Utah Divorce Code 30-3-10.7

30-3-10.7. Parenting plan–Definitions

Parenting Plan

A parenting plan is a child custody plan that is negotiated by parents, and which may be included in a marital separation agreement or final decree of divorce. Especially when a separation is acrimonious to begin with, specific agreements about who will discharge these responsibilities and when and how they are to be discharged can reduce the need for litigation. Avoiding litigation spares parties not only the financial and emotional costs of litigation but the uncertainty of how favorable or unfavorable a court’s after-the-fact decision will be. Moreover, the agreement itself can authorize the employment of dispute-resolution methods, such as arbitration and mediation that may be less costly than litigation. When parents separate or divorce, how the children will be cared for becomes an issue. The legal term “parenting plan” refers to a written plan that states with whom the children will primarily live, a definitive schedule for visiting with the other parent, who will make major decisions regarding the children’s lives, and other important issues.

A parenting plan may be agreed upon by the parents, though it is still a good idea to put it in writing and submit it to the court to be made an order. When parents cannot agree, the court may order them to work with a mediator to come up with a parenting plan that is in the best interests of the children. If the parents still cannot agree, the court often takes the recommendation of the mediator and makes it a Child Custody and Visitation Order. To explore this concept, consider the following parenting plan definition. Parenting plans are written instructions regarding how parents will raise their children. They set out specific information regarding the children. While parenting plans may be informal in nature and be an agreed-upon set of rules for the children, parenting plans are usually more formal. They may be admitted to the court for approval during a divorce or child custody case. A joint custody parenting plan, sometimes referred to as a “custody agreement,” or “parenting agreement,” provides a road map to caring for the couple’s children when they separate or divorce. Having a written plan that addresses how the children’s time will be shared with each parent, how such issues as schooling, religion, and daycare will be dealt with, and even such minute details as which parent will pick up or deliver the children for visitation, helps avoid conflict in the future. A joint custody parenting plan helps the parents work together and reduces conflict, which then sets a good example and a feeling of stability for the children. In most jurisdictions, an approved parenting plan is required before a court will finalize issues related to custody or divorce.

How Parenting Plans Are Submitted

Parenting plans may be agreed upon by the parents. This may be through their independent consultation, through an agreement reached in mediation or an agreement negotiated by their family law lawyers. Some states mandate that all divorce cases involving children have parenting plans associated with them. If the parents cannot agree, the court may determine what is in the best interest of the children and may create a parenting plan that must be followed by the parents.

Why Parenting Plans Are Preferred

Children specialists have long cited more positive effects when divorcing parents work together. A cooperative spirit can make a tremendous difference in the lives of the family. Additionally, when parents help create the plan; they are less likely to follow up with the court with later cases involving the agreement. This helps save time for the court and maximizes family harmony.

How a Parenting Plan is Created

If the parents can work together, they can sit down and work out the details of a joint custody parenting plan that will be acceptable to the court. The parents should begin by creating an outline of the important issues, filling in the details of each issue afterward. If either parent is represented by an attorney, they may be able to obtain a sample parenting plan to give them a road map to creating their own.

Court-Ordered Mediation

Often times, the issues of divorce and child custody create hot emotions that make it difficult for parents to develop a custody agreement on their own. In such a case, the court will get involved. In most jurisdictions, the parents are required to work with a neutral third party, usually in court-ordered mediation. Each parent provides to the mediator a written proposal for child custody and visitation. The mediator reviews the facts of the divorce and separation, reviews the parents’ statements, and meets separately with the children who are old enough to be interviewed. The mediator finally meets with the parents together, in an attempt to help them reach an agreement. If there is a problem with the parents meeting together, such as allegations of spousal abuse, or there is a protective order in place, the mediator will meet with the parents separately. When the parents still cannot agree, the mediator provides a recommendation for child custody and visitation to the judge, which is most often made into a legally binding and enforceable court order. In the event the parents create a parenting plan, but do not submit it to the court to become an order, it may be unenforceable in the event one parent violates the agreement.

What a Parenting Plan Includes

A parenting plan includes guidelines for the living arrangements and visitation schedules for the children, as well as how a host of other issues will be handled by the parents. There is not a specific set of issues that must be covered in a parenting plan set by law, though in most jurisdictions, the courts have come up with a plan that includes all of the issues that commonly come before them. The most commonly a parenting plan includes:
• Contact Information – the full address and phone number where each parent can be reached by the other, as well as the address at which the children will be housed with each parent.
• Visitation Schedule – the amount of parenting time allotted to each parent, and a schedule of that time
• Holiday and School Break Schedule – which holidays and school breaks each parent will have with the children
• Out of State Travel – whether out of state travel is allowed without permission from the court, and the details of how it will be handled
• Transportation – which parent will be responsible for transporting the children between parental exchanges
• Health Insurance and Healthcare Expenses – which parent is responsible for providing health insurance, and how healthcare not covered by insurance will be paid for
• Notification of Parental Move – how each parent must be notified if the other parents moves to a new home
• Education – which parent will make important decisions regarding education, religious upbringing, daycare, extracurricular activities, and other issues
• Payment for Extracurricular Activities – how the parents will pay for the children’s extracurricular activities
• Child Support – support payments are often dealt with in a separate agreement, but may be included in a parenting plan
• Tax Deductions – which parent will claim the children as dependents on their taxes
The needs of the family often dictate just what is included in the plan, but it is wise make the plan overly-inclusive, rather than to leave things out. Even with a court-ordered child custody agreement, the parents may make adjustments as needed, as long as they both agree. The exact nature of the custody order only comes into play when there is conflict – so having a parenting plan with holes in it is likely to land the parents back in court.

Finalizing a Parenting Plan

In most jurisdictions, when a parenting plan is submitted to the court for approval, a hearing is held. During the hearing, the judge will verify that both parents understand the information as presented in the plan, and whether each chooses to voluntarily sign it. This is done to ensure the judge is satisfied that the agreement was made in a fair manner, and that both parties understand the implications of the plan and what it entails. In the event one or both parents are not willing to approve a plan resulting from court-ordered mediation, the parties will have an opportunity to state their case. In finalizing a parenting plan, the judge will make an order based on what is in the best interests of the children.

Long Distance Parenting Plan

It is not uncommon for parents to live in separate cities, or even separate states, making it necessary to come up with a long distance parenting plan for custody and visitation of their children. A long distance parenting plan contains all of the elements of a standard parenting plan, with the addition of specifics of how the long distance nature of the custody and visitation will be handled. Some important elements to include in a long distance parenting plan include:

Communication Plan

Provisions for how the children will stay in frequent contact with the non-custodial parent should be included. These may include allowing the children unlimited an unmonitored email, phone, and video chat communication with the other parent.

Visitation Schedule

Because weekly visitation is not possible in a long distance parenting relationship, the visitation schedule should include regular visits over holidays and vacation time, as well as any other times that are convenient for the parents. This visitation schedule should be described specifically in legal terms.

Transportation

Provisions for how the children will travel to visit the non-custodial parent, and how they will return, should be specified. This should include details for airline and driving transportation, such as:
• Whether the children will take a direct flight (until a specified age)
• Specifying which airports the children can fly into and out of
• Specifying which parent will make flight arrangements
• Specifying which parent will be responsible for driving the children for visitation
• Specifying how travel expenses will be paid for

Parenting Plan Modifications

Parenting plans are based on the needs of the children and family at the time the plan is made. It is common for the family to need to make modifications to a parenting plan, as the needs of the family change. Parenting plan modifications may be agreed to by the parents, but must be placed in writing and approved by the court in order to create a legally binding agreement. If the parents cannot agree, one may file a motion for parenting plan modifications with the court, specifying what changes are being requested, and the reason behind those changes. During a hearing on the matter, both parents will have an opportunity to present their arguments to the court before the judge makes a decision. In cases in which there is serious conflict as to the modifications to a parenting plan, the judge often orders the parents back to mediation, and that process starts all over again.

