Divorces tend to be expensive because spouses fight over every aspect of the split. Divorce will be much less expensive when spouses set aside their differences and agree to compromise. A judge will refuse to sign off on a divorce until all issues including property division, alimony, and child custody are resolved. A contested divorce, where spouses disagree, will take longer to resolve and demand more resources. Spouses who can’t agree about how their divorce should unfold will have to look to others for help. This help isn’t always cheap. Expert witnesses, such as therapists and forensic accountants, can be expensive. Using arbitration or mediation is another added expense. Negotiating the terms of the split privately before the divorce papers are filed is the number one way to cut down on costs. If you and your spouse can’t agree on anything else, maybe you can both agree you both want to spend as little as possible to split? It’s at least a good place to start. Hire a lawyer to consult and guide you through the case without having that lawyer represent you in court Many states allow paralegals to draft documents for people representing themselves in a divorce. It is important to know the laws that apply to paralegals drafting court documents in your state to ensure the paralegal you hire is authorized to help with your divorce. However, paralegals are prohibited from giving you legal advice in all states. Finance your divorceAlthough this may not be a wise approach for everyone, divorce finance companies provide financing for divorce and other legal matters. This approach, however, presents the danger of accumulating a significant amount of debt at a time when finances are already stretched to their limits. Incurring more debt through financing your divorce, therefore, should only be considered if you are assured of receiving a sufficient amount of assets in the divorce to repay that loan and still have enough money to move on with your life after the divorce. Ask for a reduced feeDo not be shy to ask a divorce attorney if he or she will work for free or at a discounted hourly rate. Although most attorneys expect to be paid their normal hourly rate, there are times when a case appears so compelling to a lawyer that he or she will agree to take the case pro bono or at a significantly reduced hourly rate. Consider Mediation Instead of LitigationMediation is preferable for many couples because it provides a way for parties to work out the financial and logistical aspects of their divorce without the stress and financial hardship of an adversarial approach. It keeps the decision making in their hands, instead of a judge. In fact, mediation is about 70% cheaper than litigation, on average. Further, some mediators offer a pay-as-you-go process to couples. With this opportunity, parties can pace out their process in a way that works for their budget and schedule. Pay-as-you-go sounds doable. Uncontested Divorce in UtahDivorce can be devastating; however, uncontested divorces are often less devastating to your finances and sanity than contested ones. Your divorce does not have to become a soap opera. Instead, Utah’s uncontested divorce process allows spouses to reach an agreement on their own and avoid the stress and anxiety associated with attending a trial before a judge. The uncontested process can be relatively quick, and certainly less expensive than taking a divorce to trial. Uncontested divorces are an option available to divorcing Utah couples with or without children. These types of divorces are generally less expensive and faster than traditional divorces because you avoid the expense of attorneys, custody evaluations and hiring experts for trial. If you and your spouse are able to agree on all issues regarding your divorce, including child custody, visitation and support, then an uncontested divorce is a real option. However, if you and your spouse cannot reach an agreement on any issue in your divorce, then your divorce becomes contested and you will be required to attend a trial where a judge will decide the remaining issues in your divorce case. The following is a list of some of the major issues that must be resolved between you and your spouse before filing an uncontested divorce action in Utah: If you meet all of the above criteria, you may proceed with your uncontested divorce by filing the required forms set forth below. If you plan to file for divorce without the help of an attorney, you will be responsible for filing the right documents with the right court. Utah’s district courts oversee divorce cases and trials. Utah has approximately 70 judges serving in the state’s eight judicial districts. Where you live will determine where you file for divorce because generally, you will file your divorce paperwork in the county in which you live. If you and your spouse have separated but still reside in Utah, either the county in which you lived, or where your spouse has lived for the last three months is proper to file your paperwork. Preparing Divorce FormsThe Utah Courts site offers online forms for completing an uncontested divorce available here and or in hard copy at your local courthouse. The following documents must be filed with your divorce paperwork: Completing Your DivorceUtah has a mandatory 90-day waiting period to complete a divorce. Under extraordinary circumstances, the 90-day waiting period may be waived. However, before a divorce will be granted to parents of minor children, both spouses must complete the Divorce Education Course. Utah does not require that you attend a court hearing before a judge will finalize your uncontested divorce. Instead, if all your paperwork is filed correctly and the judge finds that your agreement is reasonable and/or in the best interests of your children, then the judge will sign the Findings and Decree of Divorce. Note that the date the judge signs your Decree, is when your divorce becomes final. Getting a quick divorce can save you and your partner both emotional and financial anguish. However, when children are involved, it can be difficult since there will be the issues of child support and custody battles to work out. To succeed in dissolving the marriage quickly, these details must be solved in the fairest way for both parties. The cheapest way to get a divorce with a child involves both you and your spouse to remain cordial and be ready to compromise on several issues. Property division and child custody, which are the main battle fronts in most divorce proceedings. To get a cheap divorce, you can start the process online and minimize the number of professional services you contract. In order to get the cheapest divorce possible, you must make sure that both you and your spouse are willing to work together and your divorce is uncontested. Divorce fee waiverEach state has an indigent fee waiver that allows you to file for your divorce without paying the filing costs. When you go into your local court, ask the court’s clerk what forms you need in order to waive the fees. This option is only available and designed for those with limited finances while filing for divorce. Do-It-Yourself Divorce (DIY Divorce)You should never in a million years do it yourself. There are just too many pitfalls and problems you will run into. Just hire a professional divorce lawyer to help you. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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Can You Live In A House Going Through Probate? Foreclosure Defense With Bankruptcy Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/how-much-does-a-divorce-lawyer-cost-in-utah/
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Typically, a foreclosure begins after a homeowner falls behind on mortgage payments. The lender must follow the process outlined in state law before selling the home at auction. The lender applies the sales proceeds toward the mortgage balance. Whether the lender will be able to collect any remaining balance from the borrower called a deficiency balance will again depend on the laws of the state. The process involves numerous steps, including notification to the homeowner. Fortunately, the bankruptcy process won’t happen overnight. Usually, a lender won’t begin the foreclosure process until you’ve missed several payments, often three or four. That gives you time to try some alternate measures, such as loan forbearance, a short sale, or a deed in lieu of foreclosure. But if you’ve already tried and failed with these measures, it makes sense to consider whether bankruptcy can help you avoid foreclosure, or at least buy you a little time. Here are some ways that filing for bankruptcy can help you. elaying ForeclosureWhen you file either a Chapter 13 or Chapter 7 bankruptcy, the court automatically issues an order (called the order for relief) that includes a wonderful thing known as the “automatic stay.” The automatic stay directs your creditors to cease their collection activities immediately. If your lender had scheduled your home for a foreclosure sale, and you file for Chapter 7 bankruptcy, the sale will be legally postponed while the bankruptcy is pending typically three to four months. However, the lender can ask the bankruptcy court for permission to proceed with the sale by filing a “motion to lift the automatic stay.” If successful, you won’t get the full three to four months. But, even so, it takes time for the motion to be filed and heard, so the bankruptcy will typically postpone the sale by at least two months, or even more if the lender is slow in pursuing the motion to lift the automatic stay. How Chapter 13 Bankruptcy Can HelpMany people want to remain in their home and will do whatever they can to stay in their home for the indefinite future. If that describes you, and you’re behind on your mortgage payments with no feasible way to get current before foreclosure, the only way to keep your home is to file a Chapter 13 bankruptcy. How Chapter 13 worksChapter 13 bankruptcy lets you pay off the “arrearage” (late unpaid payments) over the length of a Chapter 13 repayment plan you propose five years in most cases. But, you’ll need enough income to meet your current mortgage payment in addition to paying off the arrearage. Assuming you make all the required payments up to the end of the repayment plan, you’ll avoid foreclosure and keep your home. 2nd and 3rd mortgage payments. Chapter 13 bankruptcy might also help you eliminate the payments on your second or third mortgage. Here’s how it works. If your first mortgage is secured by the entire value of your home (which is possible if the home has dropped in value), you might no longer have any equity with which to secure the later mortgages. That allows the Chapter 13 court to “strip off” the second and third mortgages and recategorize them as unsecured debt which, under Chapter 13 bankruptcy, takes last priority and often does not have to be paid back at all. As home equity rises, this approach is used less frequently. Nonexempt equityThe great recession hit home equity hard, and it was unusual for a bankruptcy filer to have much, if any, equity in a home. Since that time, home values have continued to climb. Now a filer must carefully consider the ability to fully protect equity with the homestead exemption allowed by filer’s state. If the homestead exemption isn’t sufficient, to keep a house, a filer will have to pay the value of the nonexempt property in the repayment plan, too. The Automatic StayIf you file bankruptcy before the bank starts a foreclosure or before the foreclosure ends, an automatic stay will prevent creditors from initiating or continuing collection activities and will delay a pending foreclosure. The stay is effective as of the date the bankruptcy is filed. The Bankruptcy DischargeMost debtors who file for bankruptcy do so to obtain a discharge, or release, from personal liability for certain types of debts. With a Chapter 7 bankruptcy, the discharge is normally given once the time for creditors to object to the discharge (or to file a motion to dismiss the case for substantial abuse) has expired, usually a couple of months after the bankruptcy is filed. With a Chapter 13 bankruptcy, the discharge will be granted after completion of the payment plan, which is generally three to five years in duration. A bankruptcy discharge regarding a mortgage loan eliminates the borrower’s personal liability for that debt. Foreclosure of the Mortgage LienEven though the borrower is no longer personally liable for the mortgage debt after a discharge, the lender still has the right to foreclose if the borrower isn’t making payments. While the bankruptcy discharge eliminates the borrower’s personal liability for the mortgage debt, it doesn’t wipe out the lien that was recorded against the property. A mortgage obligation consists of two parts: a promissory note and a mortgage (or deed of trust). The promissory note is the personal promise to pay back the money borrowed to purchase the property. This obligation is what’s eliminated by a bankruptcy discharge. The mortgage or deed of trust, on the other hand, establishes the lien on the property. Though the bankruptcy discharge will eliminate the personal obligation under the promissory note, it won’t wipe out the lien that encumbers the real estate. As a result, the lender may still foreclose its lien once the automatic stay is lifted or once the bankruptcy is complete if the borrower has defaulted