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divorcelawyergunnisonutah · 1 year

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Salt Lake City Bankruptcy Attorneys

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: • Medical debts • Divorce/separation debts • Some student loans • Payday/high-interest loans • Credit cards • Mortgage payments • Car loans

Filing for Chapter 7 Bankruptcy in Utah

Chapter 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 Utah

For 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 Returns

You’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 Documentation

If 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 Statements

If 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 & Insurance

If 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 Statements

Recent bank and retirement account statements must be provided to the bankruptcy trustee for all accounts.

Identification

When 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.

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About Salt Lake City Utah

Salt Lake City

From Wikipedia, the free encyclopedia

(Redirected from Salt Lake City, USA)

This article is about the capital of Utah. For other uses, see Salt Lake City (disambiguation).

Salt Lake City, Utah

State capital

City of Salt Lake City[1]

Clockwise from top: The skyline in July 2011, Utah State Capitol, TRAX, Union Pacific Depot, the Block U, the City-County Building, and the Salt Lake Temple

Flag

Seal

Nickname:

“The Crossroads of the West”

Wikimedia | © OpenStreetMap

Interactive map of Salt Lake City

Coordinates: 40°45′39″N 111°53′28″WCoordinates: 40°45′39″N 111°53′28″W Country United States State Utah County Salt Lake Platted 1857; 165 years ago[2] Named for Great Salt Lake Government

• Type Strong Mayor–council • Mayor Erin Mendenhall (D) Area

[3]

• City 110.81 sq mi (286.99 km2) • Land 110.34 sq mi (285.77 km2) • Water 0.47 sq mi (1.22 km2) Elevation

4,327 ft (1,288 m) Population

(2020)[4]

• City 199,723 • Rank 122nd in the United States 1st in Utah • Density 1,797.52/sq mi (701.84/km2) • Urban

1,021,243 (US: 42nd) • Metro

1,257,936 (US: 47th) • CSA

2,606,548 (US: 22nd) Demonym Salt Laker[5] Time zone UTC−7 (Mountain) • Summer (DST) UTC−6 ZIP Codes

show

ZIP Codes[6]

Area codes 801, 385 FIPS code 49-67000[7] GNIS feature ID 1454997[8] Major airport Salt Lake City International Airport Website Salt Lake City Government

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]

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[geocentric_about id=”938d21e0-6c09-4f16-89a4-3026157ac6d0″]

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The post Salt Lake City Bankruptcy Attorneys appeared first on Ascent Law.

from Ascent Law https://ascentlawfirm.com/salt-lake-city-bankruptcy-attorneys/

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jmmlegalattorney · 6 years

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Chapter 7 bankruptcy is the more common form of bankruptcy and is the quicker route for individuals, married couples, corporations, and partnerships. A new study from the Consumer Bankruptcy Project shows us that the rate of seniors 65 and older who have filed for bankruptcy has tripled since 1991. Contact best Salt Lake City Chapter 7 bankruptcy attorney for a free initial consultation.

#chapter 7 bankruptcy attorney salt lake city #Chapter7bankruptcy #Chapter7bankruptcyattorney #Saltlakecitychapter7bankruptcy

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melissawalker01 · 4 years

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Foreclosure Lawyer Tooele Utah

Tooele is a city in Tooele County in the U.S. state of Utah. The population was 22,502 at the 2000 census, and 32,115 at the 2010 census. It is the county seat of Tooele County. About 30 minutes southwest of Salt Lake City, Tooele is known for Tooele Army Depot, for its views of the nearby Oquirrh Mountains and the Great Salt Lake. According to the United States Census Bureau, the city has a total area of 21.2 square miles (54.8 km²), of which 21.1 square miles (54.8 km²) is land and 0.04 square miles (0.1 km²) (0.09%) is water. Tooele is located on the western slope of the Oquirrh Mountains in the Tooele Valley, the next valley west of the well-known Salt Lake Valley. Many popular camping and picnic areas surround the city. The unusual name for the town is thought by some to have evolved from an old Ute Indian word for tumbleweed. This is one of many unverified explanations, as the name’s usage predated the introduction of the Russian thistle to the United States. Other explanations include that the name derives from a Native American chief, but controversy exists about whether such a chief existed. Others hypothesize that the name comes from “tuu-wiita”, the Goshute word for “black bear”, or from “tule”, a Spanish word of Aztec origin meaning “bulrush.”

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How to Stop Foreclosure With a Temporary Restraining Order

The best way to temporarily stop a foreclosure up to the day before an auction, and when a homeowner does not need to otherwise declare bankruptcy, may be to file a Temporary Restraining Order (TRO). A TRO is a legal order filed by an attorney on behalf of a homeowner against their lender. In most cases, it will result in a brief delay (30 days, give or take) of a foreclosure auction – which may provide enough time for a homeowner to sell a home using other strategies or catch up the payments. TROs are a legal specialty; you must have an attorney with this specialty lined up in advance if you need to utilize this maneuver.

The advantage of a TRO is that it can be done at the last minute just before the home is actually auctioned off by the lender. In addition, it does not require the homeowner to declare bankruptcy and thus often both a bankruptcy and foreclosure can be avoided. Once the TRO is filed, the auction is stopped or nullified until the lender has the TRO lifted.

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The disadvantage to filing a TRO is that it costs money and is only a temporary delay.

How Do I File a Motion to Stop Foreclosure?

If your lender intends to foreclose on your house, you have the right to fight it in court. In a judicial foreclosure, your lender must file a lawsuit to foreclose; if you file in response, you’ll be allowed to make your case before a judge. In non-judicial foreclosure the norm in several states, such as Utah–the lender doesn’t need court approval. You can still get your day in court, but only if you file a lawsuit to prevent foreclosure. • Ask the county clerk for information on the specific forms and fees your county requires. Each county may have its own legal paperwork, the Utah court system’s website states, and each county sets its own schedule of fees you have to pay to file. • File the paperwork, including a request for a temporary restraining order. A TRO, will stop foreclosure until the judge hears your case. If your lender doesn’t respond, the judge will probably approve the TRO, but you may be asked to post a bond against any financial damage this causes the lender. • Serve papers on the lender. Someone 18 or older who isn’t involved in the case must present papers to the lender notifying it of the lawsuit, and return a “proof of service” to you. The case won’t proceed until the lender is formally notified you’ve sued. • Ask for a preliminary injunction when you get your court hearing. If the judge grants the injunction, he’ll stop the foreclosure until the case is decided. The judge will issue the injunction if she believes there’s a good chance you’ll win, and if the damage you’ll suffer from foreclosure is greater than your lender suffers by delaying foreclosure. If the judge doesn’t issue the injunction, then the foreclosure clock resumes ticking.

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• Present your defense. Valid defenses include that the lender made a mistake, such as crediting your payments to the wrong person; that it engaged in unfair lending practices; or that it made major procedural errors. The same defenses can be raised in judicial foreclosures.

How Foreclosure Delaying Services Work

Struggling homeowners who want to keep their homes have several options for delaying foreclosure. As the number of foreclosures nationwide increased during the housing market collapse, more foreclosure delay or “home retention services” and companies came into existence. Foreclosure delay services use every legal means, including filing lawsuits, to put off a homeowner’s foreclosure for as long as possible. With enough time, a homeowner in foreclosure may be able to stop the process.

Judicial foreclosure is the other form of foreclosure employed by lenders. In judicial or court-facilitated foreclosures, foreclosure delay service attorneys work to delay foreclosure cases using procedural challenges. Typically, foreclosure delay service attorneys first file written answers for their clients, which can buy an additional 30 to 60 days. They also file for continuances or time to prepare foreclosure defenses for their clients. Judges frequently grant these types of continuances.

Legal challenges to foreclosure cases filed by lenders are common delaying tactics. Legal challenges in foreclosure cases include for jurisdiction, especially when out of state lenders are involved. Foreclosure delay service attorneys challenging lenders over jurisdiction usually request that county courts move those cases to the federal courts. Lawyers also can challenge a lender’s legal standing by forcing the lender to prove it actually owns the loan.

