The answer to this question depends on several factors – for this reason if you call and we do a free intake, we can give you an estimate rather quickly. Bankruptcy can help you get out from under considerable debt, but not all forms of bankruptcy allow you to keep many of your most important assets along the way. Those with regular income can file a Chapter 13 bankruptcy to help keep key assets like a home or car. In Chapter 13, debts are restructured over a three- or five-year period. If you make regular payments over that time, then some or all of your debts may be discharged. The Chapter 13 repayment plan is the legal document that lays out how you’ll pay back your creditors. It must be drawn up and filed with the bankruptcy court within 14 days of filing the bankruptcy petition (unless you get an extension), after which the judge and your creditors will have a chance to assess and possibly challenge the plan. If the courts ultimately okay your plan, you’ll then follow through to pay back your eligible debts. It’s possible to DIY your own Chapter 13 plan, but the process can be complicated and detail-heavy. That’s why it’s best to work with a bankruptcy lawyer, who can help make sure your repayment plan meets all requirements for approval. The debts you’ll pay off in a chapter 13 bankruptcyNot all of your debts are treated equally under Chapter 13 bankruptcy; some might not even have to be paid in full. Generally, your debts will be split into three different categories in your Chapter 13 repayment plan. Priority debtsPriority debts are those that must be paid off during the course of your plan, with certain exceptions. These are debts like back taxes you owe, the cost of filing for bankruptcy, and child- and spousal-support payments that need to be brought current. Secured debtsSecured debts are those that are backed by collateral a home mortgage or auto loan, for example. Depending on the specifics of the secured loan, you can be required to pay back the value of the collateral or the full payment of the debt. Unsecured debtsLast are unsecured debts, like those from credit cards, unsecured personal loans and medical bills. These debts get the last slice of the pie, which means that it’s totally possible for your unsecured creditors not to be paid in full by the end of your Chapter 13 repayment plan. If that happens, those debts may eventually be discharged. How To Approach The Creation Of Your Repayment PlanThe calculation of the Chapter 13 repayment plan can be a complicated process full of uncertainty. For this reason, it would be advisable working with a lawyer to determine your eligibility and to draw up the particulars of your repayment plan. These legal proceedings are not an area where you want to make any avoidable mistakes that could lead to more difficulties piled on top of a bankruptcy’s usual stresses. Still, it’s still worth knowing the basics of the process before meeting with your lawyer so that you can be a fully engaged participant in those discussions. The beginning calculation process features two primary stages — the Chapter 13 means test and the creation of the plan itself. The Chapter 13 Means TestIn simple terms, the Chapter 13 means test determines the basic structure of the repayment plan. It is divided into two forms — Form 122C-1, which determines your average monthly income and the length of the repayment plan, and Form 122C-2, which determines the disposable income you’re able to use to pay back your creditors. Form 122C-1 requires the filer to add up all sources of household income. That figure is then compared to your state’s median income based on the number of people in your household and your marital status. If your average monthly income falls below the state median, then your repayment plan can cover three years. If it’s equal to or higher than the state average, then your plan can cover five years. The length will ultimately be determined by the court, but this form sets a starting point as you work on the initial version of your repayment plan. Form 122C-2 then uses your average monthly income as a baseline for determining the disposable income that can be used to pay back creditors. The filer can claim numerous deductions on everything from the cost of food to health insurance in order to determine disposable income, but the restrictions on how much can be claimed in each category are often strictly tied to IRS standards. If you fudge the numbers or simply take your best guess at what you can claim under each category, you’re going to run into problems when the court assesses your case. Once the means test is complete, you can start to work on drafting the repayment plan itself. The details of the plan will depend on your unique debts and the disposable income you calculated during the means test, so we strongly advise that you work on it with a trained expert like a bankruptcy lawyer. Not all Chapter 13 filers need the same advice for creating a repayment plan. After you create your repayment plan, you’ll need to file it with the bankruptcy court no later than 14 days after filing. The court will assess the plan and hold a hearing to give your creditors a chance to make any objections. If all goes well, the plan will be approved. Keep in mind that although approval may not happen until roughly three months after filing, you’ll still have to start making payments on the plan within 30 days after you file. How To Follow The Repayment PlanOnce your plan is approved, most of your payment interactions should take place with your bankruptcy trustee. This individual is appointed shortly after the initial bankruptcy filing and essentially acts as a go-between for you, the bankruptcy court and your creditors. Your payment goes to the trustee on the approved schedule (usually bimonthly or monthly), and they are responsible for dividing it among your creditors as detailed in the repayment plan. Not following through on the plan could complicate your bankruptcy case. Missing or stopping payments could lead to the court dismissing your bankruptcy essentially canceling it. In that case you could end up back where you started, or your bankruptcy could be converted into a Chapter 7 bankruptcy that doesn’t allow you to keep certain assets. To avoid that result, it’s probably a good idea to put your monthly plan payments on auto pay or even a payroll deduction to make sure they’re all made on time. If you make all payments according to the plan, you will be on the road to repaying your debts by the end of the repayment plan, which can help your chances of earning a bankruptcy discharge. In Chapter 13 bankruptcy, you propose a repayment plan to pay back some or all of your debts over a three to five-year period. This calculator estimates your minimum monthly Chapter 13 payment by calculating your secured and priority payments—amounts that all Chapter 13 filers must pay. You might have to pay more, however, because a Chapter 13 plan payment depends on other factors, including: How Does Chapter 13 Bankruptcy Work?Chapter 13 bankruptcy is a repayment plan (usually a duration of 36 to 60 months) which proposes to the court to pay back some or all your outstanding debt to creditors. In most cases, you will only pay back a portion of your total outstanding debt to creditors. Note that a 36-month plan is proposed to the court if your gross income is below the median income for your state, and a 60-month plan will be proposed if your gross income is above the median income for your state. A Chapter 13 Bankruptcy plan will propose an amount a person will pay back to creditors and will establish the timeline in which the person will pay back the amount. Once the bankruptcy case is filed, the first plan payment is due 30 days after the filing date. Once you complete your repayment plan term, the remaining dischargeable debt that was not paid back during the term of your plan will be discharged, and you will no longer be personally liable for the payment on these debts. Disadvantages of Filing for Chapter 13 BankruptcyThere are a few drawbacks to consider when deciding whether to file for Chapter 13 bankruptcy. Be aware that it can take up 5 five years for you to repay your debts under a Chapter 13 plan, and debts must be paid out of your disposable income. Disposable income is any income you have left over after spending on necessities like food, shelter, and medical care. In other words, all your extra cash will thus be tied up during the entire repayment plan. Any bankruptcy filing could also negatively impact your credit for some time. A Chapter 13 bankruptcy can remain on your credit report for up to 10 years, and you will lose all your credit cards. Bankruptcy also makes it nearly impossible to get a mortgage if you don’t already have one. Further, note that you will not be able to file for Chapter 7 bankruptcy if you went through bankruptcy proceedings under Chapter 13 within the last 6 years; declaring bankruptcy under Chapter 13 will make it harder to declare under Chapter 7 later. Be aware that you cannot file for Chapter 13 bankruptcy if a previous Chapter 7 or Chapter 13 case was dismissed within the past 180 days because: Some Of the Many Advantages of Filing for Chapter 13 BankruptcyThere are advantages that address the drawbacks of Chapter 13 bankruptcy. While it generally takes longer in Chapter 13 to pay off your debts, you’ll have more time to make your payments, and Chapter 13 trustees may be flexible on the terms of your payments. For instance, you may be able to: As addressed earlier, Chapter 13 bankruptcy will not relieve an individual of their alimony or child support obligations. However, bankruptcy can at least alleviate many of a person’s other financial obligations that are hindering their financial recovery. Nothing will get rid of student loan debt, but at least bankruptcy will prevent lenders from aggressive collection action. In Chapter 13 bankruptcy, you must devote all of your “disposable income” to repayment of your debts over the life of your Chapter 13 plan. Your disposable income first goes to your secured and priority creditors. Your unsecured creditors share any remaining amount. Disposable income is what you have left over at the end of every month after you pay your reasonable and necessary living expenses. The court determines your disposable income by reviewing the Chapter 13 means test forms. The forms are similar to the Chapter 7 means test forms used to decide whether or not you qualify for a Chapter 7 bankruptcy. Bankruptcy Lawyer For Chapter 13When you need legal help with a Chapter 13 Bankruptcy, 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
The post How Much Will My Monthly Payment Be For Chapter 13? first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
How Much Debt Do You Need To File Chapter 13? What Things Have To Go Through Probate? What Is An Undisputed Divorce In Utah? What Is The Time Frame For Filing An Appeal In Utah? How Many Years Do You Have To Be Married To Get Your Spouses 401k? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/how-much-will-my-monthly-payment-be-for-chapter-13/
0 Comments
The short answer is: it depends. The longer you are married, the better you chance you have of recovering funds from your spouse’s 401k or other retirement plan in divorce. A special rule applies to 401(k) plans and other qualified plans governed by federal law: Your spouse is entitled to inherit all the money in the account unless he or she signs a written waiver, consenting to your choice of another beneficiary. It’s not enough just to name someone else on the beneficiary form that your employer gives you. If your spouse agrees to sign the waiver, which should be provided by the firm that administers the 401(k) plan, a plan representative or a notary public must act as a witness. A prenuptial agreement can’t take the place of a waiver; the law says the spouse (not soon-to-be-spouse) must sign. A spouse who does sign a waiver can withdraw that consent if the other spouse later names a different beneficiary, unless the signing spouse expressly gave up that right. Divorce and the Division of AssetsCourts handle the division of divorcing couples’ assets differently in every divorce case. The end result depends on both the law of the state where the divorce case is pending and, of course, the specific facts of each case. There are two types of property division in divorce, depending on where you live: community property division and equitable distribution. If you live in a state that uses the “equitable distribution” method of dividing property (which is what the majority of states follow), your state’s courts will divide property between couples in a way the judge hearing the case believes is equitable or fair, but not necessarily equally. Equitable distribution states have different rules on dividing property. Courts must first categorize all property as marital (joint) or separate, and then the judge can divide marital assets equitably. If the court declares any property as separate, the judge will award the property to the owner spouse and will not divide it in the divorce. Different Types of Retirement Accounts May Be Divided During DivorceRetirement accounts, like 401(k) accounts or Individual Retirement Accounts (IRAs), are commonly a couple’s largest assets. Individuals