Frequent and Continuing Contact

One of the primary purposes of a parenting plan, or “custody order,” is to ensure the children have frequent and continuing contact with both parents. This means that the children spend an adequate amount of quality time with each parent, and that the lines of communication between the children and each parent are always open. This is so important to the healthy emotional development of the children that courts often give primary physical custody to the parent most likely to encourage frequent and continuing contact with the other parent.

Violating a Parenting Plan

When a parenting plan becomes an order of the court, it becomes legally binding and enforceable. Both parents are obligated to follow the provisions of the custody order or face legal consequences. In the event a parent feels the other is seriously violating a parenting plan, such as refusing to return a child to his primary residence, police can be called. However, police can only enforce an agreement that is an order of the court, and the reporting parent will need to show them the order. In the event one parent continually violates a custody order, the other parent can file a petition with the court to have him or her held in contempt of court. If the judge then finds the accused parent guilty of violating the plan, he may modify the custody order to benefit the other parent, and to protect the children from such non-cooperation.

Parental Alienation

It is not uncommon for angry parents to try to sway their children to their “side,” or to turn the children against the other parent. When a parent attempts to coerce a child into thinking the other parent is a bad person, or at fault for the divorce, it causes serious damage to the parent-child relationship, and inflicts emotional distress on the child. This behavior is known as “parental alienation.” In severe cases, children have been so brainwashed by one parent that they have refused to see or speak to the other parent. While parental alienation occurs because one or both parents have feelings of anger and emotional pain because of the failed relationship, their inability to separate those feelings from parenting their children causes lasting, sometimes irreparable harm to the children. It is for this reason that the courts take parental alienation very seriously. While some judges will order the parents and child to participate in counseling to resolve an issue of parental alienation, the issue remains of whether the child will be forced to spend time with a parent he hates or fears. Other judges are quick to respond to proven cases of parental alienation, removing custody of the child from the alienating parent, and placing him with the parent seen to encourage the child to have a relationship with both parents. Parenting plans tend to be much more detailed than traditional standard custody or visitation orders. This is because they are based on the specific circumstances, preferences and lifestyles of the parties involved and their children. A well-structured document can create clear guidelines for how parenting will be conducted even when the parties live in separate households. These plans can establish important guidelines without creating unnecessary restrictions on daily life. Parents are motivated to do what is best for their children and a parenting plan maintains this focus.

Utah Divorce Attorney

When you need legal help from a Utah Divorce Attorney, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

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Debt Restructuring

Debt restructuring is a process wherein a company or an entity experiencing financial distress and liquidity problems refinances its existing debt obligations in order to gain more flexibility in the short term and make their debt load more manageable overall.

Reason for Debt Restructuring

A company that is considering debt restructuring is likely experiencing financial difficulties that cannot be easily resolved. Under such circumstances, the company faces limited options – such as restructuring its debts or filing for bankruptcy. Restructuring existing debts is obviously preferable and more cost-effective in the long term, as opposed to filing for bankruptcy.

How to Achieve Debt Restructuring

Companies can achieve debt restructuring by entering into direct negotiations with creditors to reorganize the terms of their debt payments. Debt restructuring is sometimes imposed upon a company by its creditors if it cannot make its scheduled debt payments. Here are some ways that it can be achieved:

• Debt for Equity Swap: Creditors may agree to forgo a certain amount of outstanding debt in exchange for equity in the company. This usually happens in the case of companies with a large base of assets and liabilities, where forcing the company into bankruptcy would create little value for the creditors. It is deemed beneficial to let the company continue to operate as a going concern and allow the creditors to be involved in its operations. This can mean that the original shareholder base will have a significantly diluted or diminished stake in the company.

• Bondholder Haircuts: Companies with outstanding bonds can negotiate with its bondholders to offer repayment at a “discounted” level. This can be achieved by reducing or omitting interest or principal payments.

• Informal Debt Repayment Agreements: Companies that are restructuring debt can ask for lenient repayment terms and even ask to be allowed to write off some portions of their debt. This can be done by reaching out to the creditors directly and negotiating new terms of repayment. This is a more affordable method than involving a third-party mediator and can be achieved if both parties involved are keen to reach a feasible agreement.

Debt Restructuring vs. Bankruptcy

Debt restructuring usually involves direct negotiations between a company and its creditors. The restructuring can be initiated by the company or, in some cases, be enforced by its creditors. On the other hand, bankruptcy is essentially a process through which a company that is facing financial difficulty is able to defer payments to creditors through a legally enforced pause. After declaring bankruptcy, the company in question will work with its creditors and the court to come up with a repayment plan. In case the company is not able to honour the terms of the repayment plan, it must liquidate itself in order to repay its creditors. The repayment terms are then decided by the court.

Debt Restructuring vs. Debt Refinancing

Debt restructuring is distinct from debt refinancing. The former requires debt reduction and an extension to the repayment plan. On the other hand, debt refinancing is merely the replacement of an old debt with a newer debt, usually with slightly different terms, such as a lower interest rate.

How Debt Restructuring Works

Some companies seek to restructure debts when they’re facing bankruptcy. They might have several loans are structured in such a way that some are subordinate in priority to other loans. The senior debt holders would be paid before the lenders of subordinated debts if the company were to go into bankruptcy. Creditors are sometimes willing to alter these and other terms to avoid dealing with a potential bankruptcy or default. The debt restructuring process is typically carried out by reducing the interest rates on loans, by extending the dates when the company’s liabilities are due to be paid, or both. These steps improve the firm’s chances of paying back the obligations. Creditors understand that they would receive even less should the company be forced into bankruptcy and/or liquidation. Restructuring debt can be a win-win for both entities. The business avoids bankruptcy and the lenders typically receive more than what they would through a bankruptcy proceeding. Individuals can restructure their debts in various ways as well, but be sure to check the credentials and reputation of any debt relief service you’re considering with your state’s attorney general or consumer protection agency because not all are reputable.

• The creditor company should prepare a roadmap for the process. The strategy should include the expected time necessary to recover the debts, the terms of loan repayment, and watching the financial performance of the debtor.

• The decision of the financial institution regarding it depends on whether the debtor has invested in the company, holds shares with the company, or is a subsidiary of the company.

• If there is conflict within the company’s board of directors regarding the process, then it is advisable to ask for help from a third party. However, third party mediation should not be necessary if the debtor is a subsidiary of the company.

• Making a cash flow projection is also important to the process. It is advisable not to include uncertain cash flow estimates in the plan.

• The debtor’s financial situation should also be considered, when making a plan. The debtor’s ability to repay the loan depends on the financial management, so the financial company needs to look into the debtor’s roadmap for repaying loans. If the debtor is another company, then changing the key people associated with it, like the director, board of directors or chairperson might help.

Debt Consolidation

A debt consolidation is not a loan but rather the process of restructuring a debt to be repaid over three to five years. To file for a consolidation, a debtor must have a consistent source of income. A debtor’s income and their amount of debt will determine their owed monthly payment. A debt consolidation can cut the total amount of debt owed, which in turn eliminates additional interest.