Buying Homeowners Time

Foreclosure delay services are exactly that — and they don’t generally get foreclosures canceled altogether. They can buy critical time for homeowners facing imminent foreclosure to find workable foreclosure alternatives. With enough time, a homeowner facing foreclosure could line up mortgage reinstatement funding using state-offered grants, for example. Foreclosure delay also can give struggling homeowners enough time to find buyers or at least an alternative living arrangement.

Other Alternatives

Though it can be a drastic measure, filing for bankruptcy can delay an active foreclosure case. Both Chapter 7 liquidation and Chapter 13 reorganization bankruptcy feature automatic stays that halt all creditor collection activities, including foreclosure sales. Using Chapter 13 bankruptcy, a homeowner could even permanently halt foreclosure using a three- to five-year repayment plan. During Chapter 13 bankruptcy’s repayment period, delinquent mortgage payments plus lender foreclosure costs can be gradually repaid and mortgages reinstated.

How to Postpone a Trustee’s Auction

When discussing real estate, auctions are referred to as a “trustee’s auction” or “trustee’s sale date.” To postpone this sort or auction, the borrower must first be in default—meaning the borrower is not making mortgage payments. Borrowers who stop making mortgage payments will sooner or later cause the bank to foreclose. How that foreclosure is handled depends on state law, but more than half of the states in the U.S. are trust deed states, and the trustee handles foreclosures. Fannie Mae short sales that are in default are handled differently; Fannie Mae and Freddie Mac do not ordinarily postpone trustee’s auctions.

After a borrower stops making the mortgage payments, the lender notifies the trustee to initiate foreclosure proceedings. The trustee is a third party to the trust deed, a position some call “holding a naked title.” Although there is no required period before filing a Notice of Default, most lenders prefer to try to collect during the first 60 to 45 days that a borrower falls into arrears, rather than jump into foreclosure proceedings. Some states such as California require the lender to give the borrower at least 30 days’ notice before filing a Notice of Default. Once the Notice of Default is filed, a borrower has 90 days to reinstate the loan by making up the back payments and paying late charges, which include the trustee’s fees. There are a few methods that can be used in postponing an auction.

Redeem the Mortgage

Although people refer to reinstating a mortgage and redeeming a mortgage interchangeably, they are different. To redeem a mortgage is to pay off the mortgage; reinstating requires bringing the mortgage current. During the final days of a non-judicial foreclosure process, a lender is not required to accept a reinstatement but must allow a redemption.

Apply for a Loan Modification

Lenders are also not required to postpone an auction in exchange for a loan modification, but most banks will try to work out a temporary repayment schedule. This does not mean the bank will not send the home to auction, so be careful; borrowers may want to ask the bank for a written promise not to move forward with the auction. If accepted, banks will grant a temporary loan modification, and after three to six months, tell the borrower they are filing foreclosure because the borrower does not qualify for a permanent loan modification.

File for Bankruptcy

A bankruptcy filing does not permanently stop an auction, but it could postpone the auction for a while. When a debtor files for bankruptcy, the court issues an order known as an automatic stay that stops attempts from creditors to collect money—including postponing an auction. However, the lender can then file a motion to lift the automatic stay, especially if the Notice of Default was already filed.

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File a Temporary Restraining Order

Most people associate a temporary restraining order with domestic abuse, but petitioning the court for protection from abuse can also include a request to postpone an auction. Borrowers will need to hire a lawyer to file a temporary restraining order, and that lawyer might need to find a reason based on fraud or some wrongdoing on the lender’s part. Even if the lawyer is successful and wins the argument, the restraining order is not permanent.

Make a Short Sale

Telling a lender that the borrower is attempting to make a short sale is generally not enough; the borrower must submit an offer to the bank from a qualified buyer. The real estate agent or lawyer handling the negotiation for the borrower then calls the bank’s negotiator and requests a postponement of the auction. Often, banks will not consider a request for a postponement until the auction is a few days away.

Fighting a Foreclosure in Court

If you believe that you have a valid argument against a pending foreclosure, you may want to go to court to fight the lender. You can respond to the lender’s lawsuit against you if the lender is using the judicial foreclosure process, or you can bring your own action in court if the lender is pursuing a non-judicial foreclosure. Defenses can be very technical and fact-specific, but generally a homeowner may want to challenge a foreclosure if the lender failed to follow the mortgage terms or the law in their state. You would need to show that this failure infringed on your rights.

For example, you might be able to stop or at least postpone a foreclosure if you did not receive proper notice of the foreclosure from the lender. Both state law and the terms of your mortgage may provide rules for the lender to follow if it decides to foreclose. Or you may be able to argue that the foreclosure resulted from errors by your mortgage servicer, such as failing to properly credit your payments and reporting that you missed them instead. If you have a right to reinstate your mortgage under state law or the terms of the mortgage, you can hold the mortgage servicer accountable for providing you with the incorrect reinstatement amount. Read more here about common errors and abuses by mortgage servicers.

Fighting a Judicial Foreclosure in Court

You will receive a summons and complaint at the outset of the lawsuit that the lender files when it is seeking a judicial foreclosure. If you want to fight the foreclosure, you should read these documents carefully and make sure that you respond within the deadline provided. You also will need to follow any court rules for your response, formally known as an answer. You may be able to reach a settlement with the lender outside court if it feels that your defense has merit. If the lender does not feel that you have a strong defense, it may file a motion for summary judgment.

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A summary judgment motion is a way to dispose of a case without going through a full trial. The party seeking summary judgment argues that there is no genuine dispute of material fact and that the opposing party cannot prevail under the law. You would need to provide evidence to oppose the summary judgment motion. The judge will determine whether your defense can survive summary judgment, which means that you can proceed to trial. If the judge does not believe that you can make a defense, they will grant summary judgment to the lender and allow it to proceed with the foreclosure sale.

Fighting a Non-Judicial Foreclosure in Court

While the lender starts the court process in a judicial foreclosure, the homeowner starts the court process in a non-judicial foreclosure. This has a critical impact on the burden of proof. The lender has the burden of proof in a judicial foreclosure lawsuit, while the homeowner has the burden of proof if they are bringing a lawsuit to stop a non-judicial foreclosure. This is because, in theory, the mortgage contract provides for the lender’s right to a foreclosure, so the homeowner would be asking the court to stop an otherwise permissible process. The goal in a lawsuit against a non-judicial foreclosure is getting the court to issue an injunction against the foreclosure. This pauses the foreclosure until the judge rules on whether you have a defense or whether the foreclosure should move forward.

Foreclosure Attorney

For a Foreclosure Lawyer in Tooele Utah, 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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from Michael Anderson https://www.ascentlawfirm.com/foreclosure-lawyer-tooele-utah/ from Divorce Lawyer Nelson Farms Utah https://divorcelawyernelsonfarmsutah.tumblr.com/post/632219866985840640

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coming-from-hell · 4 years

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Foreclosure Lawyer Tooele Utah

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How to Stop Foreclosure With a Temporary Restraining Order

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The disadvantage to filing a TRO is that it costs money and is only a temporary delay.

How Do I File a Motion to Stop Foreclosure?

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How Foreclosure Delaying Services Work

Buying Homeowners Time

Other Alternatives

How to Postpone a Trustee’s Auction

Redeem the Mortgage

Apply for a Loan Modification

File for Bankruptcy

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File a Temporary Restraining Order

Make a Short Sale

Fighting a Foreclosure in Court

Fighting a Judicial Foreclosure in Court

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Fighting a Non-Judicial Foreclosure in Court

Foreclosure Attorney

For a Foreclosure Lawyer in Tooele Utah, 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

4.9 stars – based on 67 reviews

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West Valley City Utah Attorneys

Residential Loan Workout

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Source: https://www.ascentlawfirm.com/foreclosure-lawyer-tooele-utah/

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aliciabriana1 · 5 years

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Income Tax Law

Yes, you have to pay taxes on your income. There is no way around it. Just do it. As you are likely aware, the government collects income tax from U.S. residents each year. Personal income tax revenues help fund programs and services like Social Security, Medicare, schools, roads, national security, and the welfare system. If employed, an individual’s employer will withhold income taxes. Because self-employed individuals do not have taxes withheld, they will generally pay estimated taxes throughout the year.