with 401(k) or similar accounts typically fund the account while working throughout the marriage. Your employer may offer a matching contribution, which increases the balance available when you retire. An IRA is like a 401(k) in that they both offer valuable tax benefits, but an IRA has a wider variety of investments, usually doesn’t have the same fees as a 401(k). A pension plan is a retirement account that requires an employer to deposit funds into a pool set aside for an employee’s future benefit. Many teachers, firefighters, and police unions utilize pension plans. Employees can invest additional income into their pension from their wages, and employers can match the contributions. Dividing Retirement AccountsDivision of retirement accounts is done by a Qualified Domestic Relations Order of a QDRO. Like real property, such as a marital home, personal property, and bank accounts, retirement accounts are up for grabs during a divorce. Many spouses would rather hold the reins of a divorce’s property division aspect than leave it up to a judge. And the court allows spouses to dictate the division. This means you can work directly with your spouse to decide who will receive assets, such as a retirement account. If you reach an agreement, you (or your attorneys) should write it down in a document called a “marital settlement agreement” or “divorce settlement” so there is no dispute later about who agreed to what. During the divorce negotiation process, spouses often make trade-offs. For example, you may ask to keep your entire 401(k) in exchange for some other asset. Spouses should speak with independent attorneys before signing any agreement that finalizes the division of marital assets. A knowledgeable attorney will not only tell you the laws in your state but will also ensure that the proposed agreement is in your best interest now and in the future. During the divorce negotiation process, spouses often make trade-offs. For example, you may ask to keep your entire 401(k) in exchange for some other asset. Alternative Dispute Resolution For Division of 401K in DivorceIf communication lines are damaged but not broken, divorcing spouses should consider other methods for divorce negotiations, such as mediation or other forms of collaborative proceedings. Choosing mediation or collaborative divorce allows you to take some of the control back. These alternatives are great for couples that are willing to negotiate and come to an agreement. But, as stated above, when a couple can’t agree, a judge will have to decide. Court InterventionIt’s no secret that if you’re divorcing, you may not be on the best of terms with your soon-to-be-ex-spouse. In cases where communication and negotiations fail, and you and your spouse can’t agree, you can use the legal system to handle contested aspects of your divorce. Courts will make decisions on asset division based on various factors, again depending on the state’s laws where the divorce is taking place. Factors may include the amount of money each spouse earns and each spouse’s roles in the account’s contributions. The Qualified Domestic Relations OrderOnce the court determines the specific amounts, it will issue a court order detailing the division. Typically, the next step is for the spouses (and their attorneys) to draft a Qualified Domestic Relations Order (QDRO), instructing the retirement plan administrator to divide the assets. Most attorneys will hire a QDRO company to prepare the final document, which includes case-specific details and state-specific required language in the final product. Once both spouses approve the QDRO, they will sign (along with their attorneys) and return the document to the court for the judge’s approval. Once the judge signs the document, the attorneys can mail the QDRO to the plan’s administrator. In most cases, couples will split the fees to create a QDRO account. If you’re concerned about the cost, you should ask the judge to include payment requirements in your final divorce order. QDRO’s are the most common method of dividing retirement assets. Spouses can choose an immediate cash-out of their portion of the 401(k), but may face a penalty for early withdrawal. Others may choose to defer taking a distribution until the account owner retires. In that case, you can choose a lump-sum payment or request regular payments. The most common action spouses take is to roll their portion of the assets into a new 401(k) account by requesting a direct transfer. How you proceed will greatly depend on your financial situation, and you should seek legal advice before you decide. When dividing an IRA, the couple doesn’t need to go through the QDRO process. Instead, couples can request a direct transfer, or “a transfer incident to divorce.” The account owner will order the IRA plan administrator to transfer the necessary assets directly to the other spouse’s new IRA account. Another option for IRAs is “renaming” the accounts. The owner-spouse opens a new IRA account, places the other spouse’s name on the old account, leaves the appropriate funds in the old one, and transfers the remainder into the new account. Tax Implications of Dividing Retirement AssetsTax implications for retirement assets differ depending on various factors, including the plan type. Most times, retirement transfers are tax-free. Sometimes, however, the plan defers the tax until the participant receives or withdraws the retirement funds. You should consult a Certified Public Accountant (CPA) or tax attorney about the best way to deal with the specific retirement accounts in your divorce. Normally, taking a distribution from your retirement account before reaching retirement age counts as an early distribution, which incurs a 10% penalty fee. However, if you’re disbursing retirement funds after a divorce settlement, there is no early withdrawal fee, as long as you transfer the funds according to the divorce order. Financial Steps to Consider Before DivorceBefore you think about the divorce decree, you may want to meet with one of these professionals: Any funds contributed to the 401(k) account during the marriage are marital property and subject to division during the divorce, unless there is a valid prenuptial agreement in place. For example, if you were married for five years and during that time you contributed $50,000 to your retirement account or pension plan, your spouse would likely be entitled to a 50% share or $25,000. Keep in mind that whether or not your spouse ends up with part, all, or none of your 401(k) depends on how your overall marital assets are split. For example, if your spouse also has a retirement account worth a similar amount, you may each decide to keep your own accounts. Many people going through divorce need cash for a down-payment on a new house or to cover living expenses before finding a job. Taking a lump sum payment from your ex’s retirement account as part of the property settlement is one way to get access to cash. Generally, taking money from a 401(k) before the age of 59 ½ would have a 10% penalty fee. However, early withdrawals can be made as part of a divorce settlement without this fee by following a set of specific rules, including using a Qualified Domestic Relations Order (read more below). After a divorce starts, it is generally not permitted to dispose of martial assets such as retirement accounts. Additionally, just because you empty the account doesn’t mean that your spouse won’t just ask for their martial share, so you could still end up having to pay. Finally, while you can choose to cash out your 401(k) whenever you want, there is a penalty fee of 10% if you are under age 59 ½, and you will owe income tax. Furthermore, It is illegal to hide your financial assets during a divorce, but not in the way you might think. There are no laws that explicitly say hiding assets is illegal; however, you are asked to present the truth during a divorce. To hide a bank account would be perjury, a crime. What to Consider During a DivorceOnce you begin the divorce process, retirement account issues to consider include: How Can I Protect My 401(k) in a Divorce?There are many options to keep as much of your 401(k) as possible during a divorce. You can consider selling your home, how close you are to Social Security (age 62), gathering evidence that keeps more money in your pocket, and making lifestyle changes that put more money back into your 401(k). Remember, the divorce will have a negotiation phase, so you could offer something else to your ex instead of money from your 401(k). There may not be a way to stop your ex from getting some of your 401(k), but you can make changes to put money back into the account after the divorce. A hardship withdrawal or “hardship distribution” lets you take money from your 401(k) without the 10% penalty fee if you are ordered by a court to provide the funds to your ex-spouse or children. Utah Divorce LawyerWhen you need a divorce and you need help with a QDRO, or 401k or other retirement account in Divorce, 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
The post How Many Years Do You Have To Be Married To Get Your Spouse’s 401k? first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Can A Divorced Woman Collect Her Ex-Husband’s Social Security? How Much Debt Do You Need To File Chapter 13? Should I Appeal My Civil Case? What Things Have To Go Through Probate? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/how-many-years-do-you-have-to-be-married-to-get-your-spouses-401k/ Probate is a legal process that takes place after someone dies. It includes: Typically, probate involves paperwork and court appearances by lawyers. The lawyers and court fees are paid from estate property, which would otherwise go to the people who inherit the deceased person’s property. How Does The Probate Process Work?Probate usually works like this: After your death, the person you named in your will as executor or, if you die without a will, the person appointed by a judge—files papers in the local probate court. The executor proves the validity of your will and presents the court with lists of your property, your debts, and who is to inherit what you’ve left. Then, relatives and creditors are officially notified of your death. Your executor must find, secure, and manage your assets during the probate process, which commonly takes a few months to a year. Depending on the contents of your will, and on the amount of your debts, the executor may have to decide whether or not to sell your real estate, securities, or other property. For example, if your will makes a number of cash bequests but your estate consists mostly of valuable artwork, your collection might have to be appraised and sold to produce cash. Or, if you have many outstanding debts, your executor might have to sell some of your property to pay them. In most states, immediate family members may ask the court to release short-term support funds while the probate proceedings lumber on. Then, eventually, the court will grant your executor permission to pay your debts and taxes and divide the rest among the people or organizations named in your will. Finally, your property will be transferred to its new owners. Probate Assets Versus Non-probate AssetsProbate is the legal process for paying a deceased person’s debts and distributing money and property to heirs. It begins with a petition filed in probate court and proceeds through a series of steps, including inventorying the estate, notifying creditors, paying bills, filing taxes, and getting court approval to distribute property to heirs. If you’ve been appointed as a personal representative (also known as executor or administrator) of a probate estate, one of your first tasks is to figure out what the deceased person owned. Some of those assets are considered probate property or assets that will be distributed to heirs based on the terms of a will or according to state law if there isn’t a will. Other assets are non-probate property. These assets bypass the probate process and go directly to beneficiaries or co-owners, no matter what the will says. A non-probate/probate property list can help you keep track of what’s subject to probate and show whether probate is even necessary. Assets That Don’t Need to Go Through ProbateThere are several ways in which assets can be handled to avoid probate and pass directly to chosen beneficiaries. Most life insurance and annuity contracts name a non-estate beneficiary that is paid directly upon receipt of a death claim (this is called operation of law or contract). The same holds true for many brokerage accounts and retirement accounts like IRAs and 401(k)s. Bank accounts that have payable on death (POD) or transfer on death (TOD) provisions are considered non-probate assets and pass directly to a named beneficiary as well. Joint accounts will usually pass to the other surviving owner(s) sans probate. Assets titled in revocable inter vivo trust agreements (also known as revocable living trusts) are administered and disposed of by successor trustees named in the trust documents. Real property (land and buildings) may also be titled to pass to an heir thereby avoiding probate. A certain type of property ownership called joint tenancy with rights of survivorship is a popular option for ensuring an owner’s stake in an asset, such