on payments. Filing for Chapter 7 or Chapter 13 BankruptcyIf you file a Chapter 7 bankruptcy, you can probably keep the home if you’re current on the mortgage payments and you don’t have much equity. But you’ll likely lose the home in the bankruptcy (which happens when the bankruptcy trustee sells your home to pay off creditors) if there’s significant equity. If you’re behind on your mortgage payments, you’ll likely eventually lose your home to foreclosure, even if the bankruptcy trustee doesn’t sell the home. If you’re planning on letting the home go in foreclosure, filing for Chapter 7 bankruptcy can delay foreclosure for a short period. In a Chapter 13 bankruptcy, the debtor pays all or a part of debts over time through a repayment plan. With this kind of bankruptcy, you can pay off a mortgage arrearage over the duration of the repayment plan, typically three or five years, depending on your income and the time it will take you to meet all the plan’s requirements. Filing for Chapter 13 bankruptcy is especially helpful if you’re behind in mortgage payments, want to keep your home, and need time to get current on payments. When to Seek CounselThere are many legal complexities involved with both bankruptcy and foreclosure. If you’re facing foreclosure and contemplating filing for bankruptcy, it’s a good idea to consult with a qualified attorney to help you through the process and ensure that you fully understand all of your rights and options under the law. When You Should File for Bankruptcy After the ForeclosureBelow are some situations where you might want the foreclosure sale to go through, and then file for bankruptcy. When You Don’t Want to or Can’t Pay Homeowner’s Association or Condominium DuesYou are not liable for payment of dues to a homeowner’s association or condominium association if those dues are assessed before your bankruptcy petition is filed. However, you are liable for dues assessed on property in your name after you file for bankruptcy. If you file your bankruptcy after the foreclosure sale you avoid having to pay dues assessed after you file, because the property is no longer in your name. Any dues that you owe would be those assessed before your filing, and they would be wiped out in your discharge. The same is true for any code violations, fines, or other new charges related to the home. If You Are Only Filing Bankruptcy to Avoid a DeficiencyIf the only reason you are filing for bankruptcy is to avoid a mortgage deficiency balance, you could be jumping the gun by filing before your foreclosure sale because you may not be liable for a deficiency anyway. When You Have No ChoiceIn many cases, you won’t have a choice regarding the timing of your bankruptcy. For example, perhaps you need to file for bankruptcy immediately because of other lawsuits, wage garnishments, or other immediate threats to your money or property. You should always consider your total financial picture when determining the best time to file for bankruptcy. Effect of Chapter 13 Bankruptcy on ForeclosureIn many cases, exemptions will not protect your home from being liquidated to repay creditors in Chapter 7 bankruptcy. However, if you want to stall the sale and try to negotiate with the lender, filing for bankruptcy can buy you that time. The Chapter 7 bankruptcy will also cancel any debt secured by your home, including the debt of junior mortgages or home equity loans. Filing for Chapter 7 is not a good choice for those who do not want to give up certain property, including in many cases their homes. For most homeowners who want to keep their homes, Chapter 13 is a better choice because it affords more options. In a Chapter 13 bankruptcy, you can pay off the late payments over the length of the repayment plan, as long as you continue to meet your current mortgage payments as well. If you make timely payments under your Chapter 13 debt repayment plan, you can avoid foreclosure. Sometimes the reason homeowners are late on mortgage payments is because they have multiple mortgages. For some homeowners, the value of their houses has dropped since the most recent economic crisis, and their second or third mortgages are no longer fully secured by the value of the house. If there is not enough equity to secure one or more junior mortgages, you can use lien stripping to save your home. This means that you can ask the Chapter 13 bankruptcy court to strip the junior mortgages that are not secured and re-categorize them as unsecured debt. Unsecured debts are the lowest priority debts in bankruptcy and may not be paid back fully or at all. Some debtors may be legitimately concerned about the effect of bankruptcy on their credit scores. However, foreclosure not only damages your credit score for years, but it also does not get rid of other debt and can be harmful in future efforts to buy a house. If you receive a bankruptcy discharge, you may also suffer harm to your credit score, but because you are left with a fresh slate after the discharge, you do have a chance to rebuild better credit. What Is an Emergency Bankruptcy Petition?When you don’t have time to complete all required bankruptcy forms, you can take advantage of the automatic stay by filing an emergency bankruptcy petition. An emergency petition lets you file for bankruptcy by filling out a few forms and taking a credit counseling course. You then have 14 days to complete the rest of the required paperwork and file it with the court. An Emergency Petition Can Stop a Foreclosure SaleMany people want to stop a foreclosure on the eve of bankruptcy. An emergency petition can do just that. If you have more time, it’s a good idea to find out when you’ll need to file your bankruptcy petition. The moment you file for bankruptcy relief (including an emergency petition) an automatic stay goes into effect that prohibits your lender from going forward with the foreclosure sale. Bankruptcy can delay or stop the foreclosure process as long as the home hasn’t been sold. But once the lender sells your home, you no longer own it, and bankruptcy can’t help you. How to File an Emergency Bankruptcy PetitionIn most cases, you can file an emergency bankruptcy petition by completing the following forms: Again, after filing the emergency petition, you have 14 days to file the rest of the required bankruptcy forms and schedules. Failure to do so will typically result in the dismissal of your case without prejudice (you can file again right away). Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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Do You Qualify For A Chapter 13 Bankruptcy? Can You Live In A House Going Through Probate? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/foreclosure-defense-with-bankruptcy/ Dealing with the death of a loved one is never easy, even when it is expected. Those who are left behind have to deal with the loss. They also have to deal with matters such as probate and other legal issues. One common point is the legality of living in a house that is going through the probate process. No law states that a property that is going through probate cannot be lived in. Most estate representatives would want someone to live on the property. Here are two main reasons: .To receive a rental income.2.To ensure that the property is being properly maintained.Real Estate Under The Utah Probate CodeLet’s say an individual who owns a home with other people passed away. One of the first questions to be resolved is how he or she held title to the property. In some forms of titles, the owner’s property interest will automatically pass on to the other surviving owners upon death. If the deceased owned the property in his sole name, the estate would likely go through the probate. A valid Will is likely to name an executor. An executor is a person appointed to administer the estate of the deceased. The executor’s primary responsibility is to carry out the instructions stated in the Will. He should also manage the affairs of the dead person’s estate. In case the Will did not identify an executor, the court will appoint one. During the probate process, the executor will do his due diligence to perform the discovery process (don’t take the discovery process lightly) and gather all the estate assets. Then, he/she will locate and pay the outstanding debts. Afterward, he/she will locate all the beneficiaries or heirs. The assets of the estate will be given to the beneficiaries named in the Will. If there is no Will, they will pass to the next of kin as per the intestate succession laws. It is important to note that the executor must pay the taxes and estate’s debts before distributing the assets. But, there are cases when the deceased person’s house is heavily mortgaged. There are also situations when the estate has no other assets and has many debts. In these cases, the executor may have to sell the home to pay off the creditors. If there are enough funds to cover the debts, the house will likely transfer to the heir named in the will. The property then will assign under inheritance laws to the closest family members. Under Utah’s inheritance law, if the deceased was married, the surviving spouse would likely take the entire state. Half as his own community property and half as his next of kin. What Are Probate Assets?In most states, the personal representative must list all probate assets with their values and file the list with the probate court. You can also think of this as a list of assets for the will. Some assets, like bank accounts, are easy to put a value on. Others, like antiques, jewelry, and collectibles, may require an appraisal. Probate assets include:• 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. • Personal possessions. Household items go through probate, along with clothing, jewelry, and collections. The inventory should include the decedent’s personal belongings that remain after death. What Is Non-Probate Property?Because non-probate assets aren’t part of the probate process, they aren’t listed with the probate court. Non-probate property includes: • Assets titled in the name of a trust or designating a trust as beneficiary. Many people set up living trusts specifically to avoid probate. The trustee named in the trust is authorized to carry out the trust’s instructions, including distributing trust assets to beneficiaries. • Property with a named beneficiary. Common examples include life insurance policies, IRAs, 401(k)s, and pensions. • Bank accounts with beneficiaries. These do not go through probate if they have a payable on death (POD) designation. Other property such as real estate or vehicles is non-probate property if there’s a transfer on death (TOD) designation. • Property owned jointly, with survivorship rights. This means that, if one owner dies, the other owner automatically gets the deceased owner’s interest in the property. Married couples often own their home this way. Look for the words “joint tenancy with right of survivorship” or “tenancy by the entirety” in the title documents. Once you’ve identified the assets that pass outside of probate, the rest of the decedent’s assets are probably part of the probate estate. Renting Out A Probate PropertyThere are no laws that prohibit the renting out of probate property. However, the circumstances in which this is workable and beneficial vary. The situation will continue if the deceased was already renting out the property before his death. The lease signed by the tenants and the now-deceased landlord will remain in full force and effect. What if the lease expires while the home is still going through probate? The executor then will decide whether to continue the rental status of the property. The executor should consider which situation is in the best interest of the estate. The executor should also consider the following factors: 1. Are there debts that cannot be paid without selling the rental property?2. Did the will name a specific beneficiary to inherit the rental property?The executor is also responsible for paying the deceased’s bills during the probate. Depending on the executor’s financial situation, the person may find this difficult. Renting out the property of the deceased may be a viable solution. This is a practical option since the probate process can take months or even years. The executor has the power to act on behalf of the estate. But the extent of the executor’s authority varies by state. In some states, executors have the control of renting a property under the laws of probate. In other states, an executor should get court approval first. But there is nothing in the direction that forbids renting a property as it passes through the probate process. Maintaining a home during probateIt is also the executor’s responsibility to ensure that the deceased’s home is safe and maintained. The executor should keep making mortgage payments. He should also pay local property tax bills to avoid penalties. The executor should also pay any property insurance premiums. If the insurance lapses, and then a fire or theft happened, the executor could be held liable for the loss. It is also the executor’s duty to ensure that the property received essential maintenance such as mowing the lawn and cleaning out the gutters. If there are damages, such as a broken window or a roof that starts to leak, the executor handles the repairs. It’s your job to see that the property receives essential regular maintenance. The yard must be mowed; in Utah’s colder