In a debt consolidation, the courts organize a person’s debts into three categories:

• Secured debts: Debts with collateral such as a car loan or mortgage

• Priority debts: Debts designated by the bankruptcy code as a high-priority debt payment, including some tax debts, spousal support and child support payments

• Non-priority debts: Payday loans, credit cards, medical debts and other debts without collateral

Advantages Of Debt Management Over Debt Restructuring.

• No new loans: Because a debt management program does not involve taking out a new loan, it may be easier to protect your credit score.
• Less cost: While debt restructuring deals can be quite costly, the cost of a debt management program with ACCC is minimal as a non-profit; we’re committed to keeping our fees as low as possible.
• Debt Consolidation is the process that allows borrowers to refinance and/or turn multiple smaller (high-interest rate) loans into one single loan. “This makes it more convenient for borrowers to pay off their loan in a shorter amount of time and if it’s a lower interest rate, then also with lower monthly payments,”.
• Debt Restructuring is the process in which a debtor and creditor agree on an amount that the borrower can pay back. “The debtor then works with a credit counsellor to speak with creditors in an attempt to get out of the debt owed.”

There are many reasons why a company may become financially distressed. Once it reaches a point of insolvency, however, management may consider a restructuring of the company’s financial obligations in order to restore the company back to financial health. The restructuring could proceed informally, through a consensual restructuring, or through of a court-supervised reorganization under chapter 11 of the Bankruptcy Code. In most instances, the distressed company should first attempt to negotiate a consensual restructuring of its major obligations.

Out-of-Court Restructuring

An out-of-court restructuring or “workout” is a non-judicial process through which a financially troubled company and its significant creditors reach an agreement for adjusting the company’s obligations. A successful workout generally requires the participation of the company’s lenders, major suppliers, and depending on the circumstances, other organizations or entities such as unions or governmental agencies. Identifying and agreeing on the source of the company’s problems and the potential solutions may take time. Indeed, it is not uncommon for the company’s management to hold a different impression of the company’s financial problems than the one held by the company’s creditors. Any restructuring entails substantial demands on the time of the company’s management. In a workout, management must focus primarily on devising a viable restructuring plan and preparing a business plan and supporting projections, which likely will need to be presented to creditors.

Management also will be involved in negotiating the terms of the agreed restructuring plan and, further down the line, on implementing such plan. When successful, a consensual out-of-court restructuring signifies a willingness by the company’s creditors to work with the company to solve its financial problems. It similarly reflects a judgment by knowledgeable parties that the company can be put on sound footing outside of bankruptcy. More importantly is the fact that a workout can usually be accomplished more quickly than a chapter 11 restructuring. One factor that strongly influences the extent to which creditors are willing to compromise out of court is the company’s ability to commence an in-court bankruptcy proceeding. Because workouts must be viewed against the backdrop of a potential bankruptcy filing, each interested party is compelled to evaluate whether an out-of-court restructuring is more favourable than the likely outcome in a bankruptcy case. Creditors and equity holders must keep in mind that, if a bankruptcy case is filed, they generally lose some bargaining strength, as they become subject to the authority of the bankruptcy court and the provisions of the Bankruptcy Code allowing non-consensual modification of claims and interests. Many times, it is the company’s ultimate threat of filing for bankruptcy that forces the parties to an agreement.

In-Court Restructuring

Unlike the consensual out-of-court restructuring process, chapter 11 forces all creditors and equity interest holders into a public, court-supervised forum that must proceed according to an intricate set of rules under the Bankruptcy Code. By way of example, any activity of a company in bankruptcy that is not in the ordinary course of business or any settlement by a company with its creditors must be approved by the bankruptcy court, after notice to all interested parties. One or more of the interested parties, whether they are not a party to the transaction itself has the opportunity to challenge the proposed initiative or settlement. During a bankruptcy reorganization under chapter 11, the company normally continues to run its business as a debtor-in-possession. However, the management may owe fiduciary duties to the company’s creditors, once the company becomes insolvent and proceeds down the path of chapter 11. In contrast, when a company is solvent, management normally only owes a fiduciary to the company’s shareholders. As a result of this shift in obligations, it is sometimes difficult for management to identify predominantly where its obligations lie.

In a chapter 11 bankruptcy, the company’s obligations are restructured pursuant to a plan of reorganization, if such plan meets the numerous requirements under the Bankruptcy Code and is approved by the bankruptcy court. Among other things, the plan must provide that each creditor receives at least as much as it would have received in a chapter 7 case unless the creditor agrees to a different treatment. There are also two paths to confirm a chapter 11 plan, consensually or through “cram down.” A consensual plan is one in which all classes of impaired creditors vote to accept the plan. If one class rejects the plan, the plan can still be confirmed pursuant to certain provisions of the Bankruptcy Code. This latter approach is commonly referred to as a “cramdown.” There are situations in which restructuring in chapter 11 is the best option for a troubled company. One such situation arises when the company faces numerous lawsuits or a judgment that could destroy the company’s business. In such instances, the company is likely to obtain relief by filing for chapter 11, in order to obtain the benefit of the automatic stay, which is akin to a statutory injunction imposed in favour of the company against all creditors. Chapter 11 also can improve a company’s immediate cash position. Once a company is in bankruptcy, it is generally prohibited from making payments on pre-bankruptcy obligations.

In addition, interest ceases to accrue on the unsecured and under secured debt of the company. As a result, the company’s cash flow often improves after commencing a bankruptcy case. The Bankruptcy Code also provides mechanisms under which a debtor can obtain financing after its bankruptcy filing. Among other things, the Bankruptcy Code allows a lender to obtain super priority liens and/or claims against the company’s assets. These special protections serve to encourage lenders to provide funding that they otherwise might not provide outside of bankruptcy. Chapter 11 further provides a company with broad powers to renegotiate its contracts and leases. Under the Bankruptcy Code, a debtor or trustee can reject or assume a contract or lease, or can assign the contract or lease to a third party, despite contractual provisions prohibiting such assignment. Implicit within this authority is the ability to modify existing contractual terms.

Pre-packaged or Pre-negotiated Plans of Reorganization

Recognizing the benefits and drawbacks inherent in both the workout and chapter 11 scenarios, parties have availed themselves of procedures that facilitate obtaining the best of both worlds while minimizing their respective disadvantages. In pre-packaged chapter 11 cases, the company negotiates a plan of reorganization and solicits votes on its plan before the commencement of its bankruptcy case. In this fashion, the company can obtain the benefits of both a workout and the chapter 11 process, while significantly reducing the amount of time spent in bankruptcy. A company may secure the votes of creditors prior to filing bankruptcy through a plan support agreement, commonly referred to as a “lock-up” agreement. A lock-up agreement between a creditor and a company is an agreement whereby the creditor becomes legally bound to vote for the plan of reorganization so long as certain key plan provisions are included. In addition to pre-packaged plans, another framework that is used with frequency is the “pre-negotiated” chapter 11 plan. Similar to a pre-packaged case, in a pre-negotiated case the company negotiates with its major creditor constituencies and knows what groups tend to support its plan prior to filing bankruptcy. Unlike a pre-packaged case, however, the company does not begin the creditor approval process on its plan until after it has filed bankruptcy and obtained the bankruptcy court’s approval of its solicitation material. Although pre-negotiated cases may last a little longer than pre-packaged cases because the solicitation process occur post-filing, pre-negotiated cases still expedite a voluntary reorganization under chapter 11. One significant factor that has caused companies to start negotiating with creditors earlier than in the past is the new limitation on a company’s ability to exclusively propose a plan of reorganization during a bankruptcy case. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) limits the time period in which a company has to propose its chapter 11 plan. A company now must propose its plan within 120 days of filing or risk losing the exclusive right to propose such plan to other interested parties, like lenders or committees. For cause, the bankruptcy court may extend the company’s exclusive period for up to 18 months. A survey of the significant bankruptcy cases filed after BAPCPA reflects that many companies have chosen to negotiate their restructuring plans well before filing bankruptcy, thereby allowing them to obtain approval of their plans almost immediately after filing. Recent examples, like CIT and the Texas Rangers also suggest that this appears to be the trend.