as a home, passes directly to the surviving co-owner(s) after their death. Some states even allow the transfer of real estate with a TOD designation to a beneficiary. Assets That Must Go Through ProbateAny property or assets that have only the decedent’s name on the title at time of death must go through probate. Only the probate court can change these titles according to the specifications laid out in the decedent’s will. For example, a home, car or bank account owned solely by the decedent cannot bypass probate. Even assets that are co-owned may be subject to the probate process if the nature of ownership does not include the right of survivorship. In short, anything that does not go directly to a beneficiary will be subject to disposal per the deceased’s will. All wills, as well as assets that do not pass by operation of law or contract, are subject to probate. Once the will has been probated and assets have been distributed to the rightful creditors and beneficiaries, you can do whatever you want with them. Non-probate PropertyNon-probate property may include: Probate assets usually include the following:• Real estate, vehicles, and other titled assets owned solely by the deceased person or as a tenant in common with someone else. Tenants in common don’t have survivorship rights. The owners can bequeath their share of the property to someone else. When Do You Have to Go Through Probate?Leaving a will behind when you die is the responsible thing to do. But leaving a will doesn’t always mean that there’s no need for probate. An estate may undergo formal probate for many reasons including when a will is contested, unclear, or invalid, or when the assets are held only in the deceased’s name. And when there’s no will, probate is often required to oversee the distribution of the deceased’s property. When There’s A Will There’s ProbateDetermining if a will needs to go through probate depends on the laws of your state and the property you hold at death. Some states do not require probate to be filed. Other states base the need for probate on the value of the estate. Common situation when you have to go through probate with a will include: When There’s No Will There Still Might Be ProbateWhen a person dies without a will, they are said to have died “intestate”. The laws of the state where you reside will determine how your property is distributed upon your death. However, probate administration when there’s no will is similar to when there is one. When you die, your property is classified as either probate property or non-probate property. Beginning Probate by Requesting Appointment as Executor or Personal Representative of the EstateWhen you probate a will, you start by asking the probate court to name you executor or personal representative, whichever term is used in your state. If there’s no will, in some states you’ll ask to be the “administrator.” To make this request, you will probably need to file an application, death certificate, and the original will (if you haven’t deposited it with the court already) with the local probate court in the county where the deceased person was living at the time of death. What Happens at the First Probate Court Hearing?The probate court will schedule a hearing to give interested parties a chance to object to your appointment as executor. Before the hearing, you’ll need to send formal legal notice to beneficiaries named in the will and to heirs under state law (the people who inherit if there’s no valid will). You’ll also send notices to creditors you know about, and publish a legal notice in a local newspaper to alert others. In most cases, the hearing is a formality; you probably won’t even need to show up. If your request is approved, the court will issue documents that authorize you to act on behalf of the estate. In most places, these papers are called Letters of Authority or Letters Testamentary, or Letters of Administration if there’s no will. They’re often referred to just as “letters.” If you live in another state, you may have some more requirements to fulfill. For example, you may need to file a document with the court in which you appoint a local resident as your “agent.” This person can accept legal papers on your behalf and is subject to the authority of the court. Probate and Posting a Bond for the EstateThe probate court may require you to post a bond—a kind of insurance policy that protects the estate from losses you causes it, up to a certain dollar amount. Many wills specifically say that no bond is required. If the will doesn’t address this issue, it’s up to the judge. If all the beneficiaries under the will agree, in writing, that it’s not needed, the judge is unlikely to order it. But some courts always require a bond if the executor lives out of state or if the person serving as executor isn’t the person named in the will. If bond is required, its amount will depend on the size of the estate. Bonding companies, most of which are divisions of insurance companies typically charge a fee of about 10% of the face amount of the bond. You can pay for the bond from estate funds. Proving the Will’s ValidityIf there’s a will, you must prove that it’s valid. Usually, all you need is the statement of one or more of the will’s witnesses, in one of these forms: Paying Debts Of The Estate Is NecessaryWhile the probate case is pending, you can gather assets and open a bank account in the name of the estate, and use the account to pay creditors. This includes obvious bills (outstanding credit card bills, utilities, funeral expenses, and so on), as well as taxes. Probate cases must also stay open for several months about four to six, in most states to give creditors a chance to come forward. You’ll probably need to give the court a list of the deceased person’s property and, if necessary, get assets appraised. If you want to sell real estate or a business, you might need to get court permission. (But many wills authorize executors to proceed under a law called the Independent Administration of Estates Act, which gives executors freedom to pay creditors’ claims and sell estate property without prior court approval. Paying Estate Taxes And Maybe Income TaxesAs executor, you will also be responsible for filing tax returns and paying tax bills on time. Below are possible tax returns you might need to file: Giving Property to Beneficiaries or HeirsYou can’t give beneficiaries their inheritances until you’re sure the estate has enough assets to pay debts and taxes. As long as you keep enough money to pay final taxes and expenses, however, you may be able to distribute some assets before the probate proceeding ends. State law might limit the amount you can give, and you might also need prior court approval. There can be good reasons for distributing property sooner rather than later, especially if the estate clearly has plenty of money to pay debts. Call Ascent Law For Distributing Property and Closing the Probate EstateWhen the creditors claim period has passed, you’ve paid debts, filed all necessary tax returns, and settled any disputes, you’re ready to distribute remaining property to the beneficiaries and close the estate. Closing the estate releases you from your duties as executor. Along with your request to close the estate, you’ll need to give the court an accounting of your activities. The accounting shows where all the estate assets are going and shows that you’ve paid creditors. It also documents any income the estate assets received during probate and any losses to the estate—for example, if an asset declined in value. Some courts provide fill-in-the-blanks accounting forms. If yours doesn’t, you can look at documents filed in other cases (probate records are public) to get an idea of what’s required. Utah Probate LawyersWhen you need legal help with a last will and testament, an estate plan, a revocable living trust, or to probate an estate, 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
The post What Things Have To Go Through Probate? first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Why You Shouldn’t Get A Divorce Can A Divorced Woman Collect Her Ex-Husband’s Social Security? How Much Debt Do You Need To File Chapter 13? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/what-things-have-to-go-through-probate/ Debtors don’t need a certain amount of debt to be eligible for bankruptcy relief. In most cases, whether bankruptcy is the right choice for you will depend on your ability to repay your debts outside of bankruptcy, whether your creditors are willing to work with you, and whether you have the type of debt discharged (eliminated) in bankruptcy. If you don’t have much debt but want to file for bankruptcy, you’re free to do so. However, a bankruptcy court might find your filing concerning. Here’s why: • Judgment-proof debtor status: Filers with minimal debt are often judgment proof. They don’t have income or property that a creditor can attach or collect. If you don’t think your situation will improve, there won’t be much reason to file. • Negative credit report impact: Filing for bankruptcy will impact a debtor’s credit report for seven to ten years, so it’s essential to weigh the benefit of discharging minimal debt against the detriment of long term credit damage. • Waiting period for additional discharge: You’re entitled to receive a bankruptcy discharge only so often, so it might be a good idea to save your bankruptcy discharge. If you find yourself facing thousands of dollars in medical debt down the road, you’ll likely wish you would have waited to file. Before making a hasty decision to file for bankruptcy, consider whether you can afford to repay your debts outside of bankruptcy. If you have sufficient income, you might be able to pay off your debts without resorting to bankruptcy. A credit counseling agency can help you determine whether you might be able to pay off your debts through a debt management program. But don’t go to just any credit counseling agency; a shady organization might charge you for questionable services. Instead, try an agency approved by the U.S. Trustee. You can find a list by going to the U.S. Trustee website and clicking on “Credit Counseling and Debtor Education.” • settle your debts for less than you owe You’ll want to try to settle debt with all creditors before choosing this option. It won’t make sense to pay some creditors only to end up filing for bankruptcy later. When deciding whether settling is the best option, be sure to take into account the federal income tax assessed on the forgiven debt, too. Bankruptcy might not eliminate all of your debt. Certain debts, known as non-dischargeable debts, are too essential to be discharged in bankruptcy, and if most of your debts fall into these categories, it might not be in your best interest to file: • domestic support obligations such as alimony and child support More Reasons to Consider Filing for Chapter 13 Bankruptcy With Ascent Law LLCWhether filing for bankruptcy relief is in your best interest will depend on the circumstances above, but some situations can tip the balance in favor of bankruptcy. Be sure to act quickly if a creditor is: Which Debts are cancelled in Chapter 13 Bankruptcy?Chapter 13 bankruptcy allows you to catch up on missed mortgage or car loan payments and restructure your debts through a repayment plan. When you complete your plan, you will receive a Chapter 13 discharge that eliminates most of your remaining debts. Read on to learn more about which debts can be discharged in Chapter 13 bankruptcy. Most Non-priority Unsecured DebtsUnlike priority claims—debts that get paid before other obligations—most non-priority unsecured debts receive no special treatment in bankruptcy. Unless the creditor can prove that you used fraud or false pretenses to obtain the debt, most types of non-priority unsecured obligations are dischargeable in Chapter 13 bankruptcy. The most common types of non-priority unsecured debts that you can discharge in Chapter 13 bankruptcy include: Secured Debts That Are Crammed Down or StrippedIn general, a bankruptcy discharge doesn’t eliminate liens from your property. If you have a mortgage or car loan, your lender has a security interest in your property. If you stop making your payments, the lender can foreclose on your home or repossess your car despite your discharge. Chapter 13 can help you save your house, however. If you satisfy certain conditions, you might be able to remove a wholly unsecured junior lien (such as a second mortgage) through lien stripping or reduce the outstanding balance of other secured debts (such as a car loan) with a Chapter 13 cram down. If you strip a junior lien from your house, it will be classified as a non-priority unsecured debt in your bankruptcy and eliminated when you receive your discharge. When you cram down a car loan or other secured debt, the loan is split into secured and unsecured portions. You must pay off the secured portion through your repayment plan. But the unsecured part is wiped out when you complete your plan and obtain a discharge. A Chapter 13 bankruptcy discharge allows you to eliminate certain debts that are not dischargeable in Chapter 7 bankruptcy. The following are some of the most common debts you can wipe out in Chapter 13 bankruptcy but not in Chapter 7: Debts Chapter 13 Doesn’t CancelYou must