Do For You?At the start of a criminal defense case, a criminal defense solicitor will obtain details of the allegations against you, and take your detailed instructions. That may lead to the need to gather evidence to support your case. This will include interviewing your witnesses. The solicitor will also research the statutes, cases, and procedural rules that may be useful when defending your case in court in order to prepare a defense strategy. Building a defense strategyWhen building your defense, a criminal defense solicitor will identify the strengths and weaknesses of your case and will inform you of the pros and cons of pleading guilty or not guilty, taking both the law and your individual circumstances into account. Before a trialYour criminal defense solicitor will then prepare your case in accordance with your defense strategy. They will analyze all the evidence both for and against you before a trial, so that cross examination of the prosecution witnesses can be planned, and a proper running order can be put into place for calling your witnesses. If there are any opportunities for applications to be made to limit the prosecution evidence, or to dismiss a case, your criminal defense solicitor will ensure that these are put into place. Your criminal defense solicitor will also be there to listen to any last-minute worries or concerns that you may have before the trial takes place. If there is any new evidence to be taken into consideration, they will make sure that this is highlighted as quickly as possible. During a trialYour criminal defense solicitor will be there to argue your case and to cross examine relevant witnesses. Depending on your plea, your solicitor will be working to clear you of charges, or to ensure that a fair punishment or sentence is given to you. They will do their best to make sure that a judge and jury, or bench of magistrates, put into perspective the allegation that you have been accused of, and take full account of any remorse, rehabilitation or personal circumstances that are relevant to your sentencing. After a trialIf your trial was not successful, or if an unduly harsh sentence has been imposed, depending on the circumstances of your case, your criminal defense solicitor will advise you fully about appeals and where appropriate will begin the appeal process. How to Obtain a Court-Appointed Defense LawyerIf you’re facing criminal charges and are unable to afford a private defense attorney, you may qualify for a court-appointed lawyer. After all, one of the foundations of our legal system is that every criminal defendant has the right to legal representation. Some private criminal defense attorneys charge hundreds of dollars per hour, while others are more affordable. If you’re unable to pay for your own attorney, you may be eligible for a lawyer who will work at the government’s expense. The opportunity to formally request one usually comes the first time you appear in front of a judge after your arrest, known as your arraignment. When the judge calls your case, the first question will be whether you’re represented by an attorney and, if not, whether you would like one appointed to your case. If you answer that you’d like one, the judge may ask you some financial questions or require you to complete an income-and-asset questionnaire, in order to verify that you truly don’t have the funds to hire your own attorney. It’s important to provide honest answers because false information can lead to a prosecution for perjury. Local Rules and Partial IndigencyEach state, and sometimes each county, has its own rules for determining how to qualify for court-appointed counsel. The rules often take into account the seriousness of the alleged crime. So, even if you earn a decent wage and could hire a private attorney for a short misdemeanor case, a judge may determine that you’re eligible for a court-appointed lawyer if the charges against you are serious ones that are likely to require a significant number of billable hours by your attorney. If your income is not quite high enough to bear the expense of a private attorney and not quite low enough to qualify for a free government-paid lawyer, the judge may make a determination of “partial indigency.” This means that you’re eligible for a court-appointed lawyer but must reimburse the government for a portion of your costs of representation. Seek Free Lawyer ConsultationsSome attorneys will offer free consultations usually by phone or videoconference. You aren’t likely to come away feeling like you’re ready to try your first case, but even if it’s just a 15-minute call, you may at least get enough information to have a better sense of what legal morass you’re in for. You might also be able to get some direction as to who can help you for free or a bargain basement price. Can I Go To Small Claims Court?Unfortunately, this isn’t a viable option for everyone. For instance, you can’t go to small claims court if you’re trying to work out your financial affairs after a divorce. But if the stakes are fairly low where someone owes you money or is trying to collect money from you, and it isn’t worth risking lawyer fees, you might consider small claims court. Your home state will dictate how high the stakes are. Identify Your Legal Problem and Use a SpecialistThe first step in the process of finding an attorney is to understand the problem or issue facing you. The law has many different specialties and sub-specialties, and before you can accurately determine the best attorney to represent you, you need to determine what kind of lawyer is best suited to address and resolve your problem. During this initial phase, consult your general corporate lawyer or another trusted business advisor such as your accountant. Select a specialist to help you solve your problem. Lawyers today are as specialized as doctors. You would not ask your internist to perform open heart surgery. Likewise, you should not ask your general corporate lawyer to handle a wage and hour audit or an OSHA inspection. A