Restructuring and Insolvency Law

Restructuring and insolvency lawyers act for clients (either individuals or companies) in financial difficulties. Restructuring is usually the first stage in the process of agreeing a way forward with creditors in order to manage repayment of the debt, without the client becoming insolvent.

What Do Restructuring And Insolvency Lawyers Do?

As a restructuring lawyer, you may be acting for either debtors or creditors. The work you undertake would be non-contentious and involve negotiating agreements and repayment schedules to enable the creditor to pay off the debt without becoming insolvent. As an insolvency lawyer, you may be acting for either debtors or creditors, but the work will be contentious. Insolvency lawyers are engaged in all stages of the insolvency process, from negotiating company voluntary arrangements, to administration and receivership. They are also engaged in the liquidation stage, where the individual or company’s assets are taken to pay off the outstanding monies owed. The precise nature of the work will depend to large extent on the type of firm you work for and the clients you represent.

Having an interest in the world of business and finance is a pre-requisite for this area of law. In order to advise clients on every aspect of restructuring their business, you will need to have very good levels of commercial awareness and excellent persuasive communication skills in order to deal with people in difficult situations. Strong communication skills are need when negotiating with debtors or creditors (depending on which side you are acting for), litigating on your client’s behalf or working alongside other professionals involved in the process, from liquidators to accountants. This is an academically demanding area of law, covering many different fields such as banking, commercial and litigation. You will need to be able to absorb large volumes of paperwork and make accurate judgement calls quickly.

Free Initial Consultation with Lawyer

It’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!

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84088 United States
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Lehi Utah Foreclosure Lawyer

Lehi is a city in Utah County, Utah, United States. It is named after Lehi, a prophet in the Book of Mormon. The population was 47,407 at the 2010 census, up from 19,028 in 2000. A more recent 2018 estimate reports a population of 66,037. The rapid growth in Lehi is due, in part, to the rapid development of the tech industry region known as Silicon Slopes. The center of population of Utah is located in Lehi. Lehi is part of the Provo–Orem Metropolitan Statistical Area. A group of Mormon pioneers settled the area now known as Lehi in the fall of 1850 at a place called Dry Creek in the northernmost part of Utah Valley. It was renamed Evansville in 1851 after David Evans, a local bishop in The Church of Jesus Christ of Latter-day Saints (LDS Church). Other historical names include Sulphur Springs and Snow’s Springs. The land was organized into parcels of 40 acres (160,000 m2), and new settlers received a plot of this size until the entire tract was exhausted. There was little water to irrigate the rich soil, so it became necessary to divert a portion of American Fork Creek. Evansville consumed up to one-third of the creek’s water, as authorized by the Utah Territorial Legislature. The settlement grew so rapidly that in early 1852, Bishop David Evans petitioned the Utah Territorial Legislature to incorporate the settlement. Lehi City was incorporated by legislative act on February 5, 1852. It was the sixth city incorporated in Utah. The legislature also approved a request to call the new city Lehi after a Book of Mormon prophet of the same name. The downtown area has been designated the Lehi Main Street Historic District by the National Park Service and is on the National Register of Historic Places.

Salt Lake City receives millions of visitors a year. If you are going to be one in 2019, choose to stay in a hotel in Lehi! Lehi has more affordable accommodations, is in a central location, between Provo and Downtown Salt Lake City, and has dozens of attractions and outdoor activities close by. Here are main reasons why you should choose Lehi as your main hub when you visit Utah next.

Lehi has a variety of hotels to choose from for your next stay, from Hilton to Marriott and several others. One major benefit to staying in Lehi is that the hotel rooms are more affordable and still offer all of the benefits as the hotels in Salt Lake City. It is less crowded and overall makes for a more enjoyable experience!

Lehi could not be more perfectly located! It is in the middle of Salt Lake City to the north and Provo to the south. Because of its central location, it is easy to get around the valley, especially when using the FrontRunner. The FrontRunner station is conveniently found right next to Thanksgiving Point (mentioned below) and can get you to the heart of Salt Lake City in about 40 minutes. The FrontRunner can also take you down south to Provo to explore the famous Brigham Young University and bustling Downtown Provo.

Thanksgiving Point receives over 2,000,000 visitors each year. There is so much to see including the Museum of Ancient Life, the Museum of Natural Curiosity, the beautiful Ashton Gardens, golf, a brand new Butterfly Biosphere, and so much more. It is a large venue that is family-friendly and offers many ways to learn and experience Utah in a way you can’t find anywhere else. It is right next to the freeway and the Outlets at Traverse Mountain, so it is easy to find and access and makes a great day trip close to your hotel.

Lehi has many great food places to offer, from your favorite chains, to amazing local favorites. They are constantly getting new places to try, as the area is seeing a lot of growth, ranging from cheaper more casual dining to fine dining experiences. Some worth mentioning are Tsunami Sushi Bar and Grill, Zulu Piri Piri Chicken (African cuisine), Rising Bun, Pizza Studio, and JCW’s. With all of the restaurants you are sure to find something that the whole family will love and enjoy.

The Outlets at Traverse Mountain are located right off the freeway, across from Thanksgiving Point, and offers amazing stores that will satisfy your deepest shopping needs, and not at crazy high prices like many stores in Salt Lake City. The Outlets at Traverse Mountain’s motto is that they are “Utah’s most beautiful place to save.” They have high glass ceilings to let in the natural light but keep you dry no matter what the weather is like outside. In this beautiful environment, you can always find great deals so you can shop and feel good about it, too!

If you’re visiting Utah, chances are you want some great outdoor adventures! Lehi is a short drive into the mountains and is close to many breathtaking drives and hikes. The Alpine Loop Scenic Byway provides many beautiful sights and is the start of adventurous, as well as family-friendly hikes, such as Stewart Falls, Horsetail Falls, and Cascade Springs. If you are prepared, you can spend a day hiking to the top of Mount Timpanogos. You also must check out Timpanogos Cave National Monument, Tibble Fork Reservoir (for kayaking, swimming, and more) or drive further south to Sundance Mountain Resort for skiing and numerous other activities! If you want a wild adventure, check out the Flight Park at the point of the mountain!

Lehi is the 11th largest city in Utah with an estimated population of 62,712. The median age is 24.7 and the median household income is $81,013. There are approximately 14, 379 households located in the Lehi with an average of 3.91 people per household. (2018 Data) The median property value in Lehi is $265,800 and the homeownership rate is 80.3 percent. Lehi is located in Utah County, UT and borders cities such as American Fork, UT; Draper, UT; Bluffdale, UT; Highland, UT; and Saratoga Springs, UT.
List of all the Neighborhoods in Lehi.