pay off certain obligations in full through your repayment plan regardless of your income and assets. Priority DebtsCertain obligations (called priority debts) receive special treatment in bankruptcy. Priority debts can’t be discharged (eliminated) by filing for bankruptcy. If you have priority obligations, you must pay them off in full through your Chapter 13 repayment plan. In most cases, Chapter 13 bankruptcy provides debtors a convenient and affordable way to pay off their priority debts over a three- to five-year period. But if you have a significant amount of priority debts, your monthly plan payment must be large enough to pay them off within five years. The most common examples of priority debts include certain tax debts and domestic support obligations such as alimony or child support. Learn about priority, secured, and unsecured debt in bankruptcy. Mortgage ArrearsIf you are behind on your mortgage payments and want to keep your house, you must pay off your mortgage arrears through your repayment plan. It’s one of the most common debts paid through a repayment plan because many debtors file for Chapter 13 bankruptcy to catch up on missed mortgage payments and save their homes. But keep in mind that you must continue to make your ongoing mortgage payments to your lender while catching up on your arrears through your plan. If you don’t plan on keeping your house, you don’t have to include your mortgage arrears in your plan. You can surrender the home to the lender, instead. Also, if you have a second mortgage or another junior lien on your house that you plan to eliminate through lien stripping you don’t have to pay off the arrears on that loan. Car Loans and Other Secured DebtsYou can always surrender your car and wipe out the loan. But if you want to keep the vehicle, you’ll have to pay for it. Whether you must pay off your car loan or other secured debts through your Chapter 13 plan as opposed to outside of the plan will depend on the rules in your jurisdiction. If you want to keep your car, some bankruptcy courts will allow you to continue making payments directly to your lender outside of bankruptcy. Others might require you to pay off your car loan through your repayment plan. If you are behind on your car loan payments or want to reduce your loan balance through a cram down, you must include your car loan in your repayment plan. Learn about Chapter 13 and the 910-day rule on car loans. Administrative ClaimsAdministrative claims get paid out of your payments over the life of your plan. For instance, the Chapter 13 trustee receives a portion of your plan payment (up to 10%) as compensation for administering your case and distributing payments to your creditors. Also, if you hired an attorney, chances are you agreed to pay some of the attorneys’ fees upfront and the remainder through your repayment plan. Advantages and Disadvantages of Chapter 13 BankruptcyDeciding whether to declare bankruptcy is very difficult and should never be taken lightly. It affects your future credit, your reputation, and your self-image. But it can also improve your short-term quality of life considerably, as the calls and letters stop. In addition to deciding whether to file, you’ll also want to consider which type of bankruptcy is right for you (typically Chapter 7, Chapter 11, or Chapter 13). Advantages of Chapter 13 With Ascent Law LLC• While it generally takes longer for you to pay off your debts, you’ll have more time to make your payments and Chapter 13 trustees may be flexible on the terms of your payments. You may be able to stretch out your debt payments, reduce the amounts of your payments, or give up an item of your property that you’re making payments on. Declaring bankruptcy now can get you started sooner on rebuilding your credit.Although you can only file under Chapter 7 once every six years, you can always get a Chapter 13 plan if there’s another disaster before you’re entitled to file for Chapter 7. Disadvantages of Filing For A Chapter 13 Bankruptcy• It can take up to five years for you to repay your debts under a Chapter 13 plan You can’t file for Chapter 13 bankruptcy if a previous Chapter 7 or Chapter 13 case was dismissed within the past 180 days because: You may still be obligated to pay some of your debts, such as a mortgage lien, even after bankruptcy proceedings are completed. Once you’ve weighed the advantages and disadvantages of Chapter 13 bankruptcy, in addition to information about Chapter 7 bankruptcy, you’ll be better equipped to make a decision. But time is of the essence and you may need to consult with an expert before you decide. Get started today and speak with an experienced bankruptcy attorney near you. Chapter 13 Bankruptcy LawyerWhen you need to file for chapter 13 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
Ascent Law LLC
The post How Much Debt Do You Need To File Chapter 13? first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Utah Estate And Probate Lawyers Can A Divorced Woman Collect Her Ex-Husband’s Social Security? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/how-much-debt-do-you-need-to-file-chapter-13/ If you are divorced, you may be eligible to collect Social Security benefits based on the earnings of your ex-spouse. To collect Social Security benefits based on a former spouse’s earnings record, a divorced spouse must meet these requirements: Divorce and Social Security Spousal BenefitsIf you are divorced, you must have been married for at least 10 years to be eligible for a spousal benefit through your ex-spouse. In addition, you’ll need to have been divorced for at least two years and be currently unmarried. “Both you and your ex-spouse must be at least 62. If you marry someone else after getting a divorce, you will not be eligible to receive spousal benefits through your ex-spouse. You will instead be eligible for spousal benefits based on your new spouse’s work record. In the event that your second marriage ends in divorce, you can choose to receive whichever spousal benefit is highest, provided the other requirements are met and both marriages lasted at least 10 years. “If your second marriage didn’t last 10 years, you’ll still be eligible to collect benefits on your first spouse’s record.” Your benefits could be impacted by certain events, including the death of your spouse. You may be eligible to receive a Social Security survivor benefit equal to the full benefit your spouse was receiving. “If you are married and your spouse passes away, the surviving spouse will keep the higher of the two Social Security payments.” If you got divorced and your ex-spouse passed away, you can still claim survivor benefits if you are 60 or older. To be eligible, the marriage will need to have lasted for at least 10 years. If your spouse passes away and you get remarried, the benefits could change. “The important thing to remember in receiving survivor benefits is that if you remarry before age 60, this will cut off your eligibility to collect on your deceased spouse’s or deceased ex-spouse’s record.” “This could be a very expensive decision, because while a spousal benefit entitles you to 50% of the other spouse’s benefits, a survivor benefit would entitle you to 100% of those benefits.” Eligibility Requirements for Divorced Spouses
Eligibility When Your Ex-Spouse is DeceasedIf your ex-husband dies, you may receive benefits on his record, as long as your marriage lasted for at least 10 years. If you don’t meet the 10-year marriage rule, you can still qualify for benefits if all of the following are true: Types of Social Security BenefitsThere are four basic types of benefits based on the person receiving them. The types are retirement, disability, survivors and supplemental benefits. Retirement BenefitsRetirement benefits are what typically come to mind when most people think of Social Security. Such benefits are available for people 62 or older who have worked at least 10 years. Your benefit amount will vary based on your pre-retirement salary as well as the age at which you begin collecting benefits. While it is not meant to be your only source of income, it can help you avoid debt during your retirement years. Additionally, your spouse or divorced spouse may be eligible for Social Security retirement benefits even if he or she has not paid into the program. Disability BenefitsDisability benefits support people who cannot work because of disabilities. As with retirement benefits, you need to have worked a certain number of years to be eligible for Social Security Disability Insurance (SSDI) benefits. The amount of work you need depends on your age, and your monthly benefit amount depends on your pre-disability salary. SSDI benefits may also be available for your spouse or divorced spouse. Survivors BenefitsSurvivors’ benefits can help bridge financial gaps for survivors of workers and retirees. Eligible recipients typically include help for widows and widowers, divorced spouses and children. The level of benefits depends on a number of factors, including the worker’s age at death, the worker’s salary, the survivors’ ages and the survivors’ relation to the deceased. There is also death benefit for survivors that is a one-time payment of $255 that goes to the spouse or children of a deceased worker. Supplemental Security Income BenefitsSupplemental Security Income (SSI) helps people who are unable to earn sufficient wages on their own. It is available to adults with disabilities, children with disabilities and people 65 or older. Individuals with enough work history may be eligible to receive SSI in addition to disability or retirement benefits. The amount individuals receive varies based on their other sources of income and where they live. Social Security FundingThe Social Security program is funded primarily through dedicated payroll taxes called Federal Insurance Contributions Act tax (FICA). Employers also pay Social Security taxes. This funding method has not changed since the program’s inception. Revenue collected and not used immediately is credited to the Social Security Trust Fund and invested in securities issued by the U.S. Treasury to fund government operations. Amount of BenefitsA divorced spouse generally receives 50% of the disabled worker’s primary insurance amount (the amount of his or her monthly SSDI check). However, this amount is reduced if you collect it before reaching full retirement age. Also, if the divorced spouse is collecting a mother’s or father’s benefit and the disabled worker’s children are collecting SSDI benefits at the same time, the divorced spouse’s benefit can be reduced. The total of the divorced spouse’s benefit and the children’s benefit cannot be greater than the maximum family benefit, which is generally 150% of the deceased worker’s monthly SSDI benefit. Note that the benefits paid to a divorced spouse based on being over 60 or disabled are not counted toward the maximum family benefit and won’t affect a current spouse’s or child’s benefits. A divorced spouse’s benefit is counted toward the maximum family benefit only when the divorced spouse is receiving an SSDI benefit based on being a parent of a child under 16 or disabled. A surviving divorced spouse’s benefits are usually more, and vary between 75% and 100%, depending on the divorced spouse’s age and whether he or she takes care of minor or disabled children. Here are the rules: Post Divorce Retirement LawyerWhen you need legal help collecting social security from your ex-spouse after a divorce, 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 Can A Divorced Woman Collect Her Ex Husband’s Social Security? first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Utah Pornography Distribution Cases Estate Tax And Estate Planning Attorney Planning For The Future With Trusts Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/can-a-divorced-woman-collect-her-ex-husbands-social-security/ Estate planning is the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. The planning includes the bequest of assets to heirs and the settlement of estate taxes. Most estate plans are set up with the help of an attorney experienced in estate law. Estate planning involves determining how an individual’s assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual’s properties and financial obligations in the event that they become incapacitated. Assets that could make up an individual’s estate include houses, cars, stocks, artwork, life insurance, pensions, and debt. Individuals have various reasons for planning an estate, such as preserving family wealth, providing for a surviving spouse and children, funding children’s or grandchildren’s education, or leaving their legacy behind to a charitable cause. • Limiting estate taxes by setting up trust accounts in the names of beneficiaries Wills In Estate PlanningMost people don’t know it, but they have an estate. An estate is simply the sum of your possessions at a given point in time during your lifetime or when you die. It can consist of your house, car, jewelry, stocks, bank accounts, life insurance and other professional or personal interests. Some estates are worth a lot more than others, of course, but large or small, most Utahans have one. The most basic, and likely the most well-known, estate planning instrument is the last will and testament. This