locations like Big Bear, the snow shoveled, the gutters cleaned out. You need to know that the furnace is working in cold weather, so pipes don’t freeze and burst. And of course, you must repair any damage that occurs, such as a broken window or step or a roof that starts to leak. Here are some tips to keep the home secure and well maintained if it is unoccupied while the probate process is ongoing: 1. Put some lights on a timer to make the place look occupied. Selling a house in probateSelling probate real estate is different from a traditional home sale. There are timelines to be aware of and procedures to follow. You cannot take any action until you have authority from the Utah probate court. This includes the sale of real estate. Legally navigating the process is no easy feat. That is why it is important to have expert help. How to Avoid Probate Using A Revocable Living TrustLiving trusts were invented to let people make an end-run around probate. The advantage of holding your valuable property in trust is that after your death, the trust property is not part of your probate estate. (It is, however, counted as part of your estate for federal estate tax purposes.) That’s because a trustee not you as an individual owns the trust property. After your death, the trustee can easily and quickly transfer the trust property to the family or friends you left it to, without probate. You specify in the trust document, which is similar to a will, whom you want to inherit the property. Pay-on-Death Accounts and RegistrationsYou can convert your bank accounts and retirement accounts to payable-on-death accounts. You do this by filling out a simple form in which you list a beneficiary. When you die, the money goes directly to your beneficiary without going through probate. You can do the same for security registrations, and, in some states, vehicle registrations. More than half of the states also now allow transfer-on-death real estate deeds that take effect when you die. Joint Ownership of PropertySeveral forms of joint ownership provide a simple and easy way to avoid probate when the first owner dies. To take title with someone else in a way that will avoid probate, you state, on the paper that shows your ownership (a real estate deed, for example), how you want to hold title. Usually, no additional documents are needed. When one of the owners dies, the property goes to the other joint-owner—no probate involved. • Joint tenancy with right of survivorship. Property owned in joint tenancy automatically passes, without probate, to the surviving owner(s) when one owner dies. • Tenancy by the entirety. In some states, married couples often take title not in joint tenancy, but in “tenancy by the entirety” instead. It’s very similar to joint tenancy but can be used only by married couples (or in a few states, by same-sex partners who have registered with the state). Both avoid probate in exactly the same way. • Community property with right of survivorship. If you are married (or in Utah, if you have registered with the state as domestic partners) and live or own property in Alaska, Arizona, California, Idaho, Nevada, Texas or Wisconsin, another way to co-own property with your spouse is available to you: community property with the right of survivorship. If you hold property in this way, when one spouse dies, the other automatically owns the asset. GiftsGiving away property while you’re alive helps you avoid probate for a very simple reason: If you don’t own it when you die, it doesn’t have to go through probate. That lowers probate costs because, as a general rule, the higher the monetary value of the assets that go through probate, the higher the expense. And most gifts aren’t subject to the federal gift tax. Free Initial Consultation with Probate 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 Can You Live In A House Going Through Probate? first appeared on Michael Anderson.
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Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/can-you-live-in-a-house-going-through-probate/ Effect Of Decree1. An order for the termination of the parent-child legal relationship divests the child and the parents of all legal rights, powers, immunities, duties, and obligations with respect to each other, except the right of the child to inherit from the parent. 2. An order or decree entered pursuant to this part may not disentitle a child to any benefit due him from any third person, including, but not limited to, any Indian tribe, agency, state, or the United States. 3. Except as provided in Sections 78A-6-1401 through 78A-6-1404 , after the termination of a parent-child legal relationship, the former parent is neither entitled to any notice of proceedings for the adoption of the child nor has any right to object to the adoption or to participate in any other placement proceedings. When parents separate or divorce, care for the children must continue. If the parents cannot agree on a plan for raising the children, the court will order a plan or decide matters concerning their health and welfare. Often this includes making decisions about how much time the child will spend with each parent and which parent will be the primary caregiver. In some situations, unmarried parents, relatives or other persons also may ask the court for custody or parenting time. In each case, the court’s decision is based on the child’s best interests. Custody is a legal term referring to the right of a person to make decisions about the care and welfare of a child (for example, decisions about education, health care and religious training). The parent with custody is often called the “custodial parent.” In many cases, the child lives with the custodial parent most of the time. The law does not favor one form of custody over another, nor do they base their decisions on the sex of the parent. Parenting TimeParenting time (also sometimes called “access,” “contact,” “residential time,” or “visitation”) is a legal term referring to the opportunity for the child to spend time with the parent who does not have sole legal custody. This parent is often called the “non-custodial parent.” Sole CustodyThis means that one person has sole legal custody of a child. In this situation, the court orders that one parent be responsible for making the major decisions regarding the child’s care or welfare. Although both parents may discuss these matters, the parent designated by the court has authority to make final decisions in the event the parents do not agree. Joint CustodyThis means joint legal custody or joint physical custody or both. In most cases, in order to obtain an order for joint custody, both parents must agree to and submit a written parenting plan to the court. Legal CustodyLegal custody is the status where one or both parents are responsible for making the major decisions regarding the child’s care or welfare. When legal custody is awarded to one parent, it is called sole legal custody. The law does not favor one form of custody over another. Joint Legal CustodyWhen the court grants joint legal custody, each of the parents has the same rights to make decisions about the child’s care and welfare and neither parent’s rights are superior to those of the other parent. In the best interest of the child, the court may direct that certain decisions be made by only one parent, even when joint legal custody is granted. The court may order joint legal custody without ordering joint physical custody. Joint Physical CustodyWhen the court grants joint physical custody, the place where the child lives (the child’s physical residence) is shared between the parents in a way that the child will have essentially equal time and contact with both parents. Joint physical custody may be granted in situations where parents share joint legal custody or when one parent is granted sole custody. Procedure For Getting A Custody OrderThe court may grant a custody order only in certain kinds of cases. Most often, custody is determined when the parents are seeking a legal separation or divorce, or when parents are asking the court to change a custody decision that was made in an earlier separation or divorce case. Custody also may be ordered when one parent starts a court case to decide paternity (or maternity) of a child. When a parent starts a court case for legal separation or divorce and the parents cannot agree about child custody, custody automatically becomes an issue for the court to decide. These court decisions are made in temporary orders hearings and in final trial if the parties are unable to reach agreement. After a decree of legal separation or divorce has been granted, the court still has authority to change (modify) an earlier custody order. If a form of joint custody has been ordered, a modification may be requested at any time if there is evidence that domestic violence, spousal abuse or child abuse has occurred since the date the last order was granted. In a joint custody situation, a parent must wait six months before seeking a modification if the reason for the request is that one parent has failed to obey the court’s custody order. If there is a dispute about custody, the court sometimes refers the parents to internal court mediation services. This process gives the parents an opportunity to reach an agreement regarding custody and related issues; however, if the parents are unable to agree on custody, the court will decide for them. Sometimes the court seeks professional advice from outside experts who evaluate the family situation or offer an opinion about custody. In some situations, the court also may order an investigation by a social service or other agency. In every case, the court must decide custody based on a determination of the best interests of the child. Usually it is best if parents can agree on decisions about raising children after a legal separation or divorce. The court usually accepts the parents’ mutual decision, but the court’s decision about custody must be made in the best interests of the child. After review of the agreement’s terms, the duty imposed on the court by law may require that the court not accept the parents’ agreement. State law provides guidance to the courts by listing factors that the court should consider. These include such things as the wishes of the parents, the child’s wishes, how the child interacts with each parent and any other children in the family, the health of each person involved, the child’s adjustment to home, school and community, which parent primarily has provided care for the child in the past and which parent is more likely to allow the child to have frequent and meaningful contact with the other parent. The court also must consider whether there has been domestic violence in the family, drug or alcohol use by a parent or other circumstances that may endanger the child’s physical, mental, emotional or moral health. The court will presume that an award of custody to a parent who committed an act of domestic violence is contrary to the child’s best interests. If the parents request joint legal custody, they also must submit to the court a written plan (parenting plan) indicating how they will cooperate to raise and care for the child. The court may order joint legal custody without ordering joint physical custody. The court also may order joint legal custody even if one parent objects. The court’s decision will be made in the best interests of the child. A parent who is required to relocate in less than 60 days must be a parent with joint physical custody and have the agreement of both parents or a court order allowing the move of the child. If agreement cannot be reached in the situation of required relocation in less than 60 days, the moving parent must file a request with the court. The term “reasonable parenting time” means time spent with a child that is average for most cases. Although the term has sometimes been used in parenting plans and even in court orders, parenting time decisions depend on the circumstances of each family, considering the child’s age and development. When parenting time is described only as “reasonable,” it is difficult to predict when or for how long parenting time periods should occur. When preparing an agreement or parenting plan, it is recommended that parents specifically decide when and for how long parenting time periods will be, including how to handle and allocate special occasions like vacations, school breaks, birthdays and holidays so that both parents are considered. Parents are free to agree on the best parenting time plan for their child. If parents cannot agree, or if their agreement is not working, court action may be necessary. Remember, only the Superior Court can decide parenting time matters and issue an order that can be enforced if disagreements arise or if one parent does not honor the parenting time schedule. When making its decision, the court will consider many factors, for example, the age and health of the child, the time each parent has available from work or other obligations, the distance between the parents’ homes, the child’s school schedule and the suitability of living conditions in each parent’s home. If one parent violates a parenting time order, the other parent cannot deny parenting time, stop paying support or take other self-created action to punish the violating parent (to do so also would violate the court order). Instead, the court should be asked for help. To do this, a parent must file a written request for enforcement with the Clerk of the Superior Court and pay a filing fee. A hearing before the court may be necessary if the matter cannot be resolved. When a parent files a request for help in enforcing a parenting time order, state law requires the court to take quick action. There are several remedies the court can use to deal with the violating parent. Some of these remedies may include ordering parenting time to make up for missed sessions, ordering the violating parent to attend education classes or counseling and finding the violating parent in contempt of court and ordering monetary fines The legal process of emancipation can be confusing depending on your state’s laws and the type of parental status involved. Whether a biological parent or stepparent, many times a minor seeking emancipation will need legal advice. To fully understand the emancipation process, including parental rights and responsibilities, you may wish to contact a local family law attorney who can help answer your questions. Utah Code 78A-6-513 LawyerWhen you need a lawyer to assist you with family law, termination of parental rights, and more, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