The community is made up of over 23 different neighborhoods covering 26.7 square miles at an altitude of 4,564 ft. Moving to a new city has its advantages because you can pick which neighborhood you live in and what type of people you want to associate with. Smaller towns and cities lack what Lehi provides. Below is a list of all the neighborhoods located in Lehi along with a description of the area and its location in relation to other larger surrounding cities.
• Cedar Hollow Neighborhood
• Central West Neighborhood
• Courtyard Cove/Foxborough Neighborhood
• Eagle Crest Neighborhood
• Fox Run Neighborhood
• Gray’s Farm Neighborhood
• Jordan Willows Neighborhood
• Lehi Central Neighborhood
• Lehi Ranches Neighborhood
• North Lake Neighborhood
• Olympic Park Neighborhood
• Pheasant Pointe Neighborhood
• Pilgrims Landing Neighborhood
• Point Meadows Neighborhood
• Railroad Street Neighborhood
• Skyridge Corner Neighborhood
• Snow Springs Neighborhood
• Spring Creek Ranch Neighborhood
• Sunset Drive Neighborhood
• Sunset Hollow Neighborhood
• Traverse Landing Neighborhood
• Utah Highlands Neighborhood
• Yorkshire Neighborhood

According to the U.S Census Bureau, Lehi is the fifth fastest-growing city in the United States. The city has more than doubled in size in the last decade due to several landmark companies, such as Adobe, I.M., Microsoft, Vivint, Oracle, Xactware and Xango laying roots there. Lehi’s most notable attraction is Thanksgiving Point, which offers various museum experiences, botanical gardens, shopping and restaurants for the whole family to enjoy. Lehi is a very beautiful city and has many diverse attractions with the mountains, lakes, reservoirs, resorts, national parks, desert, and shopping within reach of you in only a matter of minutes!

Lehi received a crime rate of 121.8 which is astoundingly lower than the US average of 280.5. Within 2016 there were 0 murders, 36 rapes, 8 robberies, 33 assaults, 130 burglaries, 599 thefts, 40 auto thefts, and 1 arson attempt. This is considerably lower than, for example, Chicago which had 765 murders, 1,568 rapes, and 12,000 robberies in 2016. Compared to those numbers, Lehi seems like a pretty safe place to live! There are also many opportunities to volunteer and join a service organization within Lehi. These organizations provide support and encouragement to those residents who need it the most.

Find out from the locals how much groceries are, average rent/mortgages, property expenses, taxes, etc. The better idea you can get before arriving, the more prepared you can be—and also the more negotiating power you’ll have when you’re determining what to request for your salary if you are moving here for work. The cost of living index will help you understand if you can afford to live in Lehi, Utah, how this city compares to other cities within Utah, and how Utah compares to others in the USA. Take the cost of living seriously and it could save you lots of money in the long run. Currently the cost of living index for Lehi is 111.8 which is slightly above the average across the United States.

Things To Do in Lehi, Utah
• Thanksgiving Point
• Ashton Gardens at Thanksgiving Point
• Museum of Natural Curiosity at Thanksgiving Point
• Hutching Museum
• Neptune Park
• Traverse Mountains
• Wines Park
• Olympic Park
• Children’s Discovery Garden

What Are the Stages of the Foreclosure Process?

If you’re struggling to make mortgage payments and have missed one or more, you may be wondering what it’s like to go into foreclosure, as a last resort. The mortgage foreclosure process is a long and drawn-out one, and the exact steps vary from state to state. In some states, foreclosure requires a court hearing, and borrowers have the chance to contest the action and even raise defenses. In others, the bank can foreclose on the property without any judicial intervention. Hearing or not, a foreclosure action can cause you to lose your home. It can also have a long-lasting impact on your credit score.

Stages of Foreclosure

The exact foreclosure process is different in each state, but generally, you can expect it to look something like this:
• Default and notice of default
• Foreclosure filing and trial
• Notice of sale and sale of property
• Eviction
Not all borrowers will go through each of these steps. A foreclosure filing and trial are only necessary in states where a judicial hearing is required.

Default and Notice of Default

The first thing that happens in the foreclosure process is that you enter into default. “Default” essentially means you’re late on your mortgage payments—what most lenders refer to as being delinquent. Law dictates that a lender must reach out to a borrower once he or she is 36 days behind on mortgage payments. By 45 days, the lender must provide written notice of the default, including details about any loss mitigation or repayment options the borrower may be able to use. A borrower has to be at least 120 days behind on his or her mortgage for the lender to start the foreclosure process legally.

Foreclosure Filing and Trial

If you’re in a judicial foreclosure state, the next step is the foreclosure filing. The lender will file a foreclosure lawsuit against the borrower, also called a “complaint.” In some states, lenders need to prove that they offered the borrower loss-mitigation options before filing suit. The foreclosure suit will go before the court, and borrowers have a right to contest their foreclosure and raise their own defenses. If the court rules in favor of the lender, the property can be scheduled for sale.

Notice of Foreclosure, Sale

In non-judicial foreclosure states, there is no trial. Lenders simply issue a “notice of intent to foreclose,” alerting the borrower that the foreclosure process has begun. They will also need to advertise the sale—usually in a newspaper, for at least a few weeks prior to the scheduled sale date. The actual selling of the property is done via auction, and usually by the local sheriff’s department. In many cases, banks and lenders are forced to purchase the properties back due to a lack of buyer interest. These are then dubbed “bank-owned properties” or “real estate-owned properties” (REOs), and the lender then makes efforts to sell those directly to a buyer. Many banks and larger financial institutions list their REO properties somewhere on their website.

Eviction

Once a foreclosed property has been sold, the former homeowner must vacate the premises. If he or she doesn’t, the new buyer legally can have them evicted from the home. The exact process for getting someone evicted varies by state.

Deed in lieu of foreclosure

A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender. The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure. Another benefit to the borrower is that it hurts his/her credit less than a foreclosure does. Advantages to a lender include a reduction in the time and cost of a repossession, lower risk of borrower revenge (metal theft and vandalism of the property before sheriff eviction), and additional advantages if the borrower subsequently files for bankruptcy. If there are any junior liens a deed in lieu is a less attractive option for the lender. The lender will likely not want to assume the liability of the junior liens from the property owner, and accordingly, the lender will prefer to foreclose in order to clean the title. In order to be considered a deed in lieu of foreclosure, the indebtedness must be secured by the real estate being transferred. Both sides must enter into the transaction voluntarily and in good faith.

The settlement agreement must have total consideration that is at least equal to the fair market value of the property being conveyed. Sometimes, the lender will not proceed with a deed in lieu of foreclosure if the outstanding indebtedness of the borrower exceeds the current fair value of the property; in other cases, a lender will agree since it will likely end up with the property anyway through the costly foreclosure process. Because of the requirement that the instrument be voluntary, lenders will often not act upon a deed in lieu of foreclosure unless they receive a written offer of such a conveyance from the borrower that specifically states that the offer to enter into negotiations is being made voluntarily. This will enact the parol evidence rule and protect the lender from a possible subsequent claim that the lender acted in bad faith or pressured the borrower into the settlement. Both sides may then proceed with settlement negotiation. The Home Equity Theft Prevention Act in New York has created some confusion regarding this frequently-used method of settlement.[citation needed] It is unclear whether HETPA applies to deeds in lieu of foreclosure since there is no clear exclusion as there is for a referee’s deed, for example. The 2-year right of rescission is not a risk that banks or title insurers are comfortable with, especially given the complexities of compliance, so many banks and title insurers in New York are not willing to work with deeds in lieu.

Lehi Foreclosure Attorney

When you need legal help from a Lehi Foreclosure Attorney, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

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

Ascent Law LLC

4.9 stars – based on 67 reviews

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Utah Divorce Code 30-3-10.5

30-3-10.5 – Payments of support, maintenance, and alimony.