document details your wishes regarding the distribution of your assets. In short, it specifies who gets what when you die. If you die intestate, without a will, the state steps in and decides how your estate will be handled. For your own peace of mind and the welfare of your heirs, it’s best to leave a will behind. This way, you’re more assured that others will handle your estate according to your wishes and not the state’s laws. While a valid will takes precedence over state laws, it will not keep your estate out of probate. Before a judge enforces a will, the court must first determine that it is, in fact, the decedent’s final instructions. The executor has to file the will in court and inform all known beneficiaries that the probate process has begun. Then the executor or his/her attorney must place a notice (or several notices) in a local paper. This will give creditors and unknown heirs a chance to step forward and stake a claim on your estate. A probate can be time-consuming and costly. Worse, it is only at the end of this process that your heirs can access the assets you left behind. Revocable Trusts In Estate PlanningTrusts keep your estate out of probate and your private affairs beyond the public scrutiny of prying eyes. There are different types of estate planning trusts you can use. The revocable living trust is the most commonly used trust for estate planning purposes. The assets you place in this type of trust go directly to the named beneficiaries without passing probate. You can be both grantor and trustee of such a revocable trust. It is also referred to as an inter vivos trust. You retain control over the assets even if, technically, you no longer own them – the trust does. Because you still control the assets in a revocable trust, they may be considered in the valuation of your estate. They will skip probate but will likely include living trust assets in figuring out the estate tax your heirs have to pay. Majority of Utahans estates will likely not end up having to pay estate taxes. The current exemption is at $5.45 million per individual, twice this for married couples. As a rule, if you pass on with an estate that’s worth less than this amount, no estate taxes are due. Estate Planning With An Irrevocable TrustIf your estate exceeds the exemption, a wise strategy is to use an irrevocable trust to hold your estate assets. The terms of an irrevocable trust cannot be changed once it has been set up. Therefore, as grantor, you no longer control the assets in an irrevocable trust. That is now a task that falls on the trustee. Assets in an irrevocable trust are exempt from probate and are not part of the valuation of a decedent’s estate. This could mean substantial savings in terms of estate taxes for your heirs. A Medicaid Trust is a power irrevocable trust into which you can convey assets. Once you do, you can become eligible to have the government cover 100% of nursing home costs. Estate Plans Need A Living WillSound estate planning should also make provisions for your care in the event you’re unable to do so yourself. Towards this end, you need to have a health care declaration, also known as a living will. This gives someone you name (and trust) the power to make healthcare decisions on your behalf if you become incapacitated. You may already have made your wishes known to your spouse or adult children. But if you don’t have it down in writing, the state could intervene and a legal mess can ensue. This at a time when your family cans least affords to deal with one. Along the same vein, it’s prudent to give someone power of attorney over your financial affairs. This could already be the trustee or your financial advisor, but again, this has to be in writing. When you inform them of the task you’re asking them to perform for you, make your wishes clear. Understandably, this could be a difficult and emotional conversation. But, if you want your wishes to be honored, it is a conversation you must initiate. When you can no longer make decisions for yourself, the people you want on your side are those you can trust to carry out your wishes. You Should Have Insurance In Your Estate PlansLife insurance is often included in carefully thought-out estate planning checklist. Life insurance benefits can provide continued income for your loved ones at your death. An estate planner typically advises creating an irrevocable life insurance trust (ILIT) to hold a life insurance policy. This can be especially prudent if you know you’re leaving behind an asset-rich but cash-poor estate. Your estate may consist of priceless heirlooms and antiques that place it well outside the current exemption. In this case, it makes sense to create an ILIT to hold your life insurance policy. Since trust assets are outside probate, your heirs will have access to the life insurance benefits sooner. They can then use some of this money to pay for any estate taxes that become due. Life insurance is not the only type of insurance you should include when planning your estate. Consider taking out disability income insurance. This can replace your income if you’re suddenly injured and can no longer work. There is also long-term care insurance to help pay for your care in the event of a prolonged illness. The more safety nets you have, the greater your chances of not hitting the ground with a crashing thud. What About Bank Accounts and Beneficiaries?Make sure you have a beneficiary for your bank and retirement accounts and that this is kept current. Naming a beneficiary automatically makes these types of account ‘payable on death’ to the beneficiary. If the beneficiary is an ex-spouse or deceased, your present heirs will have a tough time accessing the funds. Worse, this can result in your estate having to go through probate, which would cause additional delay. Stocks and brokerage accounts can be registered as well so they transfer to your named beneficiary upon your demise. Keeping your list of beneficiaries current can be easily overlooked. However, something as simple as this can cause major problems for your heirs down the road. As your life circumstances change, your plans for your estate could evolve as well. Keep in mind that laws that impact estate planning can change too. An experienced estate planning lawyer or professional can prove to be invaluable in terms of keeping up with these changes. This is all the more true if your estate plan includes offshore trust vehicles. By Now You Know The Importance of Estate PlanningEstate planning helps an individual to decide how his/her assets will be managed and owned after their death or incapacitation. It is a tax-proficient, easy way of transferring the assets to the family. Below lists reasons that estate planning is important: The tangible assets in an estate may include: Estate Planning Lawyer For AssetsWhen you need legal help with estate planning for your assets 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
Ascent Law LLC
The post Assets In Estate Planning first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
West Valley City Utah Divorce Attorney Utah Pornography Distribution Cases Best Salt Lake City Utah Estate Planning And Probate Attorneys Is It Worth It To File Bankruptcy? How Do I Reconnect With My Husband During Separation? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/assets-in-estate-planning/ A loan modification is different from refinancing your mortgage. Refinancing entails replacing your loan with a new mortgage, whereas a loan modification changes the terms of your existing loan. How does loan modification work?Getting a mortgage loan modification could mean extending the length of your term, lowering your interest rate or changing from an adjustable-rate mortgage to a fixed-rate loan. Though the terms of your modification are up to the lender, the outcome is lower, more affordable monthly mortgage payments. Foreclosure is a costly process for lenders, so many are willing to consider loan modification as a way to avoid it. Foreclosure is a costly process for lenders, so many are willing to consider loan modification as a way to avoid it. Who qualifies for a loan modification?Not everyone struggling to make a mortgage payment can qualify for a loan modification. In general, homeowners must either be delinquent or facing imminent default, meaning they’re not delinquent yet, but there’s a high probability they will be. Reasons for imminent default include the loss of a job, loss of a spouse, a disability or an illness that has affected your ability to repay your mortgage on the original loan terms. Types of loan modification programsSome lenders and servicers offer their own loan modification programs, and the changes they make to your terms may be either temporary or permanent. If your lender or servicer doesn’t have a program of its own, ask if you are eligible for any other assistance programs that can help you modify or even refinance your mortgage. The federal government previously offered the Home Affordable Modification Program, but it expired at the end of 2016. Now, Fannie Mae and Freddie Mac have a foreclosure-prevention program, called the Flex Modification program, which went into effect Oct. 1, 2017. If your mortgage is owned or guaranteed by either Fannie or Freddie, you may be eligible for this program. The federal Home Affordable Refinance Program, or HARP, helped underwater homeowners refinance into a more affordable mortgage. HARP has also expired. Fannie Mae’s High Loan-to-Value Refinance Option and Freddie Mac’s Enhanced Relief Refinance replaced HARP in 2019. How to get a mortgage loan modificationIf you are struggling to make your mortgage payments, contact your lender or servicer immediately and ask about your options. Avoiding phone calls or procrastinating will only make matters worse. The loan modification application process varies from lender to lender; some require proof of hardship, and others require a hardship letter explaining why you need the modification. If you’re denied a loan modification, you can file an appeal with your mortgage servicer. Consider working with a HUD-approved housing counsellor, who can assist you for free in challenging the decision and help you understand your options. Know before you modifyOne potential downside to a loan modification: It may be added to your credit report and could negatively impact your credit score. The resulting credit dip won’t be nearly as negative as a foreclosure but could affect your ability to qualify for other loans for a time. If your modification is temporary, you’ll likely need to return to the original terms of your mortgage and repay the amount that was deferred before you can qualify for a new purchase or refinance loan. After permanent modifications, lenders may want to see a record of 12 or even 24 on-time payments to determine your ability to repay a new loan. Be aware that, depending on how your loan is modified, your mortgage term could be extended, meaning it will take longer to pay off your loan and will cost you more in interest. But for homeowners on the brink of losing their homes, the benefits of a loan modification can far outweigh the potential credit risks and extra interest. Loan Modification: Lower Your Mortgage Payments and Avoid Foreclosure Basics of Mortgage ModificationA loan modification is a change that the lender makes to the original terms of your mortgage, typically due to financial hardship. The goal is to reduce your monthly payment to an amount that you can afford, which you can achieve in a variety of ways. Your lender will calculate a new monthly payment based on amendments that it makes to your initial mortgage contract.1 Why Lenders Permit Mortgage ModificationAdjusting a loan tends to be less expensive and time-consuming for lenders and can take less of a financial and emotional toll on homeowners compared to other legal or financial remedies for recouping money from a borrower who cannot repay their loan. Without a loan modification, your lender has several unattractive options to choose from to pay off your outstanding debt if and when you stop making mortgage payments. It can: The above options will likely either result in the loss of your home or damage to your credit. In contrast, what a loan modification enables a homeowner to do is stay in their home and potentially take less of a hit to their credit score than a foreclosure would cause or even no impact to their credit in the case of some government mortgage modification programs. Mortgage Modification OptionsYour lender might not offer all of these options, and some types of loan adjustments may be more suitable for you than others. However, common alternatives include: Loan Modification Government ProgramsDepending on the type of loan you have, you may be able to qualify for a government mortgage modification program, which may not negatively impact your credit score at all. Government programs, which include Federal Housing Administration (FHA) loans, U.S. Department of Veterans Affairs (VA) loans, and U.S. Department of Agriculture (USDA) loans, offer relief, and some federal and state agencies, can also help. Speak with your loan servicer or a HUD-approved counselor for details. For other loans, try the Fannie Mae Mortgage Help Network. The federal government previously offered the Home Affordable