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Drug Distribution And Manufacturing Defense Attorneys Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/utah-code-78a-6-513/ Filing for bankruptcy is a serious decision that can damage your credit for seven or 10 years, depending on the type of bankruptcy. But if you’re drowning in debt you can’t pay, it can serve as a last resort to help you hit “reset” on your finances. There are two main types of bankruptcy: Chapter 7, which liquidates some of your assets, and Chapter 13, which focuses on repaying debts. What happens to your car in bankruptcy depends both on the type of bankruptcy you file and how much equity you have in your vehicle. Can You Keep Your Car After Filing Bankruptcy?There are several factors that go into whether you’ll be able to keep your vehicle through the bankruptcy process. Since your vehicle is considered an asset, and potentially a valuable one, it’s something creditors may pursue when looking to collect debt. Your vehicle may, however, be counted under an exemption that protects it from repossession. In general, the following is considered to determine if you’ll be able to keep your car: Meeting Qualification RequirementsNot everyone is entitled to a Chapter 7 discharge. Your household income can’t exceed the state median income for a family of the same size. If your gross income is less than this amount, qualifying is simple. Otherwise, you’ll have a second opportunity to pass the means test. In that portion, you’re able to subtract necessary expenses including taxes, mandatory payroll deductions, and childcare from your income to see if you pass. What Happens to Your Car in Chapter 7 Bankruptcy?Filing for Chapter 7 bankruptcy can clear some unsecured debts, but it may also require selling or giving up some assets to pay debts. The items that is exempt from liquidation, and the value that can be exempted, varies by state. If you file for Chapter 7 bankruptcy and local bankruptcy laws allow you to exempt all of the equity you have in your car, you can keep the vehicle—as long as you’re current on your loan payments. And if the market value of a vehicle you own outright is less than the exemption amount, you’re in the clear. To determine how much equity you have in the vehicle, subtract your current loan balance from the car’s value. Because vehicles tend to depreciate in value fairly quickly, you may not have much equity unless you’re nearing the end of your loan term. Once you’ve determined how much equity you have in your vehicle, take a look at what the motor vehicle exemption is in your state. If you have less equity than the exemption limit, the car is protected. If the equity in your car exceeds the exemption limit, a few different things can happen. • The trustee (the person managing your bankruptcy case) can sell your vehicle, give you the exempted amount, and use the remainder to repay creditors. They may also give you the option to pay off the equity at a discount in order to keep the car. • If you’re behind on your vehicle loan payments, the lender can repossess the car. A vehicle is not protected by the exemption if the loan attached to the vehicle is delinquent. But you may be able to keep the car by paying the remainder of the loan in one lump sum, or by reaffirming the loan, which allows you to modify it and get back in good standing. Wiping Out (Discharging) Debt in Chapter 7 BankruptcyMany of the debts that plague the average consumer will go away. For instance, you’ll be able to wipe out utility bills; medical debt; personal loans, such as payday loans; and major credit card and department store balances. You won’t be able to get rid of everything, however. You’ll remain responsible for any non-dischargeable debt, such as balances on secured credit accounts commonly used by stores that sell jewelry, electronics, and furniture. Protecting Property in Chapter 7 BankruptcyA person who files a bankruptcy (a debtor) doesn’t lose everything. A debtor can keep (exempt) the property allowed by the debtor’s state. In most cases, it will include: You’ll find exempt property listed in your state exemption statutes. Property that isn’t covered by an exemption is called “nonexempt” property. The bankruptcy trustee the official who administers the case will sell the debtor’s nonexempt property and distribute the sales proceeds to creditors. How to Keep a Financed Car in Chapter 7 BankruptcyIf you want to keep your car in Chapter 7 bankruptcy and have a car payment, protecting the equity is the first step. You’ll also need to be caught up on the payment and be able to continue making the payment after your case ends. Many people surrender when the car payment is too expensive to maintain. Pros and Cons of Surrendering Your CarWhether surrendering your car is a good idea will depend on your particular financial situation. Here are a few points to consider. The benefits of giving up a car in bankruptcy include: • You can walk away from it owing nothing, which is beneficial if it’s worth less than you owe or if it needs repair. • You can reduce your expenses by giving up a costly car payment that you can’t afford. • You can give up a leased car without having to pay for excess mileage or wear and tear. Here are some of the downsides to surrendering your vehicle: • You’ll need to find another mode of transportation. • If you buy a new car, it might be challenging to get financing, and if you’re able to, your loan will likely come with a very high-interest rate because of the bankruptcy. • You might end up with a car that isn’t as reliable as the vehicle you turned in. Process for Surrendering Your CarYou’ll let the court and the lender know of your decision to let go of the car when you complete the bankruptcy form called the Statement of Intention for Individuals Filing under Chapter 7 Bankruptcy. The creditor must obtain permission from the court before repossessing the vehicle by filing a motion asking the judge to lift the automatic stay or getting your agreement to do so. Otherwise, the creditor must wait until the case is over (and the automatic stay is no longer in effect) before repossessing the vehicle. Once the court lifts the stay, the creditor can repossess the vehicle, or you can voluntarily turn the car into the creditor at an agreed location. The creditor will sell the vehicle at auction, but you won’t be responsible for the balance if it doesn’t sell for the amount you owe. The deficiency amount will get wiped out in your bankruptcy case. Surrendering a Car When You Have a CosignerIf someone cosigned the loan, the cosigner would remain legally responsible for the deficiency balance the amount remaining after auction but not the entire debt. The cosigner will get credit for the amount the lender receives in the sale (minus allowed expenses). People often wonder how Chapter 7 bankruptcy will affect their ability to keep their car. If you aren’t making payments on a car, then you’ll be able to retain it if its value is below your state’s vehicle exemption amount (the amount of equity you can protect in a vehicle). However, if you are making payments on your car, it’s not so simple. You’ll need to decide whether you want to surrender the car or keep it and continue to make payments and let the bankruptcy court know your decision on an official form called the Statement of Intention for Individuals Filing Under Chapter 7. Similarly, if you’re leasing your car, you’ll indicate whether you will reject or assume the lease on the statement. Walking Away from the CarIf you want to walk away from the car when you file Chapter 7 bankruptcy, you list the lender on your statement and check the box that indicates you intend to surrender the vehicle that is, hand it back over to the lender. As a result, you won’t be responsible for the car loan after your bankruptcy. If you are leasing your vehicle, you can get out of the lease by checking the “No” box on the statement in response to the question that asks whether you will assume the lease. Keeping a Car You’re Still Paying ForIf you want to keep a car that you are making payments on, your options will depend on whether you’re current on your payments and whether you can pay the current value of your car in a lump sum payment. • If your payments are current: You can either pay the lender a lump sum to purchase the car at its current value (called redemption) or enter into a new contract (called a reaffirmation agreement), which lets you keep your vehicle under much the terms as your original car’s promissory note (although this is negotiable). • If your payments aren’t current: You can redeem the car if you have the money to do so. If you don’t, you can try asking the lender to enter into a reaffirmation agreement and to include the missed payments in the new payment arrangement. However, your lender is under no obligation to modify your payment when you’re behind. Some lenders will allow you to keep the car without doing anything other than staying current on your payment. However, you could lose the car without warning because the lender will be able to repossess the vehicle at any time. You’ll want to talk with an attorney about the pros and cons before selecting this approach. Also, unless you can pay the value of your car in a lump sum payment, you should understand that if you’re behind on your payments when you file, your lender doesn’t have to agree to let you keep the vehicle. What Happens to Your Car in Chapter 13 Bankruptcy?Another form of bankruptcy is Chapter 13, which works a bit differently from Chapter 7. Rather than liquidating non-exempt assets to repay creditors, you’ll enter a debt repayment plan. Your property isn’t sold off with this form of bankruptcy; instead, your finances are reorganized and you’ll begin the process of repayment. If you own your car outright you’ll be able to keep it. You will have a repayment period of either three or five years, and once that period ends, some remaining debts can be discharged—meaning you don’t have to pay them anymore. Not all debts can be discharged, however. Credit card and medical debt can be discharged, for example, but mortgages and student loans cannot. When you file Chapter 13 bankruptcy, your debt is grouped into three buckets: • Priority debts: These must be repaid in full. This includes bankruptcy costs, unpaid tax bills from the past three years, and child and spousal support. • Secured debts: Car loans are included in this category. If you have a car loan, the amount you owe on it may be reduced in the Chapter 13 bankruptcy process if you owe more on it than its current value. Also, if you can qualify for a repayment plan and get caught up on your loan, you may be able to keep the vehicle. • Unsecured debts: These will be discharged in the bankruptcy after you’ve completed your repayment plan. Keep in mind that if you aren’t able to catch up on your auto loan, or you can’t afford repairs or payments on the car anymore, you can get out of payments by surrendering the car back to the lender, which, as mentioned, has credit consequences. How Does Bankruptcy Affect Credit?Both forms of bankruptcy can severely damage your credit for many years to come, so filing isn’t an action that should be taken lightly. Chapter 7 bankruptcy stays on credit reports for 10 years, while Chapter 13 bankruptcy sticks around for seven years. This means even nearly a decade after filing, potential creditors, lenders, landlords, utility companies and others legally allowed to view your credit will be able to see the bankruptcy on your report. Having bankruptcy in your history can cause you to be denied for new applications, such as for loans or credit cards. If a lender or creditor does approve you, you may face sky-high interest rates or fees. During this time, though, you can help rebuild your credit by making wise financial decisions. If you pay all of your bills on time, avoid overspending, and use a secured credit card responsibly, you can slowly nudge your credit score back up. Automobiles and Bankruptcy LawyerWhen you need legal help with an automobile and bankruptcy in Utah, please call Ascent Law for your free consultation (801) 676-5506. We want to help you!