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What income is subject to income tax? Individuals must pay taxes on income, including wages, salaries, tips, commissions, business income, rents, dividends, alimony, capital gains, IRA distributions, unemployment benefits, and Social Security benefits if the recipient’s total income exceeds a certain amount.

What kinds of deductions can I take? Tax deductions are adjustments to an individual’s taxable income. For every dollar of deductions that an individual has, the amount of income the the government levies taxes on decreases by a dollar. A taxpayer can take the standard deduction or itemize deductions. Common deductions include student loan interest, college tuition, medical and dental costs, mortgage points, mortgage interest, theft or casualty losses, property taxes, state income taxes, charitable contributions, and home office expenses.

What are tax credits? Tax credits reduce an individual’s tax liability dollar for dollar. For every dollar of tax credits that an individual has, the dollar amount of the taxes that they must pay goes down by a dollar. Every year new tax credits become available, but common credits include the earned income credit, first-time home buyer credit, child and dependent care credit, adoption credit, Hope and Lifetime Learning credit, credit for the elderly and disabled, and retirement savings contributions credit.

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Can I obtain an extension if I am unable to file my tax return by April 15? If a taxpayer is unable to file a return on time, the taxpayer can make a request for an automatic extension by filing IRS Form 4868. Along with filing the form, it is necessary to pay all of the tax liability or the estimated income tax due. The extension to file does not extend the time to pay.

What happens if I fail to file a tax return? If six years have not elapsed from the date the tax return was due, the IRS can seek criminal charges against the taxpayer. The IRS can also pursue collection activities without any time constraints. In addition, failing to file a tax return by the deadline can result in the assessment of penalties and interest on the tax debt, the filing of a substitute return for the taxpayer by the IRS, and the IRS can begin collection activities — including levying wages and bank accounts and placing a lien on real property — after assessing the tax debt. Do I have to file a tax return if I live in another country? A U.S. citizen earning income abroad must still file a tax return and pay taxes to the U.S. government. If qualified for the foreign earned income exclusion, the taxpayer may exclude foreign income up to $91,400. The taxpayer may also qualify for the foreign housing exclusion and deduction. In some countries, the taxpayer may also have to pay income taxes in the country they reside in.

What types of activities may trigger an audit by the IRS? It is difficult to completely audit-proof a tax return, but some taxpayer activities may stand out. For instance, the IRS may scrutinize a self-employed person more than an employed taxpayer because there is more opportunity to hide income and claim personal expenses as business expenses.

Can I pay my tax debt in an installment plan? A taxpayer that is unable to pay their tax debt by the deadline may work out an installment agreement with the IRS. An installment agreement allows the payment of the debt in installments, but interest and penalties will apply. To qualify, the taxpayer must be current on their tax return filings. A taxpayer that owes more than $25,000 will need to request approval of a proposed installment agreement.

Can I settle my tax debt with the IRS? In some cases, the IRS will agree to settle a tax debt for less than what the taxpayer owes. Requests to settle debts are called “offers in compromise” (OIC). If the debtor can pay the full tax liability in an installment plan or by another method, the IRS will most likely deny a settlement request. The IRS may accept a request based on three reasons: there is doubt about the tax liability, there is doubt that the tax debt is collectible, or collecting the tax liability would create economic hardship or an exceptional circumstance makes it unfair.

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Will bankruptcy eliminate tax debt? Sometimes. Is the tax debt based on personal taxes? Is the tax debt 3 years old from the date of assessment prior to filing for bankruptcy? Are you filing a chapter 13, 12, 7, 11 or 9? Tax liability sometimes survives bankruptcy. You need to speak with a bankruptcy lawyer to discuss this issue in more detail based on your specific circumstances. Generally, in Chapter 13, the debtor will have to pay the debt in full in a repayment plan and the debtor will most likely continue to owe the debt at the conclusion of a Chapter 7. However, a taxpayer may discharge tax liability in Chapter 7 upon the fulfillment of certain conditions.

Tax Lawyer Free Consultaiton

When you need legal help with taxes (whether they are with the Utah State Tax Commission or the IRS), please call Ascent Law for your free tax law 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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divorcelawyergunnisonutah · 1 year

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Bankruptcy Attorney Salt Lake City

You’ll need to attend a hearing or two when you file for bankruptcy. For instance, in both Chapter 7 and Chapter 13 bankruptcy, the court will appoint a trustee to conduct a hearing that all filers must attend the 341 meeting of creditors. If you file for Chapter 13, you or your attorney will also have to appear at a confirmation hearing. Depending on your case, you might be required to go to more hearings.

Bankruptcy Court and Trustee Responsibilities

In a Chapter 7 bankruptcy filing, the bankruptcy trustee sells your nonexempt property, assets that you can’t protect with a bankruptcy exemption and distributes the proceeds to creditors.

In Chapter 13, the trustee doesn’t sell your nonexempt assets. Instead, you pay the value of nonexempt assets through your repayment plan. The trustee will review your plan, however, to make sure it’s feasible and that it treats all creditors fairly. If the court confirms (approves) the plan, the trustee will disperse the monthly payments to creditors.

Bankruptcy Court and the 341 Meeting of Creditors

In both bankruptcy chapters, the trustee appointed to your case will review your paperwork and supporting documentation, such as pay stubs and tax returns. The trustee is responsible for ensuring the accuracy of your petition and presiding over the meeting of creditors. When you file your case, the court will notify you and your creditors of the time and location of the 341 hearing. While the hearing might be held at the bankruptcy court, the trustee won’t hold it in a courtroom. Instead, the trustee will oversee the hearing in a conference room.

At the meeting of creditors, the trustee will verify your identity and ask you questions under oath about the contents of your bankruptcy papers. Creditors will have a chance to ask questions about your financial affairs, as well, but rarely attend the meeting. If you don’t appear, the trustee will move to dismiss your bankruptcy (more below), and you won’t receive a discharge, the order that wipes out qualifying debt.

Bankruptcy Court and the Chapter 13 Confirmation Hearing

If you file for Chapter 13, you or your attorney will have to appear at the repayment plan confirmation hearing. Before the hearing, you’ll send your proposed repayment plan to the Chapter 13 trustee and creditors. Each will have an opportunity to file a written objection. If you resolve the issue raised, the trustee or creditor will likely withdraw the objection. If not, you’ll have the opportunity to respond in writing and to advocate your position to the judge at the hearing. Unlike the 341 meeting of creditors, the judge will hold the confirmation hearing in a courtroom. The judge will consider any objections and oral argument at the confirmation hearing. If the repayment plan is approved, you’ll move forward with Chapter 13. If it isn’t, the judge will give you time to remedy the problem in all likelihood. If you’re unable to present a confirmable plan after a few tries, the judge will dismiss your case.

Additional Bankruptcy Court Hearings

Here are other hearings that occur in both Chapter 7 and 13 with some degree of frequency. If you have a car loan or mortgage, and you want to keep the house, car, or other collateral, you must make the monthly payments during bankruptcy. If you don’t, your lender can file a motion for relief from the automatic stay and ask for court permission to foreclose or repossess your property.

For instance, it isn’t uncommon for a debtor to file for Chapter 7 or 13 to stop a foreclosure or repossession. A lender who stands to lose money as a result of the automatic stay can file a motion asking the court to lift the automatic stay. You’ll have the right to oppose the motion and ask the court to hold a hearing. If the Chapter 7 trustee requires the property for the bankruptcy case, the trustee will oppose the motion, as well. At the hearing which will be held in a courtroom in front of a bankruptcy judge, the Chapter 7 trustee will explain that creditors will benefit from the liquidation of the property. The lender holding a lien will be paid in full once the property gets sold, thereby saving the lender the time and effort of foreclosure or repossession. If a Chapter 7 trustee doesn’t intend to sell the property, to defeat the motion, you’ll need to show that: • enough equity exists to protect the lender from financial harm—often referred to as an “equity cushion,” or • you can afford the monthly payments and to catch up on any missed payments. If you’re in Chapter 13, you’ll have to make adequate protection payments before your plan is confirmed. You also must make your monthly payment, and be able to catch up on arrearages through your Chapter 13 plan. Otherwise, you won’t survive the motion.