specialist will know the latest developments and legal nuances applicable to your problem without charging you extra to be on the “cutting edge.” This up-to-the-minute knowledge is essential since it could be the marginal difference in winning or losing your case. Make Sure the Attorney has the Right ExperienceThe appropriate level of experience is one of the most critical criteria in selecting a lawyer. You want a lawyer with a track record of success with your type of problem. Such a record of experience will increase the likelihood that the attorney can help to resolve your problem successfully. Obviously, length of service, number of cases in a particular specialty and geographic area and prior results are important matters to consider in evaluating the attorney’s “experience.” Along with experience comes knowledge of the adversaries and personalities involved in a case cumulative wisdom and perspective to evaluate risks and develop winning strategies related to a particular problem and confidence to steer you through the twists and turns of the legal process. Viewing the law firm’s website will also give you insight into the scope of the firm’s practice. Explore the website of each firm on your “short list” and Google the firm and individual attorneys. Expect the Attorney to be a Good CommunicatorAttorneys are paid to communicate with their adversaries and those sitting in judgment of their cases. Equally important however, is finding an attorney who can effectively communicate with you. You want an attorney who anticipates your questions and keeps you abreast of the developments in your case without you having to call first. The attorney should have the ability to communicate in an organized and understandable manner. The attorney should have a good “bedside manner” and have good judgment as to when in-person communications or e-mail is most appropriate. The attorney should also realize that over-communicating may be unnecessary and not cost-effective. When you are asked to make a decision or to act, the attorney needs to explain succinctly the options available to you, the practical and legal advantages and disadvantages of the different courses of actions and other matters relevant to your decision. Consider the Attorney’s Professionalism“Professionalism” is more than personality. It involves certain objective actions and behaviors that distinguish the best attorneys from those who are merely competent. “Professionalism” is more than personality. It involves certain objective actions and behaviors that distinguish the best attorneys from those who are merely competent. Among other things, you should expect a “professional” attorney to: Reasons to Hire a Utah AttorneyTrusting your case to a local attorney has many advantages. Being convenient in travelling and communication terms, local attorneys also have familiarity with local court system and may have developed strong connections with local community. The key reasons of hiring a local attorney include: Utah Defense LawyersIt’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
The post Defense Lawyers Near Me first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Why Do Unhappy Couples Stay Married? What Is A Hardship Discharge In Chapter 13? Four Corners Rule For Contract Disputes Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/defense-lawyers-near-me/ The point of probate is to properly administer the estate of the deceased. Typically, it is administration of the estate of a loved one. An estate can be brought to the Probate Court in 4 ways. The Probate Process can be long and arduous, typically taking anywhere from 10 months to 18 months for an uncontested Probate Proceeding. The Probate Court certifies the executor designated in the decedent’s estate plan, or appoints another third-party administrator under certain circumstances. A valuation is conducted of the decedent’s entire estate. The beneficiaries are both determined and contacted. Creditors are notified of their last opportunity to seek unpaid bills. The property is distributed to the beneficiaries. Lastly, the Executor is discharged from his/her duties. After an asset-holder dies, the court appoints either an executor named in the will or an administrator (if there is no will) to administer the process of probate. This involves collecting the assets of a deceased person to pay any liabilities remaining on the person’s estate, and to distribute the assets of the estate to beneficiaries. Probate with a WillA deceased person who has provided a will is known as a testator. When a testator dies, the executor of the will is responsible for initiating the probate process. Typically, the executor is a financial advisor. The will can also provide details on a specified executor. The executor is responsible for filing the will with the probate court. States can have different rules for the timeframe in which a will must be filed after death. Filing the will initiates the probate process. The probate process is a court-supervised proceeding in which the authenticity of the will left behind is proven to be valid and accepted as the true last testament of the deceased. The court officially appoints the executor named in the will, which gives the executor the legal power to act on behalf of the deceased. The ExecutorA will typically designates a legal representative or executor approved by the court. This person is responsible for locating and overseeing all the assets of the deceased. The executor has to estimate the value of the estate by using either the date of death value or the alternate valuation date, as specified by the Internal Revenue Code (IRC). Most assets that are subject to probate administration come under the supervision of the probate court in the place where the decedent lived at death. The exception is real estate. Probate for real estate may need to be extended to any counties in which the real estate is located. The executor also has to pay off any taxes and debt owed by the deceased from the estate. Creditors