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Are Estate Planning Fees Tax Deductible In Utah Child Support Lawyers Salt Lake City Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/automobiles-and-bankruptcy/ When a military family goes through a divorce, unique issues come up. Understanding the complex issues in a military divorce will lead to better decisions and fairer outcomes. This article highlights some of the most common issues. Remember, a military divorce is not exactly like other divorces; it involves additional legal issues. In what state should you file for divorce?The law typically allows for the filing of a divorce in the state where either spouse has a legal residence. This means that the person starting the divorce usually files in the state where they live, if they’ve lived there for at least 6 months. Before choosing where to start the divorce, it’s important to know how that state handles the division of military pensions. The federal law governing the division of military pensions is the “Uniformed Services Former Spouses’ Protection Act” (USFSPA). This federal law says that the state of legal residence of the military member always has the power to divide the military pension in a divorce. So, if you file for divorce in a state that is not the military member’s state of legal residence, then the court may not have the authority to divide the pension. (Note: The military member can still consent to the court’s division of the pension.) Also, some states have other laws that can affect what happens to a military pension. Both of these topics are complicated and require advice from an attorney to avoid traps and problems. So, before filing a divorce in any state, you need to know how that state might handle your divorce and the division of the military pension. Can a Servicemember slow down the divorce?Generally, when one spouse “serves” divorce papers on the other spouse, the responding spouse must file a formal response, or “answer,” within a specific number of days. Then the court goes forward with scheduling the next steps in the divorce (such as mediation and/or hearings before the court). However, a federal law can change the normal court time schedule and deadlines if one party is on active duty. This law is the “Servicemembers Civil Relief Act,” or SCRA. The SCRA allows active-duty service members to request a “stay” (that is, to delay the proceedings) a divorce or other claims (such as spousal support, custody, child support, property division, and military division) if their duties prevent them from participating in or responding to the court action. (This is true for other types of non-criminal court cases, as well.) The initial “stay” is for at least 90 days. The court can grant extensions after 90 days, but one can’t postpone the divorce forever. The purpose of the “stay” is to delay the court action as long as the military member’s duties interfere with their participation. It is important to make a written request for this “stay,” if you need one. Go here to find a sample request and cover letter. Keep in mind that this is only a sample – to show you the types of information the court will need to decide your request. Each state has its own rules of court that may require a different format. Will the military give me a lawyer?Each branch of the military has legal assistance attorneys who are located on most bases. In general, these attorneys cannot represent you in your divorce, but they can be helpful. They can also: The spouse of a service member can also seek the help of a military legal assistance attorney at any base and from any branch of the service. Employing a civilian lawyer is the best course of action in most cases. If you are low income, you might qualify for legal help from a non-military legal aid organization. How is child support determined and collected?The amount of child support in a divorce is determined by state law. It is ordinarily based on the total entitlements (that is base pay, Basic Allowance for Housing, Basic Allowance for Subsistence, and any special pays) of the servicemember. Generally, once the amount of child support has been set by a court, only a court can change it. Changing the amount requires another court hearing or else the consent in writing of the other party, set out in a “consent order.” However, before a court has determined the amount of child support, you can get assistance directly from the military. Service members are required to provide adequate child support for their children. Each of the services (except the Air Force) has rules on how much the parent should pay. Contact the legal assistance attorney on base, or your spouse’s commanding officer, for help getting child support. Later, the court handling the divorce, or child support case, can make its own decision of how much support should be paid – based on the laws, rules and guidelines of that state. Courts usually follow the state’s child support guidelines to decide the child support amount. For military families, it’s important that the court understand the various elements of a service member’s pay. The court should also understand the potential for those amounts to change based on deployments, base transfers, and other factors. Generally, states provide for the direct payment of child support by “garnishment,” or wage assignment. If you have such an order, submit it promptly to the military pay center. For all armed forces except the Coast Guard, this is the Defense Finance and Accounting Service (DFAS). This order must meet specific requirements before DFAS will provide a “wage garnishment” (i.e. direct payments to the family). Merely submitting a copy of the divorce order may not work. The local JAG or military legal assistance attorney can explain how to do this so that the pay center will act on the order. Can I get health care coverage after my divorce?After a divorce, the non-military spouse has two possible options. If the former spouse has other insurance coverage, TRICARE will be the secondary payor. The private insurance must first pay the bill, and then TRICARE will be billed for any amount not yet covered. This is called the Continued Health Care Benefit Program (CHCBP).The former spouse who buys CHCBP may be covered for up to 36 months after the date of divorce if he or she was covered by TRICARE or TAMP (Transitional Assistance Management Program) on the day before the divorce from their military spouse. CHCBP coverage may extend to up to 48 months after the divorce if the former spouse satisfies the 20/20/15 rule. Thrift Savings Plan (TSP)Service members have the option to contribute to a Thrift Savings Plan during their active service. The TSP is a retirement savings plan, much like a 401(k) plan or an IRA. Many people overlook this asset when going through a divorce. This TSP can be divided between the parties. It can also be given to one party in exchange for some other asset. The service member’s TSP statement provides information about the current value of the TSP account. Survivor Benefit Plan (SBP)A service member can buy a death benefit, called the “Survivor Benefit Plan” (SBP), when they retire. The person named as the “beneficiary” of the Plan – usually a spouse or former spouse – will get ongoing payments after the service member dies. Without SBP coverage, the pension payments end when the service member dies. The court can require SBP coverage upon divorce. When electing SBP coverage, the service member chooses a “base amount.” This base amount can be as high as 100% of the member’s retired pay or any amount down to as low as $300. The Plan pays 55% of the selected “base amount” to the beneficiary. For those retiring from active duty the cost of SBP is 6.5% of the base amount; for Guard/Reserve retirees, it’s about 10% of the base. This premium is deducted from the member’s retired pay. There are two important points about SBP coverage for the former spouse: Deadlines for Notification• The deadline for receipt of an election by the service member is one year from the divorce. The retired pay center must receive the required form within this one year period. Military PensionsDealing with military pensions in a divorce is complicated. Get help from a lawyer who has experience with dividing military retired pay. Some people believe that you can’t get a share of a military pension if you’ve been married for less than 10 years. This is not true. The divorce court can give the non-military spouse whatever share of a military pension that it thinks is fair. The so-called “10-10 rule” refers to a rule that triggers garnishment of the pension for property division. Under this system, the retired pay center divides the monthly pension check, then sends the correct portion to each party. The “10-10 rule” means that you have been married for at least 10 years while the military spouse was on active duty (or doing “creditable service” in the Guard or Reserves). Where the “10-10 test” is not met but the court still awards division of the pension, the military spouse is responsible for making the monthly payments directly to the ex-spouse. If you are close to meeting the “10-10 rule,” you might want to slow down the process or ask your lawyer about delaying the divorce hearing. To get your pension-share check from the retired pay center (assuming that you meet the “10-10 rule”), you will need a court order that: What Complicates Military DivorceThere are special rules and requirements applicable to military divorces that do not apply in civil divorce proceedings. Essentially, there are two sets of regulations at work in a military divorce — state laws, which vary from one state to another, and federal military laws. Though both are clearly defined in terms of priorities, because military regulations are employed less frequently among the general population, you are likely to find them unfamiliar or confusing. Differences between civil and military divorces are evident in matters relating to compliance with support payments, service of process, residency or filing requirements, or the division of military pensions. To clarify — federal laws may determine which court has jurisdiction or how military pensions are divided, whereas state laws may determine how spousal support (alimony) is awarded. Because much of the final outcome of your military divorce depends on state law concerning property distribution, child custody, and child support issues, you need a savvy military divorce attorney to assist you in deciding where to file. Also, although all 50 states now permit no-fault divorce, if you are using grounds for divorce, they will differ from state to state. Military Divorces Can Take Place Outside the CourtroomAs long as the spouses agree on basic issues, which can be negotiated by their divorce attorneys, there is no need for courtroom appearances. The service member can waive his/her right to delay the process if on active duty and simply sign a waiver in front of a notary public that will be filed in court. Service members on active duty, however, may file papers to obtain a “stay” to postpone the proceedings. Residency Requirements for Military DivorceWhile civil jurisdiction is generally given to a court in the location the person filing divorce papers lives, many states have either lessened or completely eliminated residency requirements for military divorces, allowing military couples to file for divorce: Military Divorce Lawyer Free ConsultationWhen you need legal help with a military divorce, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.