• All monthly payments of support, maintenance, or alimony provided for in the order or decree shall be due on the first day of each month for purposes of Section 78B-12-112, child support services pursuant to Title 62A, Chapter 11, Part 3, Public Support of Child, income withholding services pursuant to Title 62A, Chapter 11, Part 4, Income Withholding in IV-D Cases, and other income withholding procedures pursuant to Title 62A, Chapter 11, Part 5, Income Withholding in Non IV-D Cases.
• For purposes of child support services and income withholding pursuant to Title 62A, Chapter 11, Part 3 and Part 4, child support is not considered past due until the first day of the following month.
• For purposes other than those specified in Subsections (1) and (2), support shall be payable 1/2 by the 5th day of each month and 1/2 by the 20th day of that month, unless the order or decree provides for a different time for payment.

If you’re facing a divorce, you’ll have to face reality: Alimony payments—also known in some states as spousal support or maintenance—are alive and well in the American divorce system. And if you earn substantially more money than a spouse to whom you have been married for several years, there is a good chance you will be ordered to pay some alimony. On the other hand, alimony generally isn’t awarded for short marriages or where you and your spouse earn close to the same amount.

Alimony

Alimony (also called aliment, maintenance, spousal support and spouse maintenance) is a legal obligation on a person to provide financial support to their spouse before or after marital separation or divorce. The obligation arises from the divorce law or family law of each country. Child support is considered a payment that a parent is making for the support of their offspring, and the parent who pays it pays the taxes. However, alimony is treated as taxable income, in most countries, to the receiving spouse, and, in most cases, deducted from the gross income of the paying spouse (the United States IRS does not allow for child support to be deducted from adjusted gross income). In the U.S. state law establishes requirements regarding alimony (and child support) payments, recovery and penalties. A spouse trying to recover back alimony sometimes may use only the collection procedures that are available to all other creditors, such as reporting the amount due to a collection agency. One who allows his or her alimony obligations to go into arrears, where there is an ability to pay, may be found in contempt of court and be sent to jail. Alimony obligations are not discharged as a result of the obligee filing bankruptcy. Ex-spouses who allow child-support obligations to go into arrears may have certain licenses seized, be found in contempt of court, and/or be sent to jail. Like alimony, child-support obligations are not discharged as a result of the obligee filing bankruptcy.

If alimony is ordered, you will generally have to pay a specified amount each month until:
• a date set by a judge several years in the future
• your former spouse remarries
• your children no longer need a full-time parent at home
• a judge determines that after a reasonable period of time, your spouse has not made a sufficient effort to become at least partially self-supporting
• some other significant event—such as retirement—occurs, convincing a judge to modify the amount paid, or
• one of you dies.
As with most issues in your divorce, you and your spouse can agree to the amount and length of time alimony will be paid. But if you can’t agree, a court will set the terms for you. Unfortunately, having a court make the decision means there will be a trial, and that can cost you a lot of time and money.

Types of Alimony

In general, there are four types of alimony:
• Temporary alimony: Support ordered when the parties are separated prior to divorce. Also called alimony pendente lite, which is Latin, meaning, pending the suit.
• Rehabilitative alimony: Support given to a lesser-earning spouse for a period of time necessary to acquire work outside the home and become self-sufficient.
• Permanent alimony: Support paid to the lesser-earning spouse until the death of the payor, the death of the recipient, or the remarriage of the recipient.
• Reimbursement alimony: Support given as a reimbursement for expenses incurred by a spouse during the marriage (such as educational expenses).
Some of the possible factors that bear on the amount and duration of the support are:
• Length of the marriage or civil union: Generally, alimony lasts for a term or period. However, it will last longer if the marriage or civil union lasted longer. A marriage or civil union of over 10 years is often a candidate for permanent alimony.
• Time separated while still married: In some U.S. states, separation is a triggering event, recognized as the end of the term of the marriage. Other U.S. states do not recognize separation or legal separation. In a state not recognizing separation, a 2-year marriage followed by an 8-year separation will generally be treated like a 10-year marriage.
• Age of the parties at the time of the divorce: Generally, more youthful spouses are considered to be more able to get on with their lives, and therefore thought to require shorter periods of support.
• Relative income of the parties: In U.S. states that recognize a right of the spouses to live according to the means to which they have become accustomed, alimony attempts to adjust the incomes of the spouses so that they are able to approximate, as best possible, their prior lifestyle.
• Future financial prospects of the parties: A spouse who is going to realize significant income in the future is likely to have to pay higher alimony than one who is not.
• Health of the parties: Poor health goes towards need, and potentially an inability to support oneself. The courts are disinclined to leave one party indigent.

• Fault in marital breakdown: In U.S. states where fault is recognized, fault can significantly affect alimony, increasing, reducing or even nullifying it. Many U.S. states are no-fault states, where one does not have to show fault to get divorced. No-fault divorce spares the spouses the acrimony of the fault processes, and closes the eyes of the court to any and all improper spousal behavior. In Georgia, however, a person who has an affair that causes the divorce is not entitled to alimony.

Prenuptial Agreements

Prenuptial agreements are recognized in all fifty states, and every jurisdiction allows parties to agree to spousal support and alimony terms in a premarital or postnuptial agreement, if their marital agreement is prepared in accordance with state and federal law requirements. Divorce courts retain the discretion to refuse to enforce prenuptial agreement terms restricting a party’s right to seek alimony if that party would have to seek public assistance as a result of the alimony waiver, or if the restriction on the right to seek alimony is unconscionable or unfair when the divorce occurs. Lack of financial disclosure prior to signing a prenuptial agreement or a post-nuptial agreement by the party against whom alimony is sought may also cause a court to invalidate a waiver of alimony provision. Prenuptial Agreements with valid alimony waivers or restrictions entered into in one state should be fully enforceable by the courts of another state in the event of a divorce, unless the terms of the prenuptial agreement are in material violation of the foreign jurisdiction’s laws. Instead of a complete waiver of the right to seek alimony, prenuptial agreements and post-nuptial agreements can also contain terms where the parties agree to a set amount of guaranteed alimony for the lower wage earner at the time of divorce, or a cap/limit on the amount of alimony either party can seek in the event of a divorce.

Reform

In the United States, family laws and precedents as they relate to divorce, community property and alimony vary based on state law. Also, with new family models, working couples, working wives, stay-at-home dads, etc., there are situations where some parties to a divorce question whether traditional economic allocations made in a divorce are fair and equitable to the facts of their individual case. Some groups have proposed various forms of legislation to reform alimony parameters (i.e. amounts and term). Alimony terms are among the most frequent issues causing litigation in family law cases. Eighty percent of divorce cases involve a request for modification of alimony.
The Different Types of Alimony, Spousal Support, and Spousal Maintenance
Alimony, spousal support or spousal maintenance is all terms used to describe one thing–money one spouse may be ordered to pay to the other after a divorce.

Alimony, Spousal Support, Spousal Maintenance

Alimony is money paid by one spouse to the other either during the divorce process or after. Who receives alimony depends on who earned the most money during the marriage and the roles the spouses played. Once referred to exclusively as alimony, it is now more commonly called Spousal Maintenance or Spousal Support. It is awarded by a court order to maintain the standard of living that both spouses became used to during the marriage.

Permanent Alimony

Permanent alimony or spousal support will be paid to the recipient until the death of the one paying is the remarriage of the recipient. In some situations, remarriage does not stop alimony. If the marriage was long-term or the spouse has a disability that keeps him/her from being able to work the courts have and will reward lifetime alimony that will continue whether the recipient cohabitates of marries again. The downside is that lump sum alimony is taxable so be sure you know the tax consequences before agreeing to a lump sum payment of alimony.