Modification Program (HAMP), the Home Affordable Refinance Program (HARP), and Freddie Mac’s Enhanced Relief Refinance Program. However, those have all expired and have been replaced by Fannie Mae’s Flex Modification and the High Loan-to-Value Refinance Option, so these are a good place to start for assistance. How to Get a Mortgage ModificationStart with a phone call or online inquiry to the lender. Be honest and explain why it’s hard for you to make your mortgage payments right now. Then, let your lender know about your proposed adjustment to the mortgage. Lenders will generally require a loss mitigation application and details about your finances to evaluate your request, and some will require that you also be delinquent with your mortgage payments, often by up to 60 days. Be prepared to provide certain information: The application process can take several hours. You’ll have to fill out forms, gather information, and submit everything in the format your lender requires. Your application might be pushed aside—or worse, rejected—if something your lender asked for is missing or outdated. Different lenders have different criteria for approving loan modification requests, so there’s no way to know if you’ll qualify other than to ask. Within 30 days of receiving a completed application, the lender generally must respond to your application with written notice of its offer or denial along with the specific terms of the mortgage modification. Keep in contact with your lender during this time in case it has questions. It’s usually best to do what your bank tells you to do during this time, if at all possible. For example, you might be instructed to continue making payments. Doing so could help you qualify for the mortgage modification. In fact, this is a requirement for approval with some lenders. Once you receive an offer for a loan modification, you’ll have to accept or deny it within the prescribed timeframe to see the changes reflected in your loan. Refinance the Loan InsteadModification is typically an option for borrowers who are unable to refinance, but it might be possible to replace your existing loan with a brand new one. This is a particularly good option if you want to get cash out from the equity that has built up in your home. A new loan might have a lower interest rate and a longer repayment period, so the result would be the same—you’d have lower payments going forward. You’ll probably have to pay application and origination fees on the new loan, however, and you’ll also need decent credit. Consider Bankruptcy Over Loan ModificationIf you can’t get a mortgage modification or refinance the loan, you might have one other option for keeping the property: filing for Chapter 13 bankruptcy. This isn’t the same as a Chapter 7 bankruptcy where the court takes control of your non-exempt assets, if any, and liquidates them to pay your creditors. Chapter 13 allows you to enter into a court-approved payment plan to pay off your debts, usually for three to five years. You can include your mortgage arrears if you qualify, allowing you to catch up, get back on your feet, and even keep your home, but you must typically continue to make your current mortgage payments during this time period. This might be possible, however, if you can consolidate your other debts into the payment plan as well. You must have sufficient income to qualify. How Forbearance Agreements WorkWhile a loan modification is a permanent solution to unaffordable monthly payments, a forbearance agreement provides short-term relief for borrowers. With a forbearance, the lender agrees to reduce or suspend mortgage payments for a while. During the forbearance period, the servicer (on behalf of the lender) won’t initiate a foreclosure. In exchange, the borrower must resume making the full payment at the end of the forbearance period, and typically get current on the missed payments, including principal, interest, taxes, and insurance. You can usually: The Process For Obtaining A Loan ModificationThe modification process has several steps. The length of time and the documentation required will vary greatly depending on the lender and the nature of your personal situation. Loan Modification LawyerWhen you need legal help with a loan modification 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
Ascent Law LLC
The post Residential Loan Modification first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Severance And Executive Compensation Agreement Lawyer West Valley City Utah Divorce Attorney Can You Make Payment Arrangements On A Garnishment? How Do You Secretly Prepare For A Divorce? Utah Pornography Distribution Cases Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/residential-loan-modification/ Under a bill that was recently introduced in the Utah state legislature, any pornography distributed in Utah would be required to carry a warning label describing potential negative impacts to young people. The text below must be included on all pornography distributed in the state. “Exposing minors to pornography is known to the state of Utah to cause negative impacts to brain development, emotional development, and the ability to maintain intimate relationships. Such exposure may lead to harmful and addictive sexual behavior, low self-esteem, and the improper objectification of and sexual violence towards others, among numerous other harms.” In videos, the warning label must be displayed for up to 15 seconds. On printed publications, it must be prominently displayed. Failure to do so would result in legal action by the Utah Attorney General’s Office and a $2,500 fine per violation, the bill states. How to stop pornography addiction?Porn addiction is a tricky subject to discuss, as it is less known as a clinical issue than a slight inconvenience or nuisance. Porn addiction, however, is very real and in some cases, can be as dangerous as other more publicized kinds of addiction such as alcoholism or drug abuse. That porn addiction is slowly being recognized as a legitimate problem not only among men, but also among women, can only be a good sign. But any progress towards addressing this very common problem can only start when we also start to understand what porn addiction is and what its underlying causes are. Porn addiction is the excessive compulsive need to watch pornography. It is a subset of a much broader issue of sex addiction. While it is still not technically recognized as an official psychological diagnosis, it can lead to real and tangible consequences for those who suffer from it. The physical impact of porn consumption cannot be overlooked as well. It is quite difficult to assess if a person is suffering from porn addiction, as it can be vastly different for each individual. However, some of the possible symptoms of pornography can be found below: Disruption of Work and TasksA person with porn addiction is willing to risk not fulfilling tasks or work-related activities in exchange of satisfying his or her urge to watch pornography. Inability to stop watching pornTo a lot of people, watching porn is something they could easily stop and give up when something more important needs to be done. But porn addicts are not able to this, and often have problems controlling their urge. Uncontrollable cravingsPorn addicts may give up not only work-related tasks, but also activities that are related to their personal life such as important life events, in exchange for time to watch porn. Development of toleranceJust like when you develop the tolerance to more alcohol the more you drink, porn addicts also develop a greater tolerance for porn, which means that after being exposed to porn for some time, they would need a different kind or a longer time watching porn in order to be stimulated. Sexual insecurityProbably one of the most damaging aspects and symptoms of porn addiction is the development of sexual insecurities. Porn stars are trained and directed to do sexual things that are beyond what a normal couple would, and thus, porn addicts oftentimes find themselves falling short of what they see when they watch pornography. This can lead to insecurities ranging from physical attributes to sexual performance, which are, more often than not, perfectly normal. LyingWhile this may seem trivial, porn addicts sometimes feel the need to hide their condition so as to escape public stigma about porn addiction. They sometimes resort to lying in order to continue on their habit. How is porn addiction acquired?As mentioned, porn addiction is still currently being studied by expert, as it varies quite greatly from person to person. Some people might think that the amount of porn they watch is just normal and nothing to be concerned about but in reality, they might already be in the denial stage of their addiction. In relation, the way porn addiction develops in a person also varies. However, the development of technology has made it much easier for people to have access to phones. Where a few decades ago people relied in DVDs and video tapes, anyone with an internet access nowadays can go to certain websites and watch porn. Studies have been inconclusive so far as it has not received as much attention as other forms of addiction, but some reports a few years ago say that the average age of exposure to porn is at only 11 years old, which is highly concerning. The fact that there isn’t even a universal standard of how to diagnose porn addiction and how to treat is just adds to the immediacy to which this issue should be addressed. Treating porn addictionAs mentioned before, porn addiction has not been classified yet as a clinical issue, which means that there is also no specific drug that can be prescribed for this particularly for this condition yet. But this does not mean that there is no way for you to treat this condition if you have concluded that you are suffering from porn addiction. There are a number of ways that, while may not be applicable for everybody, you can follow in order for you to combat porn addiction and the various negative side effects it may bring to you, your friends, and your family. One of the first steps in treating porn addiction is being aware that the condition is real and that it has real side effects. When one is aware, they can begin researching and figuring out if he or she indeed is suffering from this condition. Admitting the condition and seeking helpWhile porn addiction isn’t yet a clinical condition, it has much of the same effects and symptoms of other kinds of addiction and thus, psychologists and other health professionals can still offer help and treatment to individuals. Various kinds of therapies such as Cognitive-behavioral therapy, group therapies, and many others are often used to help people with addiction, including porn addiction. However, this will only be possible if the individual himself or herself is willing to admit that he or she is suffering from porn addiction and seeks help. Limit exposure to pornWith the speed information can be disseminated nowadays, in can be hard to stay away from devices which can be used to consume pornography. Mobile phones and laptops that are always connected to the internet are invaluable and necessary in today’s work routine and lifestyle, yet, they are also the main gadgets where we can watch porn. However, there are certain tools like website blockers which we can use to help us limit consumption of porn. Addicts can also share their condition with their loved ones who can hold them accountable and thus, help them limit their exposure to porn. Take up a new hobbyOne of the oldest techniques psychologists use to treat different kinds of addiction is to replace them with more constructive hobby like sports. Taking up a new hobby that you are truly excited about limits your amount of free time and keeps your mind occupied, which can often lead to the ability to curb your impulses and cravings to watch porn. These are some of the various ways one can address porn addiction. But the most important part is recognizing that this condition is real and has real-life consequences that might seem insignificant first but can greatly affect your quality of life. How to stop pornography addiction?There can be many ways to stop porn addiction, but the most important step is being aware of the problem. Knowing yourself and how you react to porn, as well as the absence of it, can be critical in formulating a strategy to stop porn addiction. Seeking help from your loved ones or health professionals is also an effective means to curb addiction to porn. Overcoming porn addiction, or any addiction, is a process. There is no magic pill that can immediately help you get rid of porn addiction. Ultimately, it is a combination of awareness, help from family and friends, and your own personal assessment of your tendencies that can help you overcome porn addiction. How to deal with pornography addiction?The effects of porn addiction can range from funny inconveniences to full-blown emotional disturbance and psychological issues. The way you can deal with your porn addiction will depend greatly on how addicted you are and how it affects your life. In any case, the real goal is to stop it altogether for the benefit of yourself, your family, and your friends. How to cure porn addiction?There is no “cure” for porn addiction, just as there is no cure for something like alcoholism. It is a continuous process that needs constant effort on the part of the individual. If you find a strategy that helped you stop your porn addiction, you will need to make sure that you follow it constantly so you won’t fall back into the same habit in the future. How to fight porn addictionFighting porn addiction can be an uphill battle, because porn is multi-billion dollar industry and porn addiction can be really hard to quantify. However, we can start with our own families by instilling values such as respect and properly discussing sexuality to our children so that they would have better core values by the time they get exposed to pornography How to block pornography from sex addict? How long does it take to overcome porn addiction?This depends a lot on the individual, and is almost never the same among sufferers of porn addiction. Some may take just days to get rid of the addiction, while some may take months or even years to completely stop the habit. Controlling your porn addiction is highly dependent on the amount of self-discipline you have. Some people can watch porn and not be addicted to it, while some cannot live without it. Probably one of the best ways to do it is doing a thorough self-assessment of the frequency you watch porn and develop a plan to limit it. Pornography Criminal Defense LawyerIf you’ve been charged with criminal pornography charges, 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