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Rights Of Divorced Spouses In The Military Military Child Custody Attorney Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/military-divorce/ Review Following Termination1. At the conclusion of the hearing in which the court orders termination of the parent-child relationship, the court shall order that a review hearing be held within 90 days after the day on which the parent-child relationship is terminated, if the child has not been permanently placed. 2. The guardian ad litem shall make recommendations to the court, based on an independent investigation, for disposition meeting the best interests of the child. At that review hearing, the agency or individual vested with custody of the child shall report to the court regarding the plan for permanent placement of the child. Filing For Termination of ReightsThere is no court form available to terminate parental rights. You will need to draft the required pleading either on your own or with the assistance of a private attorney. Generally, Family Code section 7820 covers termination of parental rights. Your pleading should clearly request termination of parental rights based on one or more of the below, which ever and however many may apply, including reasons for such request: • Abandonment Your documents will be reviewed by the court before a hearing can be set or an ex parte is approved. If sufficient, a termination hearing will be set by the court. Remember, iof deficient, your documents will be sent back to you for further completion. Each state has laws stating specific grounds for the termination of parental rights, a process that ends the parent-child relationship from a legal standpoint. A termination of parental rights petition is brought to permanently end the legal rights of the natural parents of a child, thereby “freeing” the child for adoption. While states differ slightly on the exact grounds for termination, most statutes hinge on the consideration of a child’s best interests. For example, parents who are unable to provide a safe home, or who have been convicted of serious acts of child abuse, may have their parental rights terminated. Courts make a variety of decisions that affect children, including placement and custody determinations, safety and permanency planning, and proceedings for termination of parental rights. Whenever a court makes such a determination, it must weigh whether its decision will be in the best interests of the child. Most states consider a child’s best interests in termination proceedings. In some states, statutes use general language mandating that the child’s health and safety be paramount in all proceedings, while other states’ legislation lists specific factors that must be considered, such as the child’s age; the physical, mental, emotional and moral well-being; cultural and attachment issues; and the child’s reasonable preferences. Voluntary Termination of Parental RightsTypically, parents voluntarily terminate their rights when they wish to give the child up for adoption. Termination of parental rights may be voluntary or involuntary. When it comes to voluntary termination of parental rights, the process is quite difficult because children are generally seen to have a right to a parental relationship and, particularly, a right to receive financial support and care from both parents. Two common situations that often lead to requests to terminate parental rights include a parent who wishes to terminate his/her child support or financial obligation for the child; or a parent who desires to have the other parent completely out of their life. Reinstatement of Parental RightsWhen a court orders the termination of parental rights, the legal relationship between a parent and child ceases to exist. It is very rare and only occurs in especially serious cases, such as those involving child abuse or severe child neglect. And even though a parent may petition the court to voluntarily give up his or her parental rights, the main consideration is always the child’s best interests. Laws allowing reinstatement were drafted generally in response to older children who were aging out of foster care and wanted to re-establish family ties. Usually, reinstatement is available only on the condition that the child has not been permanently placed with a foster home within a given period of time. To understand how the laws of your state apply to your situation, contact a qualified family law attorney in your area. Depending on where you live, you may be able to have your parental rights reinstated after they have been terminated by a court. While all states have provisions in the law for the termination of parental rights, most states do not allow for the reinstatement of these rights. But even in states that allow reinstatement, parents must be able to show an extraordinary improvement in their ability to properly care for a child before a court will grant such a request. When a court orders the termination of parental rights, the legal relationship between a parent and child ceases to exist. It is very rare and only occurs in especially serious cases, such as those involving child abuse or severe child neglect. And even though a parent may petition the court to voluntarily give up his or her parental rights, the main consideration is always the child’s best interests. Laws allowing reinstatement were drafted generally in response to older children who were aging out of foster care and wanted to re-establish family ties. In states where this is available, a parent must file a petition with the court that originally terminated his or her parental rights. The court will determine whether the parent is fit to provide a safe and nurturing home for the child. Differences in State LawsMost states that allow for the reinstatement of parental rights require “clear and convincing” evidence that the parent is fit to care for their child. Nevada law has a much lower standard of proof (“preponderance of the evidence”), while North Carolina law even allows hearsay evidence in court proceedings if it is considered “relevant, reliable and necessary” to determine a child’s best interests. The qualifications for petitioning the court for reinstatement also vary from state to state. For instance, Alaska law restricts this remedy to only those who voluntarily relinquished their parental rights; Louisiana law allows children in foster care over the age of 15 to petition for reinstatement of their parents’ rights; and Washington law doesn’t specify who may or may not petition the court. Biological parents have a right to seek child visitation or child custody. This is true regardless of whether the child’s parents were married when the child was born. Like other child custody decisions, courts use the best interest of the child to decide disputed child visitation or custody cases involving unmarried fathers. Unless evidence indicates otherwise, courts making child visitation decisions presume that involvement of both parents benefits the child. The following is a summary of child custody and visitation rights for unmarried fathers, with information on establishing paternity and drafting parenting agreements. Establishing PaternityFathers who were not married when their child was born must legally establish paternity in order to gain access to father’s rights. Often, this simply means both parents signing and filing an acknowledgment of paternity with the appropriate state agency or court, either at the time of the child’s birth or afterward. In disputed paternity cases, a legal process including DNA testing will conclude with a court order stating whether the man in question is the child’s biological father. Once paternity is established, a father may pursue child visitation or other custody rights. Many states offer simultaneous filing for recognition of paternity and for visitation or custody rights. Child Visitation and Child Custody AgreementsEither before or after a legal process has begun, many parents negotiate a parenting agreement (also called a parenting plan). A parenting agreement can include a wide variety of details including which parent will have primary custody, specifics on the other parents’ visitation periods, particulars on which parent will make decisions regarding the child’s education, health care or religion, as well as procedures for the handling of potential changes to the arrangement. The visitation rights of unmarried fathers often depend on their relationship with the child, any history of child abuse, drug and alcohol use, and other such factors. For example, evidence of domestic violence or drug problems could be used to argue against a parent having custody or visitation with a child. While courts recognize visitation rights for unmarried fathers, it’s rare for fathers to win sole custody of a child already being raised by the mother. To do so, an unmarried father would likely need to show that the mother is unfit to raise the child and/or that he has been the child’s primary caregiver. Child visitation or shared custody rights, however, allow many unmarried fathers to play a consistent role in their children’s’ lives. Should arrangements need to change, the court can modify the child visitation or custody order, either after both parents agree to the change, or after one parent petitions the court to make the change. Some states allow parents to agree on modification to visitation arrangements without a courts approval; however, a modified updated court orders allow easier enforcement of agreed arrangements and is the best way to ensure visitation rights for unmarried fathers. Child Abuse Factors• Severe or chronic physical abuse of the child. Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