Temporary Alimony

Temporary alimony will last for a specific period of time. If the divorce causes a financial hardship on a spouse temporary alimony will be awarded until that spouse can recover financially. Your state’s divorce laws and normal judicial practices for the area you divorce in will determine how long temporary alimony will last.

Rehabilitative Alimony

Rehabilitative alimony is awarded in cases where a spouse needs assistance with job training or college expenses so they may eventually return to the job force after the divorce. It is common for wives who have been stay at home moms and have not worked in years. Rehabilitative alimony enables a dependent spouse to take classes or special job training that will help them become financially independent.

All states have laws for determining whether alimony/spousal support/maintenance will be paid. That being said, you should also take into consideration the fact that judges have the right to use judicial discretion when decided such issues. The following factors are usually considered when deciding alimony:
• Marriage duration.
• The contribution a spouse makes as a homemaker.
• Potentially earning ability of both spouses.
• The age, physical, mental and emotional being of each spouse.
• Whether or not the custodial parent will earn less due to his/her duty to parent the child/children.
Those factors plus the judicial discretion of the judge play a role in whether a spouse pays alimony and how much. Since the judge has a certain amount of legal leeway it is best to settle alimony issues while negotiating your divorce settlement. That takes control away from the judge and leaves it where it belongs with you and your spouse.
If you expect to pay alimony
The fact you have to pay alimony to your ex-spouse doesn’t amount to a finding that you are a bad person. Consider it part of the cost of entering a marriage that you probably thought would last until death parted you, but—for reasons you didn’t anticipate—didn’t. Alimony has been the law for more than 100 years, and while it is ordered somewhat less frequently these days, there is no sign that courts are going to stop making alimony orders for good.
If you expect to receive alimony – The question of whether you qualify for alimony is usually resolved by looking at your capacity to earn—which is not necessarily what you are earning at the time you go to court—how much your spouse earns, and your standard of living during the marriage. You might also be required to make some changes in your life and work. For example, if you have a part-time job that doesn’t pay well, you may be required to attempt to find full-time employment in a better-paid field. Experts called “vocational evaluators” are sometimes hired to report to the court on the job prospects for a spouse who hasn’t been fully employed for a while. The evaluator will administer vocational tests and then shop your credentials with potential employers in order to estimate how much income you could earn.

Taxes and Alimony Records

For now, alimony is tax-deductible for the paying spouse and constitutes taxable income for the supported spouse. This is one of many reasons that it’s important to keep adequate records if you’re paying or receiving alimony. Note that under the 2017 Republican Tax Bill, beginning January 1, 2019, individuals paying alimony will no longer be able to deduct their payments for tax purposes, and supported spouses won’t have to include alimony in their gross income. Until 2019, this point cannot be over-emphasized. Frequently after a divorce, the spouses dispute, or the IRS challenges, the amounts that were actually paid or received. Without adequate documentation, the payer may lose the alimony tax deduction or be ordered to pay back support if the other spouse makes a claim in court.
Here are the records each party to the divorce should keep:

The person paying alimony should keep:
• a list showing each payment (date, check number, and address to which the check was sent)
• the originals of checks used for payments (keep in a safe place, such as a safe deposit box) — be sure to note on each check the month for which the support is being paid, and
• if you pay in cash, receipts for each payment, signed by the recipient.
Be sure to keep these records for at least three years from the date you file the tax return deducting the payments. Some lawyers and tax advisers say you should never throw away these types of records.
Alimony Recipient
The spouse receiving support should make a list that shows each payment received. Include the following information:
• date payment was received
• amount received
• check number or other identifying information (for example, the number of the money order)
• account number on which any check is written
• name of bank on which check is drawn or money order issued
• a photocopy of the check or money order, and
• a copy of any signed receipt you give for cash payments.
If your spouse refuses to pay
Finally, if you secure an alimony order but your spouse refuses to make the required payments, take immediate legal action to enforce the order through a contempt proceeding or an earnings assignment order. Orders to pay monthly alimony have the same force as any other court order and, if handled properly, can be enforced with the very real possibility of obtaining regular payments. If necessary, a court may jail a reluctant payor to show that it means business.

Free Initial Consultation with Lawyer

It’s not a matter of if, it’s a matter of when. Legal problems come to everyone. Whether it’s your son who gets in a car wreck, your uncle who loses his job and needs to file for bankruptcy, your sister’s brother who’s getting divorced, or a grandparent that passes away without a will -all of us have legal issues and questions that arise. So when you have a law question, call Ascent Law for your free consultation (801) 676-5506. We want to help you!

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

Ascent Law LLC

4.9 stars – based on 67 reviews

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Business Bankruptcy

Bankruptcy is a process a business goes through in federal court. It is designed to help your business eliminate or repay its debt under the guidance and protection of the bankruptcy court. Business bankruptcies are usually described as either liquidations or reorganizations depending on the type of bankruptcy you take. Bankruptcy is the legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor’s assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt.

Understanding Bankruptcy For Business

Bankruptcy offers an individual or business a chance to start fresh by forgiving debts that simply cannot be paid while offering creditors a chance to obtain some measure of repayment based on the individual’s or business’s assets available for liquidation. In theory, the ability to file for bankruptcy can benefit an overall economy by giving persons and businesses a second chance to gain access to consumer credit and by providing creditors with a measure of debt repayment. Upon the successful completion of bankruptcy proceedings, the debtor is relieved of the debt obligations incurred prior to filing for bankruptcy. All bankruptcy cases in the United States are handled through federal courts. Any decisions over federal bankruptcy cases are made by a bankruptcy judge, including whether a debtor is eligible to file or whether he should be discharged of his debts. Administration over bankruptcy cases is often handled by a trustee, an officer appointed by the United States Trustee Program of the Department of Justice, to represent the debtor’s estate in the proceeding. There is usually very little direct contact between the debtor and the judge unless there is some objection made in the case by a creditor.

Types of Bankruptcy Filings

Bankruptcy filings fall under one of several chapters of the Bankruptcy Code: Chapter 7, which involves liquidation of assets; Chapter 11, which deals with company or individual reorganizations, and Chapter 13, which is debt repayment with lowered debt covenants or specific payment plans. Bankruptcy filing specifications vary among states, leading to higher or lower filing fees depending on how easily a person or company can complete the process.

Chapter 7 Bankruptcy

Individuals or businesses with few or no assets file Chapter 7 bankruptcy. The chapter allows individuals to dispose of their unsecured debts, such as credit cards and medical bills. Individuals with non-exempt assets, such as family heirlooms (collections with high valuations, such as coin or stamp collections), second homes, cash, stocks, or bonds, must liquidate the property to repay some or all of their unsecured debts. So, a person filing Chapter 7 bankruptcy is basically selling off his or her assets to clear debt. Consumers who have no valuable assets and only exempt property, such as household goods, clothing, tools for their trades, and a personal vehicle up to a certain value, repay no part of their unsecured debt.
Pros: If you are ready to start a new business or explore other career options, Chapter 7 could fit the bill. Chapter 7 business bankruptcy allows you to eliminate most (if not all) of your unsecured debts, including medical bills, personal loans, payday loans, cash advance loans and credit card debt. Once you file for Chapter 7 bankruptcy, it typically takes about six months to receive your discharge.

Cons: In this type of business bankruptcy, the company goes out of business. A Chapter 7 discharge does not relieve certain debts, including mortgages and car loans, and it can also result in the loss of property if your equity is non-exempt. If you plan to reorganize and start your existing business anew, this is not the right type of business bankruptcy to file. A Chapter 7 bankruptcy will appear on your credit report for 10 years, and you won’t be able to file Chapter 7 and receive debt discharge again within eight years.