Chapter 7 Reaffirmation Hearing in Bankruptcy Court

If you file for Chapter 7 bankruptcy and have a secured debt such as a car loan, you may need to reaffirm that debt if you want to keep the car. When you reaffirm a debt, you sign a new contract with the lender that makes you personally liable on the obligation despite your bankruptcy discharge. If your monthly budget shows that you can’t afford to make the monthly payments, a presumption of undue hardship arises. You’ll be required to attend a reaffirmation hearing in a courtroom in front of the judge. At the hearing, you’ll have to explain why you need the car (or any other asset you are trying to keep) and how you can afford it. The judge will decide whether to approve the reaffirmation after hearing your explanation and reviewing your finances.

Trustee’s Motion to Dismiss Hearing

The motion to dismiss arises in several situations. For instance, if you fail to make your Chapter 13 plan payments, the trustee will file a motion to dismiss your case. If you don’t file a document or a certificate of completion for a required bankruptcy course, or if you don’t show up for the 341 hearing, the trustee will likely request a dismissal.

Adversary Proceedings in Bankruptcy Court

An adversary proceeding isn’t a hearing. It’s a lawsuit filed in your bankruptcy case that a judge will conduct in a bankruptcy courtroom. If you incur debts shortly before filing for bankruptcy, hide assets, lie on your bankruptcy papers, commit fraud, or otherwise abuse the bankruptcy system, the trustee or your creditors can file a complaint and start an adversary proceeding in your case. Once the plaintiff files a complaint, you will have a certain amount of time to answer or oppose it. The court will set a discovery schedule to allow each side to collect evidence. Each party will present the case at trial.

The most common types of adversary proceedings include: • actions by the trustee to recover fraudulent or preferential transfers • complaints by creditors to have their debts declared nondischargeable because of fraud • objections to your entire discharge filed by the trustee or creditors as a result of bankruptcy fraud, and • complaints to strip junior liens from a house (only certain bankruptcy jurisdictions require an adversary proceeding to strip junior liens–others require a motion).

Proof of Claim in Bankruptcy

A proof of claim is the paperwork that a creditor must file before getting paid in a bankruptcy case. Under the bankruptcy payment system, some debts—like income tax and domestic support obligations have “priority” status and are paid before other claims. The proof of claim tells the bankruptcy trustee about the type of claim, as well as how much a creditor is owed, so the trustee can determine the amount to pay the creditor if anything.

Who Must File a Proof of Claim

All creditors who wish to be paid out of bankruptcy funds must file a proof of claim. Of course, if funds aren’t available for distribution—such as in a Chapter 7 “no-asset” case—a creditor won’t be told to file a proof of claim. That status will change if the trustee finds undisclosed assets during the review period. Then the trustee will instruct creditors to file a proof of claim.

Secured Creditors and Liens

Like all creditors, a secured creditor; such as a mortgage or vehicle lender must file a claim in order to receive money through the bankruptcy estate (with a few exceptions). However, even if the secured creditor doesn’t file a proof of claim, the creditor won’t lose its lien. When a lien is in place, the debtor can keep the property securing the debt only if the debtor remains current on the loan. If the debtor doesn’t pay as agreed, the creditor will be able to take back the property, sell it at auction, and use the funds to pay down the loan.

As a practical matter, if a secured lender doesn’t file a proof of claim in a Chapter 12 or 13 case (and won’t receive monthly plan payments), a debtor who wants to keep the property securing the claim (such as a house or car) has a couple of options.

• Pay outside of the plan. The debtor can make the payments directly to the creditor (instead of through the plan). However, if the debtor arranged to make the payment directly, it likely won’t be possible. Most of the debtor’s funds go into the plan leaving nothing left for a hefty payment. • File a proof of claim for the creditor. The debtor can file a proof of claim on behalf of the creditor. Doing so will allow the trustee to use bankruptcy plan payments to maintain the secured payment. When Must a Proof of Claim Be Filed in Chapter 7, 12, and 13 Bankruptcy Cases?

The deadline for filing a proof of claim for non-governmental creditors in a Chapter 7, 12, or Chapter 13 bankruptcy case is 70 days after the petition filing date. The first notice sent to creditors includes the deadline for filing proofs of claim. This notice informs creditors that a petition has been filed and indicates the date set for the meeting of creditors. This notice also sets the last date on which they can file objections to the discharge. Although the court doesn’t usually permit extensions once the deadline has passed, the court has the power to extend the filing time if a creditor shows extenuating circumstances.

What Must the Creditor Include in a Proof of Claim?

Here’s what the creditor must include in its proof of claim;

Formal Proof of Claim

A proof of claim must conform substantially with the official bankruptcy form, Proof of Claim (Form 410). You can download all of the official bankruptcy forms, including Form 410 from the U.S. Courts Bankruptcy Forms page.

The information a creditor will need to include is as follows: • the debtor’s name and the bankruptcy case number • the creditor’s information, including a mailing address • the amount owed as of the petition date • the basis for the claim (such as goods or services purchased, a loan or credit card balance, a personal injury or wrongful death award), and • the type of claim (secured or unsecured).

The creditor should attach supporting documentation, such as the contract, as evidence of the claim. Official attachment forms are available. Also, the creditor or an authorized representative must sign the proof of claim.

Informal Proof of Claim

Some courts will accept an informal proof of claim from a creditor if it meets five requirements: 1. the proof is in writing 2. the writing includes a demand against the bankruptcy estate 3. the writing demonstrates the intent to hold the estate liable 4. the writing is filed with the bankruptcy court, and 5. allowing the claim would be fair under the circumstances of the case.

Although a bankruptcy judge will consider these requirements, the decision about whether an informal proof of claim will be allowed is ultimately within the discretion of the bankruptcy judge.

Objecting to a Proof of Claim

The court usually accepts the proof of claim and its stated amount unless the debtor, trustee, or another interested party objects. Some of the most common reasons that someone might object to a claim include: • the amount is incorrect • the claim includes improper interest or other penalty charges • the claim indicates that it is a priority or secured claim when it is not • the creditor filed the claim for the purpose of harassing the debtor, or • the creditor did not attach supporting documentation.

What Should I Expect from a Bankruptcy Attorney?

Bankruptcy, like most legal matters, is a process and the safest route is to have an attorney guide you through the process if you want to succeed. A good bankruptcy attorney will give you peace of mind if they provide at least these four things: 1. An initial consultation – usually free! – to get an overview of your case 2. Advice on options available, including what type of bankruptcy to file 3. Completed paperwork necessary for filing bankruptcy 4. Representation when the case goes to court.

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

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jmmlegalattorney · 6 years

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As you may already be aware, there are certain possessions you can keep after filing for Chapter 7, and some that you may have to sacrifice for the sake of a more secure financial future. Contact a A Salt Lake City Chapter 7 bankruptcy attorney can discuss this exemptions in more detail, including how they can be applied to your personal situation.

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michaeljames1221 · 4 years

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Foreclosure Lawyer Provo Utah

Provo is the third-largest city in Utah, United States. It is 43 miles (69 km) south of Salt Lake City along the Wasatch Front. Provo is the largest city and county seat of Utah County. It is home to Brigham Young University, and Sundance Resort is located just northeast of the city. While Father Silvestre Vélez de Escalante, a Spanish Franciscan missionary-explorer, is considered the first European visitor to the area that would become Provo, the first permanent settlement was established in 1849 as Fort Utah. The name was changed to “Provo” in 1850, in honor of Étienne Provost, an early French-Canadian trapper. Provo’s climate lies in the transition zone between a humid subtropical climate and humid continental climate, with high temperatures averaging between about 94 °F or 34.4 °C in the summer and 40 °F or 4.4 °C in the winter. Average annual precipitation (rain and snow) is just less than 20 inches (51 cm). The population of Provo has grown from 2030 in 1860 to an estimated 116,702 in 2018. The 2010 census showed slightly more females than males, with over 55% of the population living as couples, and almost 35% of households having children under the age of 18. The population is over 90% Christian, with almost 89% being Latter Day Saints.