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Do You Have An Unhappy Marriage? Explaining The Child Custody Laws In Idaho Which Bankruptcy Is Reorganization? Are Estate Planning Fees Tax Deductible In Utah? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/utah-code-78a-6-512/ The quick answer is it depends on your tax bracket, but usually, if you itemize expenses, then yes, estate planning fees can be tax deductible. Estate TaxThe estate tax, sometimes called the death tax, is a tax levied on the estate of a person who has recently died. It applies to the money and assets in an estate before they are dispersed to a person’s designated heirs. Only estates that reach a legally defined threshold are subject to the estate tax. The inheritance tax is different from the estate tax. The inheritance tax applies to money after it has been passed on to beneficiaries, who are responsible for paying the tax. Utah does not levy an inheritance tax. However, inheritance laws from other states may apply to you if someone from a state with an inheritance tax leaves you something. Some states for instance, have inheritance laws that apply to out-of-state inheritors. Check local laws if you inherit money or property from someone living out of state. It’s always better to check than to find out later that you should have paid a tax bill and didn’t. Utah does not have a gift tax. There is a federal gift tax exclusion of $15,000 per receiver per year. If you gift one person more than $15,000 in a year, you must report it to the IRS. The gift in excess of $15,000 will reduce your lifetime exemption of $11.18 million and your federal estate tax exemption. Federal Estate TaxThough Utah has no estate tax, there is still a federal estate tax to think about. If your estate is large enough, the federal government may tax your estate after you die. There is an $11.18 million exemption for the federal estate tax. The exemption increased after President Trump signed the tax bill in 2017. The exemption is portable for married couples. This means that when both spouses die, they can protect up to $22.36 million in their estate with the right legal steps. Estate planning, like any type of financial planning, isn’t easy. Working with a financial advisor can make it easier. As you’re planning your estate, think about the end of your life as well. You may want to consider drafting a living will. A living will provides instructions for matters like medical care when you can no longer make decisions. Be sure to choose someone you trust to have power of attorney and make medical decisions on your behalf, if it comes to that. The cost of your estate plan varies with which documents you need and with the complexity of each document. These documents are the estate planner’s tools. A good estate planning attorney will recommend a combination of those tools and help you prepare a strategy to make the tools work together. Keep in mind that fees for estate planning are not just a function of the time your attorney spends drafting documents. Good estate planning attorneys use their skills, knowledge, and expertise to construct a holistic plan that will help you accomplish your unique estate planning goals. You will pay more for the work of a more experienced estate planning attorney who can provide a complex plan. If you do not need a complex plan, consider finding an attorney who focuses on plans for simpler estates. Types of Fees for Estate PlanningLawyers use different types of fees for different services, and the way you pay your attorney has a big impact on how much you will end up paying for your estate plan. Lawyers typically use one of three common rate structures –flat fees, the billable hour, or contingency fees. Flat FeesFlat fees are used when your attorney can quickly assess your needs and know what type of estate plan you require. Your estate planning attorney can look at your financial status, family situation, and any special considerations and know what planning tools you will need. For these common cases, your attorney may offer a flat fee arrangement that is, a firm price to complete all of your estate planning work. You may be asked to pay this amount, or part of this amount, before work begins. At Ascent Law, we typically charge $2,500 flat fee for a entire estate plan including a will, trust, power of attorney, and health car directive. A typical flat fee estate plan includes the most common estate planning tools such as: For plans that don’t fit into one of those common flat fee categories, your estate planning attorney will likely charge an hourly rate for the time they spend thinking about, working on, and meeting with you about your case. When charging an hourly fee, your attorney may ask you to provide a retainer before starting work on your case. A retainer is a prepayment of fees that the attorney will draw from as they work on your case. Retainer policies vary among attorneys and law firms. Your attorney may ask for a retainer of the entire expected cost of creating your estate plan. Or, your attorney may ask for just a portion of that amount (maybe one-half) and then bill you for the rest later. Estate planning attorneys often use a billable hour if they anticipate your estate plan will require extra sophistication in planning or time coordinating with other professionals (for example, your financial planner). If your attorney cannot confidently predict the cost of your estate plan, they will charge an hourly rate that reflects their knowledge and expertise in the estate planning field. Location also factors into your attorney’s hourly rate. Generally, attorneys in metropolitan areas charge higher hourly rates than attorneys in less populated areas. Hourly rates also vary from state to state. Contingency FeesEstate planning attorneys typically do not use contingency fees. Contingency fee arrangements work best in cases where your attorney is trying to win you money in a lawsuit or settlement. For example, you agree to pay the attorney a portion (typically one-third) of whatever the attorney can get for you. If you get $15,000 in a settlement negotiated by your attorney, you would pay $5,000. Because estate planning isn’t adversarial, you’re not fighting another person; contingency fees don’t make sense. However, probate attorneys might use a form of contingency fee for helping you settle an estate. Get It In WritingNo matter which type of fee arrangement your attorney uses, make sure you get it in writing! Your attorney should offer you an engagement letter that details: A final factor that contributes to the cost of your estate plan is who actually performs the work. This can vary depending upon the type of lawyer or law firm you hire. If you hire a solo attorney or a small firm, your attorney typically handles much of the work on your case and will charge you their hourly rate for all the work. If you hire an attorney from a larger law firm, your attorney will typically delegate some tasks to junior attorneys, paralegals, or other staff. This is particularly true if common, formulaic documents fit your estate plan’s needs. This division of labor isn’t necessarily a bad thing for you. Junior attorneys, paralegals, and staff have hourly rates much lower than the experienced senior attorney who conducted your first meeting. Having staff complete tasks under the supervision of that senior attorney saves you money while also allowing you to take advantage of that senior attorney’s experience and knowledge. Knowing what goes into the cost of an estate plan, the question remains “So, how much?” As the above paragraphs reflect, the costs can vary widely. Some attorneys may prepare a simple will or power of attorney for as little as $150 or $200. On average, experienced attorneys may charge $250 or $350 per hour to prepare more sophisticated estate plans. You could spend several thousand dollars to work with such an attorney. According to the IRS, legal fees for estate tax planning services may be tax deductible if they are incurred for one of the following purposes: Income Taxes and Estate TaxesWhile everyone is required to file a tax return with the IRS each year, only about 0.1% to 0.2% of estates are valued high enough to be subject to an inheritance tax when an individual passes away. As of 2017, individual estates with less than $5.49 million are exempt from estate taxes. Joint estates are allowed up to $11 million in assets before they are subject to the tax. The estate tax may be as high as 40%, but the average percentage is usually closer to 17%. Your attorney will provide an array of services in the course of constructing and managing your estate. As stated previously, some of these services are tax-deductible, and some are not. To itemize qualified legal expenses as miscellaneous deductions, your attorney will need to distinguish in the invoice what portion of their services is tax-related. For example, your attorney could state that 25% of their fees were for your will (non-deductible), and the remaining 75% were for income and estate tax planning. The actual percentage of your bill that is ultimately tax-deductible will vary from case to case, but it’s common for 60% to 75% of estate planning legal fees to be deductible. Keep in mind that qualified deductions are subject to the 2% miscellaneous deduction rule. Once the total deduction is calculated, the IRS will subtract 2% of your adjusted gross income (AGI) from the final figure. For example, if your miscellaneous deductions amount to 5% of your adjusted gross income, the IRS will deduct 2%, and allow you to deduct the remaining 3% from your taxable income. Many estate planning attorneys already bill separately for tax-deductible services, but it’s still a good idea to address the topic with your attorney early in the process. The best time to discuss it would be in your initial consultation, while you are evaluating the potential fit with this particular attorney. In addition to addressing the billing practices, consider asking the attorney some of the following questions to get a feel for their process. How Often Do You Hold Account Reviews?The legislative landscape is liable to change over time, and chances are your situation and goals will change over the years, too. If your estate plan is simple and your personal situation doesn’t merit changes, then you should reassess your planning documents every 3–5 years. However, a good attorney should check in with you annually even if it’s just by phone or email to review your plan and address the need for any adjustments. Depending on your situation, your attorney may advise you to establish a trust as part of your estate plan. Many estate planning attorneys have an assistant or small department to assist you in transferring assets to the trust, but not all attorneys do. At a minimum, they should be able to provide you with detailed, written instructions on how to transfer assets to the trust. The process can be complex and overwhelming, though, so it’s best if they can actually help you through the process. As the executor of an estate, settling the estate’s tax liabilities is a primary responsibility. For larger estates federal estate taxes come into play. Accounting for specific types of expenses and taking advantage of allowable deductions can reduce the estate tax burden. Outstanding Debts Left by the DeceasedBefore distributing assets to heirs, the estate should pay any valid debts left by the deceased. The probate process generally establishes what debts the estate owes. The probate process varies by state, so be sure to check with a lawyer if you have questions. Executors typically use estate funds or proceeds from the sale of assets to pay outstanding debts and administrative expenses. However, if the decedent had a Trust, there may be language allowing Trust funds to be used particularly for the payment of Estate taxes and administrative expenses. Note-creditors have different deadlines to submit a claim to the Executor as determined by state law. What expenses might qualify for the deduction?We won’t get into all the analysis about itemized versus above-the-line deductions, but will instead focus on categories of deductible expenses. They include: Free Initial Consultation with LawyerIt’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!