usually have a limited amount of time (approximately one year) from the date of death to make any claims against the estate for money owed to them. Claims that are rejected by the executor can be taken to court where a probate judge will have the final say on whether or not the claim is justified. The executor is also responsible for filing the final, personal income tax returns on behalf of the deceased. Any estate taxes that are pending can also come due within one year from the date of death. After the inventory of the estate has been taken, the value of assets calculated, and debts paid off, the executor will then seek authorization from the court to distribute whatever is left of the estate to the beneficiaries. If a deceased person’s estate is insolvent, an administrator will likely choose not to initiate probate. In general, individual states may have their own rulings on a statute of limitations for the processing of a will through probate. States can also have thresholds for probate filings. Probate Without a WillWhen a person dies without a will, he is said to have died intestate. An intestate estate is also one where the will presented to the court has been deemed to be invalid. The probate process for an intestate estate includes distributing the decedent’s assets according to state laws. If a deceased person has no assets, probate may not be necessary. In general, a probate court proceeding usually begins with the appointment of an administrator to oversee the estate of the deceased. The administrator functions as an executor, receiving all legal claims against the estate and paying off the outstanding debts. The administrator is tasked with locating any legal heirs of the deceased, including surviving spouses, children, and parents. The probate court will assess what assets need to be distributed among the legal heirs and how to distribute them. The probate laws in most states divide property among the surviving spouse and children of the deceased. Community property laws can recognize both spouses as joint property owners in an intestate proceeding. In effect, the distribution hierarchy typically starts with the surviving spouse. If unmarried or widowed at the time of death, assets are usually divided among any surviving children. After a spouse and children are considered, other relatives may also be deemed appropriate for distribution. Close friends of the deceased will not normally be added to the list of beneficiaries under a state’s probate laws for intestate estates. However, If the deceased had a joint account with right of survivorship or owned property jointly with another, the joint asset would automatically be owned by the surviving partner. It is important to know whether a probate is required following the death of an individual. The probate process can take a long time to finalize. The more complex or contested the estate is, the more time it will take to settle and distribute the assets. The longer the duration, the higher the cost. Probating an estate without a will is typically costlier than probating one with a valid will. However, the time and cost required of each are still high. Also, since the proceedings of a probate court are publicly recorded, avoiding probate would ensure that all settlements are done privately. Different states have different laws concerning probate and whether probate is required after the death of a testator. Some states have a specified estate value which requires probate. Some assets can bypass probate because beneficiaries have been initiated through contractual terms. Pension plans, life insurance proceeds, 401k plans, medical savings accounts, and individual retirement accounts (IRA) that have designated beneficiaries will not need to be probated. Likewise, assets jointly owned with a right of survivorship can bypass the probate process. Probate LawyerWhen you need a probate lawyer, please call Ascent Law LLC 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
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Accident Lawyer Available Today Utah Real Estate Code 57-1-12.5 Why Do Unhappy Couples Stay Married? What Is a Hardship Discharge In Chapter 13? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/what-is-the-point-of-probate/ The core of a Chapter 13 bankruptcy case is a three to five year repayment plan. The ability to stretch out past-due balances across 36-60 months can mean the difference between chaos and financial stability, and Chapter 13 allows many people to regroup and rebuild their finances without surrendering property. But, three to five years is a long time. No matter how committed you are to successfully completing your Chapter 13 plan, you can’t always predict the future. Many people considering Chapter 13 are concerned about what will happen if their circumstances change dramatically in the course of a Chapter 13 case. To a degree, the Chapter 13 process is designed to adapt. When a change like an increase or decrease in income occurs, it is often possible to modify the Chapter 13 plan and keep the case moving forward. Occasionally, however, the debtor’s disposable income disappears completely, or becomes so limited that he or she truly can no longer sustain a Chapter 13 repayment plan. When that happens, the debtor may be entitled to a “hardship discharge” that is, many remaining unsecured debts may be discharged despite the fact that the debtor was unable to successfully complete the Chapter 13 repayment plan. However, not everyone who becomes unable to keep up Chapter 13 plan payments qualifies for a hardship discharge, and a hardship discharge won’t resolve all types of debt. A Chapter 13 hardship discharge is a special order from the bankruptcy judge, so you and your attorney must file an application for this discharge. To obtain the hardship discharge the debtor must first show an inability to continue making the scheduled Chapter 13 plan payments. In other words, something has happened to you financially that reduced your income or ability to pay your