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The economy in Provo is powered by many different businesses and organizations, including over 100 restaurants, two shopping malls, multiple universities and colleges, a number of small companies, and several large international businesses. Utah Valley Hospital is a Level II Trauma Center, and has several campuses of medical professionals surrounding it. America’s Freedom Festival at Provo, held every May through July, is one of the largest Independence Day celebrations in the United States. Several cultural points of interest in the city include the Covey Center for the Arts, the LDS Missionary Training Center, and the Provo City Library at Academy Square. Provo contains two LDS temples: Provo Utah Temple and Provo City Center Temple, the latter being restored from the ruins of the Provo Tabernacle. The Utah Valley Convention Center is also located in downtown Provo. There are several museums located on the campus of Brigham Young University. Natural features include Bridal Veil Falls, Provo River, Utah Lake and Uinta-Wasatch-Cache National Forest. Timpanogos Cave National Monument is located several miles north of Provo. A number of national historic landmarks are located within Provo, including the Reed O. Smoot House. Provo is served by Utah Transit Authority, operator of the FrontRunner commuter rail and a bus service connected to the rest of the Wasatch Front. Amtrak stops at Provo station, providing daily access to its California Zephyr service. Interstate 15, U.S. 89 and U.S. 189 provide major road service to Provo. Air transportation is available at Utah’s second busiest airport, Provo Municipal Airport.

How Can a Lawyer Stop a Foreclosure

The idea of losing your home to foreclosure is terrifying. A lawyer’s expertise can provide you peace of mind throughout the stressful process — but coming up with the funds for a lawyer when you are struggling to keep your home is often a challenge. You may wonder if it is really worth the cost. In some cases, a lawyer may be able to stop foreclosure, or at least buy you more time. Even if you can’t keep the home, a lawyer might be able to help you escape the liability associated with foreclosure. Reviewing Your Loan Documents

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A lawyer can review your loan and address any unfair or predatory lending practices. For instance, a lender may improperly file a foreclosure or make errors in the loan documents at closing. According to the federal Truth in Lending Act, even a slight mistake in calculating your annual percentage rate could result in a violation of the act, giving you the right to rescind the loan. Rescinding basically allows you to cancel the loan. Advocating on Your Behalf A real estate lawyer is an expert on state foreclosure laws. The lawyer can explain your rights, the process, and any available prevention methods. Your lawyer can also negotiate directly with the bank on your behalf to reach a solution outside of court. Possible options include a loan modification, short sale, or deed in lieu of foreclosure. Having a lawyer fighting on your side improves your chances of having effective communication with the bank. You’re less likely to get lost in the shuffle or thrown on the back burner. Filing a Legal Response If you are in a state that requires judicial foreclosures, the lender must file a lawsuit against you to foreclose. Once you are served with papers, you have a certain number of days to respond. The legal terminology is often overwhelming. A lawyer can explain the paperwork and file your answer to the complaint with an appropriate defense. The lawyer may even file a counter claim, counter-suing the lender for violations of the law. Filing Bankruptcy Bankruptcy can temporarily stop a foreclosure. It is always best to consult a lawyer if you are considering bankruptcy. Chapter 7 bankruptcy is the form of bankruptcy used to wipe the slate clean. Filing automatically stops the foreclosure clock. You can’t keep the home permanently, but your liability is released. In Chapter 13 bankruptcy, debt is restructured to make your payments more affordable. If you can afford to resume making your normal mortgage payment, the arrears may be reduced. Debt must be paid to the trustee through a monthly repayment plan. Bankruptcy is complicated and certain eligibility requirements must be met. The attorney can guide you through the process and paperwork. If you are considering bankruptcy, it can be used as a defense in your foreclosure response. Last Minute Strategies to Stop Foreclosure If you’re facing foreclosure, you might be able to stop the process by filing for bankruptcy, applying for a loan modification, or filing a lawsuit. If you’ve fallen behind on your mortgage payments and a foreclosure sale is looming in the very near future, you might still be able to save your home. You can potentially file bankruptcy, apply for a loan modification or other workout option, or file suit against the foreclosing party (the “bank”) to possibly stop the foreclosure entirely, or at least delay the process. File for Bankruptcy to Stop the Foreclosure If the foreclosure sale is scheduled to occur in the next few days, you can halt the sale immediately by filing for bankruptcy. The automatic stay will stop the foreclosure in its tracks. Once you file for bankruptcy, something called an “automatic stay” immediately goes into effect. The stay functions as an injunction prohibiting the bank from foreclosing on your home or otherwise trying to collect its debt. This means that any foreclosure activity must be halted during the bankruptcy process. The bank may file a motion for relief from the stay. The bank might attempt to have the stay lifted by filing a motion seeking permission from the court to continue with the foreclosure. Even if the bankruptcy court grants this motion and allows the foreclosure to proceed, the foreclosure will be delayed at least a month or two. This should provide you with time to explore alternatives to foreclosure with your bank.

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Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy

If you want to keep your home, a Chapter 13 bankruptcy might help you accomplish this goal. But if you’re simply trying to buy some time by stalling the foreclosure, a Chapter 7 bankruptcy might be right for you. Benefits of a Chapter 13 bankruptcy A Chapter 13 bankruptcy can help you keep your home by restructuring your debts. You will repay debts—some in part and some in full—over a period of three to five years as part of a repayment plan. You might be able to avoid foreclosure and remain in your home with this type of bankruptcy because you can repay any delinquent mortgage payments through the plan. Also, you will likely pay a fraction (or sometimes, none) of your unsecured debts during the plan period and possibly eliminate certain other debts—like underwater second and third mortgages because they’re considered unsecured loans—entirely when you complete your plan, freeing up money for your first mortgage. Even if you can’t complete the plan, filing for Chapter 13 bankruptcy will give you at least several months before a foreclosure can be completed.

Benefits of a Chapter 7 bankruptcy

If you’re already in foreclosure, filing Chapter 7 bankruptcy isn’t usually a good way to save your home, but it will delay the foreclosure proceedings and provide you with time to live in the home without making payments. You can put this money towards saving up for a rental. You can also use this time to try to work with the bank to come up with a way to avoid foreclosure. And, even if you still go through a foreclosure, the Chapter 7 bankruptcy will eliminate your personal liability for the mortgage debt, which means you won’t be liable for any deficiency remaining after the foreclosure.

Apply for a Loan Modification

While you don’t want to wait until the last minute with this option, you might be able delay a foreclosure by applying for a loan modification, or another foreclosure avoidance option, because the bank could be restricted from dual tracking. Dual tracking is when the bank proceeds with the foreclosure while a loss mitigation application is pending. Ultimately, if your modification application is approved, the foreclosure will be permanently stopped so long as you keep up with the modified payments. Federal Rules Restrict Dual Tracking Under federal law, if a complete loss mitigation application is received more than 37 days before a foreclosure sale, the servicer may not move for a foreclosure judgment or order of sale, or conduct a foreclosure sale, until: • the servicer informs the borrower that the borrower is not eligible for any loss mitigation option (and any appeal has been exhausted) • the borrower rejects all loss mitigation offers, or • the borrower fails to comply with the terms of a loss mitigation option such as a trial modification. Be aware that the servicer generally doesn’t have to review more than one loss mitigation application from you. But if you bring the loan current after submitting an application, the servicer must consider it.