Ascent Law LLC
8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506
Ascent Law LLC
The post Are Estate Planning Fees Tax Deductible In Utah? first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Do You Have An Unhappy Marriage? Which Bankruptcy Is Right For Me? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/are-estate-planning-fees-tax-deductible-in-utah/ Marriage isn’t easy, even for the people you think have everything figured out. An unhappy marriage is when one or both spouses feel like being married is a chore rather than something they look forward to. Maybe their marriage started strong, but now they’ve drifted apart. Problems that were once small or trivial have spiraled out of control they don’t talk, they don’t show affection, and they’re just going through the motions. All they know is things aren’t good, and they aren’t even sure if they are still in love. Knowing how to recognize the signs of an unhappy marriage is the first step in making sure your relationship doesn’t go down a similar path. • Your partner isn’t willing to get help: The ability to have a healthy relationship requires two people, not one. You may want the relationship to work, but one clear sign that your relationship is in trouble is when your partner isn’t willing to get help or work on resolving the issues as a team. • You both are not physically comfortable with one another: You are dealing with the emotional effects of a sexless marriage. Gone are the days when you used to express your love for each other without any inhibitions. You used to hold hands, kiss each other and cuddle. But now, you will notice that you both are not physically comfortable around each other. The idea of having sex with your partner makes you feel awkward and vice versa because your marriage has turned into a loveless marriage and as a result, into a sexless marriage. Intimacy has become so rare in your married life that you fail to connect with your spouse any more. However, you should know that lack of intimacy in your relationship is not just affecting your marriage, but your mental health too. 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 Do You Have An Unhappy Marriage? first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
How Do I Reconnect With My Husband During Separation? Estate Tax And Estate Planning Attorney Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/do-you-have-an-unhappy-marriage/ A title loan is a short-term, high-interest loan that requires your car as collateral to borrow money. If you don’t have great credit and need to take out a loan, you might be scouring places that will accept your low credit score or sparse credit history. Title loan lenders don’t usually check your credit history, but there are other barriers you might face. A title loan is a secured loan that lets borrowers use their vehicle as collateral. Since your car secures the loan repayment, the lender can repossess your car if you don’t repay the loan on time. Title loans are usually short-term, high-interest loans that have few requirements, meaning if you have poor credit, you’ll still have an opportunity to qualify. Many times, credit scores and histories aren’t considered at all. How Do Title Loans Work?You can apply for a title loan through a lender that offers one as long as you own your vehicle outright and have a lien-free car title. During your application, you’ll need to show your lender your car, proof of ownership (your car title) and your license. If approved, you’ll hand over your car title in exchange for the loan. While the lender determines your loan terms, title loans typically have terms of 30 days, similar to payday loans. This means you’ll make one lump-sum payment at the end of your loan period. You’re required to make payments on the amount you borrowed, plus any interest and fees. Most lenders charge a monthly fee of 25% of the loan amount, which translates to an annual percentage rate (APR) of at least 300%. This is where title loans can become a headache. If you don’t repay your loan on time, you can lose your car because it serves as the collateral. So if you do choose to take out a title loan, be sure to pay on time so you don’t risk losing your asset. How Much You Can Borrow With a Title LoanYour loan limit is anywhere from 25% to 50% of the total value of the car, and the lender will examine your car to determine its worth. Some loans are as low as $100 while others are upwards of $10,000 or more. When Should You Get a Title Loan?According to the Consumer Financial Protection Bureau (CFPB), 20% of car title loan borrowers have their car seized when they can’t repay their loan back in full. Car title loan lenders make the majority of their business off of borrowers who continually take out new loans to cover their old ones. More than half of auto title loans become long-term debt and more than four-in-five auto loans are re-borrowed because borrowers can’t pay them off in full with one single payment. Because of this, you should look toward alternative financing methods before taking out a title loan. Alternative payday loans from credit unions, personal loans from online lenders, credit cards and even borrowing money from friends and family are all better options than potentially losing your vehicle. Pros and Cons of Title LoansBefore you take out a title loan, review the pros and cons first. This can help you determine if it’s the right move for you. Pros of Title Loans• No credit check: Most title loans don’t require a credit check. This is good news if you need to borrow cash, have exhausted every other option available and don’t have great credit to qualify for a traditional loan. • Quick approval and access to funds: Since there’s no credit check, it only takes a few minutes for lenders to review your application and vehicle. Once approved, you can receive funds almost immediately, or within a couple of days. Title Loan AlternativesAlmost every option available is most likely better than a title loan. Here are a few to explore if you’re in a tight spot and need the money. Payday Alternative LoansPayday alternative loans are small-dollar loans offered by federal credit unions (not all credit unions are federal). They’re similar to title loans, but don’t require collateral. These loans offer small amounts but have friendlier repayment terms, like making affordable monthly payments over the course of a few months. You can borrow anywhere from $200 to $1,000, plus interest rates at federal credit unions are typically capped at 18%. What’s more, credit unions tend to work with borrowers who don’t have great credit to find a solution that’s best for them. However, you must be a member of a credit union to get a payday alternative loan. Personal LoansPersonal loans usually are unsecured loans you can take out from a bank, credit union or online lender. You can use them for nearly anything you need and many offer fund disbursement as soon as the same day you’re approved. Even with poor credit, you might qualify for a personal loan. While personal loans charge interest, rates typically top out around 36%, significantly lower than a title loan. However, you’ll only receive the maximum rate on a personal loan if you have poor or damaged credit. Borrowers with good credit can qualify for rates below 10%. Lastly, repayment terms vary from two to seven years, letting you make affordable monthly payments until your loan is paid off. Credit CardsWhen you apply for a credit card, you’re approved up to a certain credit limit, which you can use on an as-needed basis. You’re expected to repay your balance typically every 30 days, and you can reuse your available limit as you repay it. Any unpaid balances will begin to accrue interest; however, credit cards have much lower interest than title loans. If you can afford to repay your balance monthly, you’re essentially borrowing an interest-free loan. Some cards even offer no-interest financing periods for an extended period of time, like the first 12 months of your card ownership. Using an offer like this is a handy way to capitalize on inexpensive financing. Friends and Family
How To Get Out Of A Car Title LoanIf you already have a car title loan, it’s probably costing you a lot of money. But there are ways to get out of this type of loan, whether you negotiate the terms or take out a new, more affordable loan. Pay off the loanDepending on your financial situation, paying off the car title loan might not be possible but it does put the brakes on the borrowing cycle. First, contact the title loan lender and ask for the payoff amount. Then figure out where you can get the money to pay off the loan. Consider using these methods: Consider Debt SettlementIf you can’t afford the whole payoff amount, figure out what you can afford to pay as a lump sum. The lender may be willing to accept a lower amount, especially if you’ve already missed several payments. This method is called debt settlement. Once you agree to an amount, get the details in writing and make sure both parties sign the document so the lender can’t demand more money later. The downside is that your credit may take a hit. Although you’ve paid off the debt, it was for less than originally agreed upon. The lender may report the account to the credit bureaus as “settled.” This type of derogatory mark can remain on your credit reports for up to seven years. This may lower your credit score — but you won’t have to worry about being indebted to a title lender. Negotiate The Loan TermsInstead of settling the debt, you could negotiate more affordable loan terms. Ask for a lower interest rate, a lower monthly payment, a longer loan term or a combination of all three. Make sure you can afford the new terms, and get all details in writing. Keeping your account in good standing at affordable terms will help you pay off the debt and keep your credit healthy. You may choose to stop paying the title loan altogether, but consider the consequences of default. The lender will report missed payments to the credit bureaus and may eventually send your unpaid debt to collections. Both derogatory marks can remain on your credit reports for up to seven years and can negatively impact your credit scores. The lender may also repossess your vehicle. Some lenders require that borrowers install a GPS device on the car when they take out the loan. So if you default and try to hide the car, the lender can use the GPS to locate it and may charge you an extra fee. That leaves you with even less money, damaged credit and no transportation. In most states, lenders must tell you before they repossess your car. If you receive this notice, contact the lender immediately and try to negotiate with the lender or refinance the loan. Refinancing A Car Title LoanAnother option is to apply for a new, lower-cost loan and use the funds to pay off the title loan. You’ll have to be sure you qualify for the new loan and check the loan terms to make sure it’s affordable. The new loan should come with a low fixed interest rate, lower monthly payments and enough time to repay the money. Look at different banks and credit unions for an auto loan or a personal loan. Also check your credit cards to see if you can take out a cash advance. If you can’t find affordable terms, try asking a friend or family member to either co-sign the loan or lend you the money. As long as the loan comes with better terms, it will be less expensive than constantly rolling your title loan over. And once you pay off the title loan, you’ll also get your title back. Car title loans can also lead to a cycle of debt, the CFPB found. A vast majority of single-payment loan borrowers renew their car title loans multiple times, incurring fees each time. Just 12% of single-payment borrowers repay without renewing the loan, according to the CFPB. One-third of the remaining borrowers renewed their loans seven or more times. For a $1,000 loan, that would mean at least $1,750 in fees alone. The lender doesn’t report your payments to the credit bureaus, so paying the loan does not build credit. If you don’t pay, the lender likely won’t send you to collections, hurting your credit — it can simply repossess your car to satisfy the debt. Car Title Loan AlternativesThere are quick-cash options that cost you less and are less risky than a car title loan. Can Title Loans Impact Your Credit?Title loans may not have any impact on your credit at all, since lenders don’t typically run your credit information or report your payments to the credit bureaus. That means on-time payments toward your title loan balance won’t help you build credit or improve your credit scores. If you fall behind on your title loan, however, you can still face major consequences. Even if it’s not reported to your credit file, you’ll likely be charged late fees and your car could be repossessed and sold. Once you’re behind on payments, the lender may offer to “roll over” your debt into a new loan as a solution, but this means paying more fees and interest, which makes it harder and harder to repay your full balance. Title Loan Protections for Military MembersPredatory lenders, including car title lenders, often target their loans products at military service members. But if you’re an active service member, you and certain members of your family could have special legal protections as a result of the Military Lending Act (MLA). The MLA restricts high-risk terms for certain kinds of financing, including title loans. If your lender has violated the MLA, your title loan could be rendered void. Here are some prohibited practices to look out for: Steer Clear of Predatory LendersLike paydays loans, title loans may seem like one of the only ways to get cash when you have credit problems. But even if you’re in a pinch, it’s important to explore all of your options before agreeing to put your car on the line. It’s still possible to get a traditional personal loan even if you have bad credit. As more alternatives to bank and credit unions continue to enter the marketplace, your options are growing year by year. These alternatives include online lenders and peer-to-peer lending platforms, which often are more accepting of those with lower credit scores and have many advantages over auto title loans. Instead of relying mainly on your credit report, scores and income information to make a lending decision, lenders may use alternative credit data to help determine your creditworthiness, which could help you qualify for better terms or a lower interest rate. To avoid relying on predatory loans in the future, start working on your credit today. Along with paying bills on time and keeping your credit card balances low, you can use free credit monitoring to get familiar with what’s in your credit file. Monitoring your report and score can help you identify areas for improvement and start building toward better credit right away. Title Loan LawyerWhen you need a lawyer for a title loan, 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 Title Loans first appeared on Michael Anderson.
4.9 stars – based on 67 reviews
Inside And Outside LLC Liability Do You Have An Unhappy Marriage? Ascent Law St. George Utah OfficeAscent Law Ogden Utah Officevia Michael Anderson https://www.ascentlawfirm.com/title-loans/ |
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