The post Utah Pornography Distribution Cases first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Severance And Executive Compensation Agreement Lawyer West Valley City Utah Divorce Attorney Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/utah-pornography-distribution-cases/ West Valley City is Utah’s second largest city. On 26 February 1980 an incorporation vote was held for an unincorporated section of western Salt Lake County. By scant ninety-vote margin incorporation as West Valley City was approved for portions of Granger, Hunter, and Chesterfield. Almost immediately a petition drive was started for a disincorporation vote. In May, petitions signed by 7,787 residents were filed with the Salt Lake County Clerk and a disincorporation vote was scheduled for 8 July, seven days after the city was scheduled to go into operation. Since the name West Valley City was seen as too cumbersome, a seven member committee was appointed to select a name for the new city. The Committee’s choice of “Oquirrh City” was determined to be more awkward and it was decided to retain the original name of West Valley City. On 1 July 1980 the city’s new officials were sworn in, with Henry H. Price as mayor and Renee W. MacKay and Jerry L. Wagstaff as city commissioners. West Valley City was begun with no money, with borrowed equipment and personnel, and housed in a converted warehouse; in addition, it faced a disincorporation vote within a week. Since no financial institution would lend the new city funds, city officials were forced to pay for gasoline for the city’s police cars with personal funds. In 1978, the first incorporation vote failed, but the second vote held in 1980 succeeded. Since West Valley City was born more or less already full grown, it was confronted with a wide range of problems. At incorporation, West Valley City immediately became Utah’s third largest city. Most city watchers doubted its survival and predicted its early demise. Others proclaimed its incorporation heralded the incorporation of all unincorporated sections of Salt Lake County. Neither prediction has proved true. West Valley City celebrated its first decade by moving into a newly constructed and fully paid for city hall which replaced the totally inadequate remodeled warehouse. As the city began its second decade it boasted a population of 86,976, a 19.5 percent increase from 1980. By 1990 West Valley City was gaining respect both as a residential area and as a home for business and industry, with 25 percent of its area residential, 11 percent agricultural, 4 percent commercial, 1 percent parks, and 38 percent undeveloped. Separation And Divorce In West Valley CityGoing through a separation or divorce can be very difficult, no matter the reason for it. It can turn your world upside down and make it hard to get through the work day and stay productive. But there are things you can do to get through this difficult adjustment. Recognize that it’s okay to have different feelings. It’s normal to feel sad, angry, exhausted, frustrated and confused and these feelings can be intense. You also may feel anxious about the future. Accept that reactions like these will lessen over time. Even if the marriage was unhealthy, venturing into the unknown is frightening. Give yourself a break. Give yourself permission to feel and to function at a less than optimal level for a period of time. You may not be able to be quite as productive on the job or care for others in exactly the way you’re accustomed to for a little while. No one is superman or superwoman; take time to heal, regroup and re-energize. Don’t go through this alone. Sharing your feelings with friends and family can help you get through this period. Consider joining a support group where you can talk to others in similar situations. Isolating yourself can raise your stress levels, reduce your concentration, and get in the way of your work, relationships and overall health. Don’t be afraid to get outside help if you need it. Avoid power struggles and arguments with your spouse or former spouse. If a discussion begins to turn into a fight, calmly suggest that you both try talking again later and either walk away or hang up the phone. Take time to explore your interests. Reconnect with things you enjoy doing apart from your spouse. Have you always wanted to take up painting or play on an intramural softball team? Sign up for a class, invest time in your hobbies, volunteer, and take time to enjoy life and make new friends. Free Divorce Consultations West Valley CityIt can be a tricky process when you’re out there searching for the best divorce lawyer for your case. It can be confusing and getting a divorce is rough enough as it is. As we’ve discussed previously, there are things you need to look out for when you hire a divorce lawyer. Going to a consultation with a divorce attorney or lawyer can make or break the deal in the whole divorce process. You need to treat each consultation like an interview. You need to be prepared before you walk through that door with every question that’s been replaying in your mind written on a sheet of paper. Free consultations are now offered by most reputable and affordable divorce lawyers out there. You shouldn’t be forced to pay a fee just to discuss if a lawyer can help you or not. What Does A Free Consultation Consist Of?For the services a divorce attorney offers you during the entire divorce process, you’re either charged by the hour or a flat fee. However, so that you find the right match for your needs, divorce lawyers are now offering a free initial consultation for possible clients. This also gives the lawyer a chance to decide if you’re a right fit for them. They have to worry about clients who no intentions to pay their fees and clients that they just aren’t able to help. It’s just as important for you to find the right attorneys as it is for the lawyer to find the right client. A free consultation is when a lawyer sits down with you to discuss your divorce and the nitty-gritty details. You’re going to get very personal with this lawyer. Some lawyers will offer you a free consultation over the phone if it’s more convenient for you. WHAT INFORMATION YOU NEED BEFORE YOUR DIVORCE CONSULTATION?A List of You and Your Spouse’s AssetsIt’s very important to have a list of you and your spouse’s assets when you walk into your meeting. This can include your bank accounts, your debts, vehicles, pets, and mortgages. Your list should include any and all assets that you both have accumulated during your marriage. All this information gives the lawyer an idea of what you’re fighting over. It also gives them a chance to foresee any future issues you may have to try to come to a settlement. This includes details of your income. This gives the lawyer an idea of what you may have to pay in alimony or child support. Or an idea of how much money you may receive from your spouse. Divorce Costs and Legal FeesOne of the first things you want to discuss is the lawyer’s legal fees. Once they’ve heard your situation they should have an idea on how much your case is going to cost. These factors depend on whether or not it’s a contested divorce or uncontested divorce as well as if the custody of a child is involved. Some attorneys may try to skip over the cost of their services because they don’t want to scare you away as a client. You might have to bring up the subject yourself. You’re Going to Have to Get PersonalIf you’re going through a nasty contested divorce, you might want to shy away from unloading the personal details of your marriage to your lawyer. Don’t be shy or embarrassed. They deal with divorces every day, they know the drill. You’re going to want to bring up if someone had an affair. You’re going to need to talk about your spouse overspending or battling with addiction. Your lawyer needs to know all the details up front to get an idea of what they need to fight or what they can do for you. An uncontested divorce is one where the couple reaches an agreement on all major terms of a divorce decree without needing to argue the issues in court. This however, does not mean that an uncontested divorce happens without issue merely that the couple is able to come to an agreement without the need of a judge. Even if you are considering an uncontested divorce with your spouse, you still should hire a lawyer to represent your interests while negotiating during the divorce proceedings and for other issues that may arise during the divorce. Typically, a couple will choose an uncontested divorce when there are relatively few martial assets, liabilities, no children, and the term of the marriage is less than five years. However, that is not always the case, and couples with children, pets, and substantial martial property can still divorce using the uncontested process. Issues that must be settled between the spouses include the division of property, assets and debts, child custody and parenting agreements, and spousal support. Hiring a lawyer to help negotiate the terms of an uncontested divorce can be incredibly helpful to the process. Lawyers have experience negotiating divorce settlements, and even in an uncontested divorce there can be disagreements that require a compromise before the divorce is final. Another reason to hire a lawyer for an uncontested divorce is that a lawyer can handle all of the paperwork with the opposing side as well as with the court. This takes the stress of navigating a complex legal system out of your hands and allows you to focus on rebuilding your life after the divorce. Taking the pressure off of handling the divorce yourself can also be helpful during the negotiations, creating a less adversarial environment and leading to more productive, amicable discussions. An attorney can also review the final paperwork before submitting it to the court, ensuring that you understand all legal rights you have or are forsaking in the final divorce decree before submitting it to a judge for the final signing. Finally, hiring a lawyer for an uncontested divorce is recommended because there is always the chance that an uncontested divorce turns into a contested divorce. For some couples, it simply is not possible to come to an agreement on certain issues in the marriage, and if negotiations break down, each side will need representation for the remainder of the divorce proceedings. Hiring a lawyer from the start gives the attorney full knowledge of what has occurred and allows him or her to immediately begin preparing for a contested divorce proceeding with the other side. Important Qualities Your Divorce Lawyer Must HaveAside from the death of a loved one, a divorce is one of the most stressful experiences a person can go through. Finding a divorce lawyer can be a daunting task when you’re faced with so many other worries. The lawyer you hire will be representing you for several months, or even a year or more, which means finding the right lawyer can make the divorce process a lot easier on you and your family. 1. The Ability To Communicate WellClear and easy communication with your divorce lawyer is critical. During your case, you will need to be able to effectively communicate your concerns and expectations to your lawyer, and your attorney will need to be able to clearly explain things to you regarding your case and provide you with realistic expectations. If an attorney doesn’t listen to you well or can’t explain things in a way you can understand, you should continue your search. While it may seem counter-intuitive, your attorney’s ability to communicate with your spouse and your spouse’s attorney is also essential, because good communication between the attorneys can facilitate fruitful negotiation and keep costs down. A good divorce lawyer will try to negotiate resolution of some of the issues that are important to you before heading straight to court. (Of course, the ability to communicate well with your spouse and his/her attorney does require some cooperation on their part as well.) If you end up in court, your attorney also needs to be able to effectively communicate with the court and litigate passionately. This is important because you will need your attorney to represent your interests clearly and to be trusted by the court. 