File a Lawsuit to Stop the Foreclosure

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If you’re facing an imminent foreclosure sale and considering any of the options discussed in this article, it is strongly recommended that you consult with a local foreclosure attorney or bankruptcy attorney immediately. To get information about different loss mitigation options, you should also consider talking to a HUD-approved housing counselor. Important Questions To Ask A Foreclosure Defense Lawyer To determine which foreclosure defense attorney is a good fit for your case, you will need to ask them several questions. The most important of these, and the answers you should be looking for, are listed below. How Many Foreclosure Cases Have You Litigated in Court? Utah is a judicial foreclosure state, meaning that in order to foreclose, a lender must file a lawsuit against the borrower and take them to court. It is important to ask if a foreclosure defense lawyer has been in court and litigated against the big mortgage companies. Filing a bankruptcy case is not the same thing as litigating in court, and you want to make sure that your attorney has the experience necessary to give you the best chance possible in the event that you have to defend your case in court. Is Litigation the Best Defense for Foreclosure? Although you want to make sure that your lawyer has experience litigating foreclosure cases in court, it is just as important to understand that this may not be the best route for you. If you are a victim of fraud or illegitimate fees and charges, you probably will have to go through litigation. On the other hand, if there is a better option for you, such as filing for bankruptcy, you want to work with a lawyer who will advise you of this option.

How Often Do You Attend Classes and Seminars Regarding Foreclosures? The law surrounding car accidents has not changed in decades; however, the laws surrounding foreclosures changes all the time. Foreclosure cases that were handled five years ago must be handled much differently now. You want to ensure that you are working with an attorney who keeps up with these changing laws, as they are very relevant to your case. If you work with a lawyer who is not familiar with these laws, it will pose serious problems for your defense and you could end up losing your home.

Are You Licensed to Practice?

You may think that if you are speaking to a foreclosure defense lawyer, they are surely licensed to practice in the state. This is a mistake. Some lawyers have viewed the foreclosure crisis as an opportunity to bring in more business, even though they cannot legally practice law in the state. These lawyers may be able to negotiate with lenders for you but, if your case ends up in court, which many do, you could find yourself in a great deal of trouble. You will have to find a new lawyer and by that point, you may be running out of time in your case. At Ascent Law, we only have Utah licensed attorneys working as lawyers on your case.

What Approach Do You Use When Defending a Foreclosure Case?

There is more than one approach that can be used when defending a foreclosure. You can fight to stay in your home and obtain a loan modification, you can file for bankruptcy, or you can present your lender with the idea of a short sale. These are just a few options you have if a lender starts foreclosure proceedings against you. A lawyer may suggest all of these, or they may only suggest one. You want to ensure that a lawyer will present you with many different options, even if they make a recommendation for one in particular. If you end up working with an attorney who treats all foreclosures the same, that approach may not be the right one for your case and you could find yourself in a bigger mess than when you began, such as if you filed for bankruptcy when you did not have to.

How Often Will You Update Me About My Case?

It is a huge relief to hand your case over to an experienced attorney and know that they will take care of all the details associated with it. However, any attorney should still keep you up to date on the status of your case and any changes with it as soon as they occur. One of the most common complaints against lawyers is that they take a case and then the client rarely hears from them. When they do get an update on their case or have a question, they only communicate is with a paralegal or an associate. While lawyers need these professionals to help them with cases, you should still mainly be working and communicating with the attorney you spoke with during your free consultation. If you are not, your case may not be getting the attention it deserves.

Provo Utah Foreclosure Attorney

When you need a foreclosure lawyer in Provo 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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mayarosa47 · 4 years

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Foreclosure Lawyer Provo Utah

How Can a Lawyer Stop a Foreclosure

Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy

Benefits of a Chapter 7 bankruptcy

Apply for a Loan Modification

File a Lawsuit to Stop the Foreclosure

If your bank is using a non-judicial process to foreclose—where the foreclosure is completed outside of the court system—then you might be able to delay or stop the foreclosure by filing a lawsuit against the bank to challenge the foreclosure. This tactic normally won’t work if the foreclosure is judicial because by the time of a foreclosure sale, you’ve already had your opportunity to be heard in court. To prevail in your lawsuit against your bank, you’ll need to prove to the satisfaction of the court that the foreclosure should not take place because, for example, the foreclosing bank: • can’t prove it owns the promissory note • didn’t act in compliance with state mediation requirements • violated the state’s Homeowner Bill of Rights • didn’t follow all of the required steps in the foreclosure process (as determined by state law), or • made some other grievous error. The downside to suing your bank is that if you’re unable to prove your case, this will only delay the foreclosure process. Lawsuits can be expensive and, if you have no reasonable basis for your claims, you could get stuck paying the bank’s court costs and attorneys’ fees. If you’re facing an imminent foreclosure sale and considering any of the options discussed in this article, it is strongly recommended that you consult with a local foreclosure attorney or bankruptcy attorney immediately. To get information about different loss mitigation options, you should also consider talking to a HUD-approved housing counselor. Important Questions To Ask A Foreclosure Defense Lawyer To determine which foreclosure defense attorney is a good fit for your case, you will need to ask them several questions. The most important of these, and the answers you should be looking for, are listed below. How Many Foreclosure Cases Have You Litigated in Court? Utah is a judicial foreclosure state, meaning that in order to foreclose, a lender must file a lawsuit against the borrower and take them to court. It is important to ask if a foreclosure defense lawyer has been in court and litigated against the big mortgage companies. Filing a bankruptcy case is not the same thing as litigating in court, and you want to make sure that your attorney has the experience necessary to give you the best chance possible in the event that you have to defend your case in court. Is Litigation the Best Defense for Foreclosure? Although you want to make sure that your lawyer has experience litigating foreclosure cases in court, it is just as important to understand that this may not be the best route for you. If you are a victim of fraud or illegitimate fees and charges, you probably will have to go through litigation. On the other hand, if there is a better option for you, such as filing for bankruptcy, you want to work with a lawyer who will advise you of this option.

Are You Licensed to Practice?

What Approach Do You Use When Defending a Foreclosure Case?

How Often Will You Update Me About My Case?

Provo Utah Foreclosure Attorney

When you need a foreclosure lawyer in Provo 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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4.9 stars – based on 67 reviews

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melissawalker01 · 4 years

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Foreclosure Lawyer Provo Utah

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How Can a Lawyer Stop a Foreclosure

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Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy

Benefits of a Chapter 7 bankruptcy

Apply for a Loan Modification

File a Lawsuit to Stop the Foreclosure

youtube

Are You Licensed to Practice?

What Approach Do You Use When Defending a Foreclosure Case?

How Often Will You Update Me About My Case?

Provo Utah Foreclosure Attorney

When you need a foreclosure lawyer in Provo 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

Ascent Law LLC

4.9 stars – based on 67 reviews

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gonnagoandrunwiththehorses · 4 years

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Foreclosure Lawyer Provo Utah

youtube

How Can a Lawyer Stop a Foreclosure

youtube

Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy

Benefits of a Chapter 7 bankruptcy

Apply for a Loan Modification

File a Lawsuit to Stop the Foreclosure

youtube

Are You Licensed to Practice?

What Approach Do You Use When Defending a Foreclosure Case?

How Often Will You Update Me About My Case?

Provo Utah Foreclosure Attorney

When you need a foreclosure lawyer in Provo 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

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Personal Bankruptcy

Hotel Ownership Lawyer

Aircraft Law

Pooled Trusts

Bidding On Contracts

Private Party Transfers And Gun Show Purchases

The post Foreclosure Lawyer Provo Utah first appeared on Michael Anderson.

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asafeatherwould · 4 years

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Foreclosure Lawyer Provo Utah

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How Can a Lawyer Stop a Foreclosure

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Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy

Benefits of a Chapter 7 bankruptcy

Apply for a Loan Modification

File a Lawsuit to Stop the Foreclosure

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Are You Licensed to Practice?

What Approach Do You Use When Defending a Foreclosure Case?

How Often Will You Update Me About My Case?

Provo Utah Foreclosure Attorney

When you need a foreclosure lawyer in Provo 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

Ascent Law LLC

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coming-from-hell · 4 years

Text

Foreclosure Lawyer Provo Utah

youtube

How Can a Lawyer Stop a Foreclosure

youtube

Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy

Benefits of a Chapter 7 bankruptcy

Apply for a Loan Modification

File a Lawsuit to Stop the Foreclosure

youtube

Are You Licensed to Practice?