creditors. The change in finances must be beyond the debtor’s control. For instance, if you voluntarily quit your job to go back to school, you are not eligible for a hardship discharge. The change must be serious and on-going. The debtor must also show how the situation is not likely to change, and modification of the repayment plan is not practical or feasible. Finally, the debtor must demonstrate that if the court approves the hardship discharge, creditors will receive at least as much as they would have received during a Chapter 7 case. Hardship discharges are only granted for the most extreme cases. The Bankruptcy Code also limits the scope of the hardship discharge to that of a Chapter 7 discharge, so some debts may not get discharged if the case ends early. If you experience a serious financial setback and cannot no longer afford your Chapter 13 payments, discuss the possibility of a hardship discharge with your bankruptcy attorney. In some cases a hardship discharge is available and preferable to modification, conversion, or dismissal. Your attorney can explain these options and help you decide on the best course of action. Qualifying for a Chapter 13 Hardship DischargeUnder Section 1328(b) of the U.S. Bankruptcy Code, a discharge may be granted to a Chapter 13 debtor who has not completed the plan if and only if: So, for example, a debtor who is rendered unable to work by a serious and ongoing medical condition would typically satisfy this requirement. But, if the debtor voluntarily quit his job to start a business that won’t generate significant revenues for a long time (if ever) or was fired for cause, the court would likely determine that the debtor could justly be held accountable for his failure to make plan payments, and so would likely deny a discharge. Each unsecured creditor with an allowed claim has received at least as much as that creditor would have in a Chapter 7 bankruptcy cases. In most cases, Chapter 13 bankruptcy is better for unsecured creditors than Chapter 7. If the debtor has no non-exempt assets, unsecured creditors won’t receive any payment through a Chapter 7 case. But, in a Chapter 13 repayment plan, unsecured creditors may receive a percentage of the funds owed to them through plan payments. In some cases, unsecured creditors receive full payment on the debt through the Chapter 13 case. But when the debtor is unable to continue making payments that can change. This requirement ensures that creditors are not left worse off than if the debtor’s estate had been liquidated. This requirement can present a hurdle for debtors who have not made significant plan payments before the hardship-inducing event occurred and who have non-exempt assets that would have been liquidated for the benefit of creditors in a Chapter 7 case. Modification of the plan is not practicableUnderstandably, the law favours plan modification over total abandonment of the plan. Even if plan payments are reduced, unsecured creditors may still receive some ongoing payments. While some circumstances, such as a permanent disability or a terminal illness, may make it impossible for the debtor to make payments under even a modified plan, modification is preferable when possible. A debtor who meets all three criteria may be granted a discharge without having completed payments under the Chapter 13 plan. But, the discharge won’t necessarily resolve all debts. The Limitations of a Chapter 13 Hardship DischargeFor a debtor, there are two significant differences between receiving a discharge after successful completion of a Chapter 13 plan and receiving a hardship discharge in a Chapter 13 case. Secured DebtThe first and most obvious difference is that while the hardship discharge may relieve the debtor of many remaining unsecured debts, a bankruptcy discharge does not eliminate liens. In a successful Chapter 13 plan, the debtor catches up payments on or entirely pays off secured debt, eliminating or significantly forestalling the risk of foreclosure or repossession. However, when the debtor is unable to complete the plan, some or all of the property serving as collateral for secured debts may be at risk once again. Unsecured DebtNot all unsecured debts are dischargeable in Chapter 7 bankruptcy. In Chapter 13 bankruptcy, some debts–or a portion thereof–that would not be eligible for discharge in Chapter 7 may be eliminated. For example, in a Chapter 13 case the debtor may be able to discharge some or all debt arising from: Debts a Hardship Discharge Won’t EliminateIf the court grants your motion for a hardship discharge, only unsecured non-priority debts get discharged. The following debts typically aren’t wiped out in a hardship discharge: You Must Complete Your Repayment PlanIn Chapter 13 bankruptcy, you agree to pay your disposable income to the bankruptcy trustee appointed to administer your case for three to five years. On successful completion of the plan, any remaining balance on non-priority unsecured debt (credit card balances, personal loans, medical bills, and the like, but not student loans), gets discharged. Your income determines the minimum length of time you must make payments, called the applicable commitment period. Here’s how it works. • in exchange, at the completion of the three- to five-year period, your non-priority, unsecured debt balances would be wiped out. Requesting an Early Discharge Due to HardshipIf you suffer a financial setback, and your plan pays less than 100% of what you owe, the court might end your plan early if your situation doesn’t look like it will improve. Here are the requirements for a hardship discharge: 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
The post What Is A Hardship Discharge In Chapter 13? first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Accident Lawyer Available Today Lindon Utah Foreclosure Lawyer Why Do Unhappy Couples Stay Married? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/what-is-a-hardship-discharge-in-chapter-13/ |
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