2. Skill And ExperienceYou should look for an attorney who not only can represent you, but can represent you well. And in order to represent you well, the attorney must be skilled. Your divorce case is likely to touch all aspects of your life-family, finances, retirement, career, etc. To protect your interests, your attorney should be knowledgeable and experienced enough in his or her practice to deal with the complexities of your case, while allowing you to continue your daily life as much as possible. You should look for an attorney who has experience in divorce and family law with cases similar to yours. For example, if you are dealing with high-conflict custody, or perhaps a substantial net worth, find out if a divorce lawyer is knowledgeable in those specific areas. Check their credentials thoroughly and look for attorneys who continue to seek knowledge and experience through continuing education opportunities. 3. AvailabilityWhen considering hiring an attorney to represent you in your divorce, look for someone who is available at the key points in your case (or who has the support available if an issue comes up while your attorney is in court on another matter or out of the office). A good divorce lawyer should be available to respond to your questions in a timely manner or, if not available right away, give you a time frame within which to expect an answer. You should also look for an attorney who is not so busy with other cases that he/she does not have time to devote himself or herself fully to your case. Don’t expect to be your attorney’s only client, but you should not be lost in a sea of clients, either. 4. ComposureYour attorney’s ability to maintain composure is not just about staying calm and focused with you, but also about exhibiting self-control before the court or with your spouse’s attorney, even if frustrated. You should look for a divorce lawyer who will represent your interests strongly, but who will not take it personally when things do not turn out exactly as your attorney intended. Surprises happen in divorce, because you cannot fully anticipate what the other side or the court will do. Your attorney should maintain composure so that he or she is always representing your interests and is willing and able to adjust their strategy when needed. Your attorney should be focused, composed, and professional, especially when representing you to the court. 5. Support And ResourcesIt is unlikely that you will be your attorney’s only client, and because your attorney is human, your attorney will not always be immediately available to you when you have a question. You should look for an attorney who has support staff and other attorneys available to assist in the event of an emergency. It is also important that your attorney have support and resources available to prepare your case in a timely manner, such as experienced paralegals, support attorneys, and legal assistants. West Valley LawyerWhen you need legal help with a West Valley City Lawyer, please 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 West Valley City Utah Divorce Attorney first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Trust Estates And Probate Attorneys What Is The Difference Between A Misdemeanor And A Felony? Severance And Executive Compensation Agreement Lawyer Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/west-valley-city-utah-divorce-attorney/ Prudent executives should utilize the services of an employment lawyer when they are initially hired and offered an executive compensation agreement, but they seldom do. Making sure an executive compensation agreement is properly drafted in favor of the executive employee, from the get-go, is of paramount importance. Otherwise, the executive risks not being properly paid, being fired without notice, having an illusory employment contract, or ending up in litigation. Lesson: Executives should hire their own employment lawyer to protect their rights during the drafting process of their executive compensation agreements. Us lawyers often appear on the scene once the executive is being terminated, has been fired, the executive realizes they will never be properly paid under their executive compensation agreement, money is due under the agreement, or there is clearly the need to sue the employer. Sometimes they are asked to assist in severance negotiations when a high level employee is being fired. As an executive employment agreement lawyer, they represent executives in negotiating executive contract terms, including compensation, relocation, tax gross-ups, restricted stock and options. The best time to negotiate an employment contract is before an offer is made or accepted. However, there may be times when you need to re-negotiate your employment agreement such as when there is a change in executive leadership or reporting relationships. An employment contract attorney can help set up a well-planned executive employment agreement that will pave the way for a successful executive/company relationship. However, compatibility with company and fit of skills and personality, as well your own intelligence information on the company’s current business status and potential, are key to the success of the partnership. The company’s conduct during the negotiations can offer you valuable insight into the company’s decision-making process, motivations and flexibility, as well as your potential fit. Below are ten critical areas that executives and companies should both consider negotiable to assure that both are treated fairly. Executives should utilize the services of an employment lawyer when they are initially hired and offered an executive compensation agreement. Making sure an executive compensation agreement is properly drafted in favor of the executive employee, from the get-go, is of paramount importance. However, executives rarely hire their own employment lawyer to protect their rights during the drafting process of their executive compensation agreements. Severance AgreementA severance agreement is an agreement between an employer and an employee which specifies the terms of the employee’s separation from the employer. A severance agreement is typically a legally binding document, but it can often contain tricky and confusing language. A severance agreement will contain a number of provisions that can affect your legal rights. There are a number of common important sections in a severance agreement, including provisions regarding: Can I Negotiate the Terms of a Severance Package?Often, companies will have employment policies that state the way that severance packages are determined. These policies will generally include provisions like when you are entitled to severance pay; how it is calculated; and what the package will include. This could also be addressed in an employment contract between the employer and employee. If this is the case, the employer would be legally entitled to offer you severance pay according to the contract terms. However, you may sometimes have an opportunity to negotiate your severance package. If that is allowed, the following factors will probably be brought up during negotiations with your employer: Some Common Severance Package DisputesAs with any type of employment agreement, severance packages can sometimes form the basis of legal disputes or conflicts. These can range from minor disputes to company-wide violations that affect many employees. The drafting and negotiation of executive-level employment agreements, and in particular severance packages, require a careful eye toward compliance with principles of contract and relevant employment laws. Severance agreements entered into must offer some compensation or benefit beyond that to which the employee was already entitled (i.e., final pay) in exchange for any agreements not to sue or a relinquishment of rights. Additionally, the agreement must be made available for the employee to consider for a certain period of time before she or he is forced to sign, whether the agreement is a result of termination, layoff, staff reduction, or changing ownership. Additional rules apply for workers over 40 years old; we can help make sure your severance and release agreements comply with the Older Workers Benefit Protection Act and other applicable laws. If you are an executive in the process of exiting a company, you will want experienced counsel to examine the severance package offered to determine if it adequately compensates you for any rights you have relinquished, and to negotiate a more favorable agreement on your behalf if the offered agreement is unfair. A very good attorney will also help to ensure that you have a sufficient right to work within your industry so your acquired skills can be utilized to their fullest. Unless you have a contract of employment with a specific term of employment, employers typically do not have an obligation to provide a Separation Agreement or severance pay. Generally, however, an executive employee holding a high or mid-level management position will be asked by many employers to sign a Separation Agreement, which usually includes a general release of the employee’s claims against the employer as well as additional provisions, including confidentiality and protection of the employer’s proprietary information. Particularly with the termination of executives and managers, it is important to understand the types of rights you are being asked to release as well as the extent of the confidentiality and other obligations. Additionally, employers sometimes seek to add a non-competition or non-solicitation provision, also called restrictive covenants, to Separation Agreements. At a time when companies are reducing their workforces, individual employees often do not receive adequate severance compensation. Many individuals simply assume they have no leverage or basis for demanding more from their employer at the time they are presented with a severance package and release. However, often these employees, either individually or as a group, will have valid legal claims that will enable them to negotiate a more appropriate severance package as they move forward in their careers. In addition, in a down economy, many employers are attempting to cut corners and not provide their employees with compensation and benefits they are entitled such as continuing medical insurance coverage and unemployment compensation. Once an employee asks for a better package or different terms for a Separation Agreement, the employee may have technically rejected the employer’s offer. Therefore, an employee runs the risk of losing the guaranteed offer by making a counteroffer. However, in practice most employers will typically not rescind their offer if an employee makes a counteroffer, although that is a possibility. Consequently, it is imperative that you seek legal counsel who is knowledgeable in such matters. Severance & Change-in-Control AgreementsSeverance agreements provide for payments to executives in the case of voluntary or involuntary termination and can play a constructive role in the recruitment and retention of key employees. Severance agreements are a way of mitigating the risk an incoming executive takes by leaving other employment opportunities and thus are often included in agreements for executives hired from outside the company to encourage him or her to leave a prior employer in case the new arrangement sours. Severance for longer-serving executives can be oriented in a way as to protect the executive’s income, thereby maximizing retention, while offering the company protection through the use of non-compete agreements and “Good Reason” provisions which ensure a severance agreement does not become an incentive to leave. Change-in-Control agreements sometimes referred to as “golden parachutes,” compensate executives for loss of job due to mergers or sale. Executives are fiduciaries, charged with taking action in the best interest of the company and the shareholders. However, CEOs face inherent difficulties when it comes to a merger or a sale of the business, the end result of which will result in the executive losing their position. Change-in-Control agreements are structured to encourage executives to seek out and enter into sale or merger opportunities when it is in the best interest of the shareholders without having reservations about losing their own positions. 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 Severance And Executive Compensation Agreement Lawyer first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Non-Compete Employment Agreement Criminal Defense Divorce Lawyer Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/severance-and-executive-compensation-agreement-lawyer/ |
Probate LawyerProbate Lawyer in West Jordan Utah. If you need probate lawyer, trust attorney, inheritance counsel, living trust, last will and testament, call 801-676-5506 now for a free consultation. Archives
April 2023
Categories |