What Approach Do You Use When Defending a Foreclosure Case?

How Often Will You Update Me About My Case?

Provo Utah Foreclosure Attorney

When you need a foreclosure lawyer in Provo 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

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Personal Bankruptcy

Hotel Ownership Lawyer

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Bidding On Contracts

Private Party Transfers And Gun Show Purchases

The post Foreclosure Lawyer Provo Utah first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-provo-utah/

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divorcelawyergunnisonutah · 1 year

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Bankruptcy Attorney Salt Lake City Utah

Filing for bankruptcy is a complicated, emotional process. It takes more work and time than most people realize, but it can also be the right solution for significant debt issues. Consult with a bankruptcy attorney or educate yourself on your options, you may find that filing for bankruptcy could help you out of a difficult financial bind.

Most filers find that bankruptcy eases stress by stopping: • Collections agency calls or harassment • Debt lawsuits from creditors • Wage garnishment (creditors taking money from your paycheck) • Foreclosure (unless the property has already sold) • Repossession of some property (in Chapter 13) Bankruptcy will also: • Get rid of many debts (in Chapter 7) • Protect some property from being sold (depending on exemptions in your state) • Put an end to growing debt and give you a fresh start to turn things around The decision to file for bankruptcy is a serious one. There are several considerations worth examining closely before getting started: • The impact on your future ability to access credit, lenders, or low interest rates • The impact on your credit report • Whether you could lose assets (if you file for Chapter 7) • The differences in the time and expense associated with each form of bankruptcy • Whether you are eligible for certain forms of bankruptcy • Whether you can retain specific valuable assets from repossessions (many states have exemptions) Considering other impacts can be critical in deciding whether to file for bankruptcy or which form is a better option. Some bankruptcies may: • Fail to discharge credit card debts • Impact your pension plans or other assets • Create financial issues for co-signers • Stop foreclosure • Feel like a significant invasion of your personal privacy with the bankruptcy court and working with your bankruptcy trustee. Any of these concerns may impact the desirability of the relief provided. However, none of these reasons are worse than staying in overwhelming debt or making your financial situation worse. Sometimes, you simply need debt help and cannot get there alone. Bankruptcy will give you a fresh start, and you can work towards the financial situation you want.

What Happens After a Chapter 7 Bankruptcy?

Those who pursue a Chapter 7 bankruptcy should be aware of some potential problems or concerns. Many forms of debt cannot be discharged under Chapter 7 bankruptcy, including: • Government-funded student loans • Some forms of tax debt • Federal tax liens • Child support • Alimony or spousal support • Debts for personal injury or death arising from a motor vehicle accident • Fines and penalties for violating the law • Certain tax-advantaged retirement plans • Cooperative housing fees

Potential applicants for Chapter 7 bankruptcy should be aware that even private student loans are rarely discharged without a special showing of undue hardship. This can be hard to prove but can happen if you become permanently disabled and cannot work.

Solving Bankruptcy Problems

Following a bankruptcy, you may need to correct any inaccurate reports from former creditors. To do this, you will need to engage in a process with the credit bureau. This can entail contacting former creditors for verification of the satisfaction of debts. Even when these issues are resolved, those who have completed a bankruptcy can still expect to: • Pay higher credit rates • Have higher down payments • Need to produce a co-signer when attempting to secure new credit

These complications are not the end of the world. They may require using a mortgage broker when seeking to purchase a house.

Reasons Why People Go Bankrupt

The bankruptcy statistics in America are alarming. The past few decades have seen a dramatic rise in the number of people who are unable to pay off their debts, and Congress has recently addressed the issue with legislation that makes it harder to qualify for this status.

Following is a list of the most common causes of bankruptcy in Utah today.

1. Medical Expenses Rare or serious diseases or injuries can easily result in hundreds of thousands of dollars in medical bills—bills that can quickly wipe out savings and retirement accounts, college education funds, and home equity. Once these have been exhausted, bankruptcy may be the only shelter left, regardless of whether the patient or his or her family was able to apply health coverage to a portion of the bill or not.

2. Job Loss Whether due to layoff, termination or resignation, the loss of income from a job can be equally devastating. Some are lucky enough to receive severance packages, but many find pink slips on their desks or lockers with little or no prior notice. Not having an emergency fund to draw from only worsens this situation, and using credit cards to pay bills can be disastrous. The loss of insurance coverage can also drain the job seeker’s already limited resources. Those who are unable to find similar gainful employment for an extended period of time may not be able to recover from the lack of income in time to keep the creditors at bay.

3. Poor or Excess Use of Credit Some people simply can’t control their spending. Credit card bills, installment debt, car, and other loan payments can eventually spiral out of control until finally; the borrower is unable to make even the minimum payment on each type of debt. Having an emergency fund, medical insurance, and keeping your debt-to-credit ratio low are all ways to protect yourself from a future declaration of bankruptcy. If the borrower cannot access funds from friends or family or otherwise obtain a debt-consolidation loan, then bankruptcy is usually the inevitable alternative. Statistics indicate that most debt-consolidation plans fail for various reasons, and usually only delay filing of bankruptcy for most participants. Although home-equity loans can be a good remedy for unsecured debt in some cases, once it is exhausted, irresponsible borrowers can face foreclosure on their homes if they are unable to make this payment as well.

4. Divorce or Separation Marital dissolutions create a tremendous financial strain on both partners in several ways. First come the legal fees, which can be astronomical in some cases, followed by a division of marital assets, decree of child support, and/or alimony, and finally the ongoing cost of keeping up two separate households after the split. The legal costs alone are enough to force some to file, while wage garnishments to cover back child support or alimony can strip others of the ability to pay the rest of their bills.7 Spouses who fail to pay the support dictated in the agreement often leave the other completely destitute.

5. Unexpected Expenses Loss of property due to theft or casualty, such as earthquakes, floods or tornadoes for which the owner is not insured can force some into bankruptcy. Many homeowners are likely unaware that they must take out separate coverage to be covered from certain events such as earthquakes. Those who do not have coverage for this type of peril can face the loss of not only their homes but most or all of their possessions as well. Not only must they then pay to replace these items, but they must also find immediate food and shelter in the meantime. While uncommon, those who lose their wardrobes in such a catastrophe may not be able to dress appropriately for their work, which could cost them their jobs. You won’t necessarily lose your home in Chapter 7 bankruptcy especially if you don’t have much home equity and your mortgage is current. Whether you can keep your home after filing for Chapter 7 bankruptcy will depend on the following factors: • whether your mortgage is current • if you’ll be able to continue making the payments after bankruptcy • how much equity you can protect with a homestead exemption, and • the amount of equity in your home.

If you’re behind on your payment, in foreclosure, or have more equity than you can protect, you’ll have a better chance of keeping your home in Chapter 13 bankruptcy. Filers faced with those circumstances should learn more about choosing between Chapter 7 or Chapter 13 when keeping a home.

Your Home and the Chapter 7 Bankruptcy Trustee

Chapters 7 and 13 work very differently, so it’s important to understand what to expect—especially if you want to keep valuable property in Chapter 7. After filing for Chapter 7, your property will go into a bankruptcy estate held by the Chapter 7 bankruptcy trustee appointed to your case. However, you don’t lose everything because you can remove (exempt) property reasonably necessary to maintain a home and employment. The trustee will sell any remaining assets and distribute the sales proceeds to your creditors.

Here’s the tricky part—if you make a mistake, it’s unlikely that the bankruptcy judge will allow you to dismiss the case, and you could lose the house. So you must follow the rules carefully.

Are Your House Payments Current?

You’ll likely lose your home if you’re behind on the mortgage payment when you file for Chapter 7. Although the automatic stay will temporarily stop a foreclosure, the best thing you can hope for is delaying the process for a few months.

Chapter 7 bankruptcy doesn’t provide a way for you to catch up on the overdue payments. This presents a problem because a mortgage is a secured debt, and you can’t wipe out the lien in Chapter 7 bankruptcy. The lender can foreclose after the automatic stay lifts, and you’ll lose the house. The lender will either ask the court to lift the automatic stay to allow foreclosure proceedings to continue (which the court will likely grant if the trustee doesn’t plan to sell the home) or wait until the bankruptcy ends, proceed with foreclosure, and then sell the house at auction.

Chapter 13 bankruptcy can help. If you’re behind and want to keep your home, the better option is to file a Chapter 13 case. Unlike a Chapter 7 bankruptcy, it has a provision that allows you to catch up on mortgage arrearages over the course of a three- to five-year repayment plan. Also, if you have more equity than you can protect with a homestead exemption (more below), you can pay your creditors the value of the nonexempt equity in the plan, as well.

Can You Continue Making House Payments After Chapter 7 Bankruptcy?

It’s also important to be sure you can afford to continue paying the mortgage payment after a Chapter 7 bankruptcy. Losing the house after your case might put you in a worse financial position. Why? If the lender couldn’t sell the home for the amount you owe, you’d be stuck with a deficiency balance depending on the laws of the state you live in. You’d have to wait eight years to file a second Chapter 7 bankruptcy, leaving the lender plenty of time to collect a deficiency balance using collection methods such as garnishing your wages or levying on a bank account.

How Much Equity Is in Your Home?

If your mortgage payment is up-to-date, your next step will be determining how much equity exists. You’ll start by valuing your home. Then you’ll subtract any outstanding mortgage balance from the home value. The equity would be the amount you’d have in your pocket if you were to sell the house. If you don’t have any equity, you’re in good shape; trustees don’t sell houses without equity. Otherwise, you’ll need to be able to protect your equity with a bankruptcy exemption to avoid losing the home in Chapter 7 bankruptcy.

Can You Protect Your Home Equity With Bankruptcy Exemptions?

State exemption statutes list the property its residents can protect in bankruptcy. Some states allow residents to choose between either the state exemption list or the federal bankruptcy exemption scheme. Either way, almost all states allow residents to protect some home equity with a homestead exemption. You might be able to exempt even more with a wildcard exemption. If your exemptions adequately cover your equity, the trustee won’t sell your home in a Chapter 7 bankruptcy. However, if your exemptions protect only a portion of it, the trustee will sell the house, pay off the mortgage, give you the amount you’re entitled to exempt, and use the remainder of the sales proceeds to pay creditors. Keep in mind that the trustee will take into account the costs to sell the home. If, after deducting sales costs, the amount remaining isn’t enough to make a meaningful payment to creditors, the trustee will abandon the property (and you’ll get to keep it).

Indicators of When to File Bankruptcy

While there is no minimum debt to file bankruptcy, the amount of debt is certainly a vital thing to consider when filing. However, there are other indicators or factors that dictate on when you should file for bankruptcy and these include: • Your ability to repay your debts outside of bankruptcy • Your creditors’ willingness to work with you • Your ability to discharge the types of debts that you have • Other circumstances of your individual case

Free Initial Consultation with Lawyer

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

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declankhan · 5 years

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Home in Bankruptcy

The following is a portion of an interview of attorney Ryan Simpson who regularly practices in bankruptcy court talk about protection your home in a bankruptcy case.

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Interviewer: All right. And just for the transcriptionist, this is the interviewer.

Ryan E. Simpson, Esq.: That’s right.

Interviewer: And Ryan is the attorney. So – OK. So what are the big warning signs that you’re seeing in bankruptcy right now? What are the problems that we’re seeing?

Ryan E. Simpson, Esq.: The last 12 to 24 months, real estate values have gone up and the homestead exemption is only $30,000 to $60,000 depending on whether you’re married or not. I’m watching a lot of young attorneys and other attorneys who aren’t watching real estate values get their clients in trouble because they’re not aware of the value of the property.

Interviewer: So what’s a homestead exemption? What does that mean?

Ryan E. Simpson, Esq.: The homestead exemption is the Utah code that lets you exempt or protect up to $60,000 equity in your home. So if you have less than 60 grand equity in your home, if you’re a married couple, the trustee cannot touch your home or sell your home.

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Interviewer: Well, how do you know if you have equity in your home? Like I mean is it based on your tax value, that notice you get once a year from the county?

Ryan E. Simpson, Esq.: In a chapter 7 bankruptcy, the value is based upon back where the market is, what a realtor would sell it for. Typically I use Zillow as a gauge to determine what it’s worth. Zillow isn’t always accurate but it’s a good gauge to determine what a realtor would sell it for and if it’s even close to the homestead exemption, then we are looking at filing a check with 13 bankruptcy where we can protect the equity in your home.

Interviewer: What if you have more than $30,000 or more than $60,000 equity and you want to file a chapter seven in order to have that fresh start?

Ryan E. Simpson, Esq.: If you had more equity than what is exempted, the chapter 7 trustee will sell your home, give you $30,000, $60,000, tell you thank you because he or she will put 10 to 20 grand in their pocket for their work and pay the rest of your creditors. You will lose your house unless you have –

Interviewer: So if you file a chapter 7, you’re going to lose your house if you have a lot of equity.

Ryan E. Simpson, Esq.: Yes.

Interviewer: OK. So what do you do? What’s the other – are there other options?

Ryan E. Simpson, Esq.: To protect yourself, there’s always a chapter 13 bankruptcy. The chapter 13 bankruptcy looks at the assessor value and for the last two years the assessor value has been considerably lower than the CMAs or the market value. And if you do have more than the exemption amount, we can always buy back the equity, the chapter 13 plan by paying more to your creditors up to the non-protected amount of your equity.

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Interviewer: What do you mean when you say buy back equity? What does that mean in a chapter 13?

Ryan E. Simpson, Esq.: For example if you’re a married couple, you can claim $60,000 exemption on your home. But if you had $80,000 equity, so basically there’s $20,000 that is not protected. The $20,000 we can pay back to your creditors over a five-year period into your bankruptcy plan. So basically you would be paying about $350 a month to save your house for five years.

Interviewer: What if you can’t afford that 350 a month? You just don’t have any room in the budget for 350 a month? What are your options at that point?

Ryan E. Simpson, Esq.: Then we have to get really creative on whether we’re going to file – to buy you some time while we figure out how to refinance your house or to buy you time to sell it and recoup the equity. There are still options. They do become more limited but there are options. In a chapter 13 bankruptcy, after 12 months of on-time payments, you are generally eligible for an FHA loan. So there is an option where we might be able to get your home refi-ed and pay off your debts also that way.

Interviewer: OK. So what if you don’t qualify for a loan? What if FHA changes their requirements? So are you just out of luck or is it just having to constantly meet with you to make sure that we’re doing the right thing?

Ryan E. Simpson, Esq.: If the FHA requirements do change, then we will continually meet and figure out other strategies. Loans are always changing. A loan today may not be around a couple of years from now. But also new products are always coming up.

Bankruptcy Attorney Free Consultation

If you have a bankruptcy question, or need to file a bankruptcy case, call Ascent Law at (801) 676-5506. Attorneys in our office have filed over a thousand cases. We can help you now. Come in or call in for your free initial consultation.

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#divorce #procedures domestic acquainted #alimony #investment #accounts #good attorney

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advertphoto · 4 years

Text

Foreclosure Lawyer Provo Utah

youtube

How Can a Lawyer Stop a Foreclosure

youtube

Chapter 13 Bankruptcy vs. Chapter 7 Bankruptcy

Benefits of a Chapter 7 bankruptcy

Apply for a Loan Modification

File a Lawsuit to Stop the Foreclosure

youtube

Are You Licensed to Practice?

What Approach Do You Use When Defending a Foreclosure Case?

How Often Will You Update Me About My Case?

Provo Utah Foreclosure Attorney

When you need a foreclosure lawyer in Provo 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

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Personal Bankruptcy

Hotel Ownership Lawyer

Aircraft Law

Pooled Trusts

Bidding On Contracts

Private Party Transfers And Gun Show Purchases

The post Foreclosure Lawyer Provo Utah first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-provo-utah/

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