Chapter 11 Bankruptcy

Businesses often file Chapter 11 bankruptcy, the goal of which is to reorganize and once again become profitable. Filing Chapter 11 bankruptcy allows a company to create plans for profitability, cut costs, and finds new ways to increase revenue. Preferred stockholders may still receive payments, though common stockholders will not.

For example, a housekeeping business filing Chapter 11 bankruptcy might increase its rates slightly and offer more services to become profitable. Chapter 11 bankruptcy allows a business to continue conducting its business activities without interruption while working on a debt repayment plan under the court’s supervision. In rare cases, individuals can file Chapter 11 bankruptcy.

Pros: Filing business bankruptcy under Chapter 11 can help you avoid having to close your company – although filing Chapter 7 instead always remains an option. Public companies often choose Chapter 11 because it allows them a chance to become profitable again and to provide value to their shareholders. When you obtain debt relief through a Chapter 11 claim, an automatic stay is put in place, meaning creditors cannot attempt to collect repayment during the term of the stay. Meanwhile, you’re able to create a reorganization plan to pay back debts and regain profitability, usually by renegotiating leases, contracts and other binding agreements. Creditors are often receptive to reorganization under a Chapter 11 business bankruptcy plan, since the payment they receive is more favourable than it would have been under Chapter 7. Since winning a Chapter 11 business bankruptcy discharge does not require selling your assets, if you believe you can make changes that will result in profitability, Chapter 11 could be your best bet.

Cons: Chapter 11 business bankruptcy is very complex, takes a long time to move through the courts and is expensive (i.e. higher filing fees and court costs). The repayment plan can be for long periods of time and can stretch to 20 years or more. And after all that, it won’t necessarily succeed.

Chapter 13 Bankruptcy

Individuals who make too much money to qualify for Chapter 7 bankruptcy may file under Chapter 13, also known as a wage earners plan. The chapter allows individuals and businesses with consistent income to create workable debt repayment plans. The repayment plans are commonly in instalments over the course of a three- to five-year period. In exchange for repaying their creditors, the courts allow these debtors to keep all of their property including non-exempt property.

Pros: Many sole proprietors have personal assets combined with their business assets. In Chapter 13, you can avoid losing your personal assets – versus Chapter 7 business bankruptcy, where some (but not all) of your personal property is exempt from being sold. Chapter 13 also allows more debt to be discharged than Chapter 11, and you can even apply for a Hardship Discharge to have your debts dismissed. It is also typically a faster and cheaper process than Chapter 11.

Cons: It can take up to five years to repay your debts under a Chapter 13 business bankruptcy plan. Your debts are paid with your disposable income, so whatever extra cash you have is committed to debt repayment. If you obtain debt relief by filing business bankruptcy under Chapter 13, you’re barred from filing a Chapter 7 claim for six years. Chapter 13 cases remain on your credit report for 10 years.

Business Bankruptcy Filings

Financially distressed municipalities, including cities, towns, villages, counties, and school districts, may file for bankruptcy under Chapter 9. Under Chapter 9, there is no liquidation of assets to repay the municipality’s debts. Chapter 12 bankruptcy provides relief to “family farmers” or “family fishermen” with regular annual income. Both Chapters 9 and 12 make use of an extended debt repayment plan. Chapter 15 was added in 2005 to deal with cross-border cases which involve debtors, assets, creditors and other parties who may be in more than one country. This type of petition is usually filed in the debtor’s home country.

Being Discharged From Bankruptcy

When a debtor receives a discharge order, he is no longer legally required to pay any of the debts on that order. So, any creditor listed on that discharge cannot legally undertake any type of collection activity (making phone calls, sending letters) against the debtor once the discharge order is enforced. Therefore, the discharge absolves the debtor of any personal liability for the debts specified in the order. But not all debts qualify to be discharged. Some of these include tax claims, anything that was not listed by the debtor, child support or alimony payments, personal injury debts, debts to the government, etc. In addition, any secured creditor can still enforce a lien against property owned by the debtor, provided that lien is still valid. Debtors do not necessarily have the right to a discharge. When a petition for bankruptcy has been filed in court, creditors receive a notice and can object if they choose to do so. If they do, they will need to file a complaint in the court before the deadline. This leads to the filing of an adversary proceeding to recover monies owed or enforce a lien. The discharge from Chapter 7 is usually granted about four months after the debtor files to petition for bankruptcy. For any other type of bankruptcy, the discharge can occur when it becomes practical.

Advantages and Disadvantages of Bankruptcy

Declaring bankruptcy can help relieve you of your legal obligation to pay your debts and save your home, business, or ability to function financially, depending on what kind of bankruptcy petition you file. But it also can lower your credit rating, making it more difficult to get a loan, mortgage, low-rate credit card, or buy a home, apartment, or business in the future. If you’re trying to figure out if you should file, your credit is probably already damaged. A Chapter 7 filing will stay on your credit report for ten years, while a Chapter 13 will remain there for seven. Any creditors you solicit for debt (a loan, credit card, line of credit, or mortgage) will see the discharge on your report, which will prevent you from getting any credit.

Filing For Business Bankruptcy

“Business bankruptcy” isn’t a term anyone wants to think about, especially in regards to their own company. But did you know that filing for business bankruptcy can actually be a smart choice? Certain types of bankruptcies for business allow you to keep your business, while others relieve you from debt obligation. Business bankruptcy doesn’t mean you are a failure or that your life is over. There is life after bankruptcy, and you’re in the right place to discover it.

Situations Where Filing Business Bankruptcy Makes Sense

No one thinks about filing business bankruptcy when they’re making a profit and experiencing organic growth. In almost all cases, the prospect of bankruptcy arises because your business is having problems. You could be in the last phase of the business life cycle, referred to as the decline phase where you lose your competitive advantage and are ready to exit the market. Or you could have made mistakes during the start-up phases of your business and have failed to find ways to generate profit or create a cohesive team. Business bankruptcy is meant to protect your personal assets should your business fail or you are unable to pay your debts. At its core, filing for business bankruptcy allows you to put your mistakes behind you and focus on progress. Whether that progress involves starting another business, reinventing the business you currently have or leaving the world of entrepreneurship to find a career where you do what you love, you must view bankruptcy as a fresh start.

Sole Proprietorship Bankruptcy

A sole proprietorship isn’t a separate legal entity. You’re likely a sole proprietor if you’re the only owner of your business and you haven’t incorporated or set up a specific form of business entity. You and your business are equally liable for debts incurred by the business. Since a sole proprietorship does not offer limited liability to its owner, creditors of the business can go after your personal assets in addition to business assets. This means that if the business does not have sufficient assets, creditors may sue you and try to collect the debt by taking your house, car, or other personal property.

Partnership Bankruptcy

A partnership is a business entity that’s owned by two or more individuals. In many respects, liability is more like that of a sole proprietor than a corporation, with some exceptions for hybrid versions.

• General partnership: A general partnership can be automatically created without any paperwork if two or more people agree to carry on a business or activity for profit. Each partner is considered a general partner and is personally liable for the debts of the partnership. If your business is a general partnership, you will be responsible for the obligations of the business.

• Limited partnership: In a limited partnership, there is at least one general partner and at least one limited partner. The general partner is personally liable for partnership debts while the limited partner is not. This means creditors can collect from the personal assets of the general partner but not the limited partner.

• Limited liability partnership: An LLP is designed to shield all partners from personal liability for the debts of the business. In some states, all partners enjoy limited liability, but there are states that require an LLP to have at least one general partner. Also, in certain states the liability protection of the LLP only applies to negligence claims so all partners may still be liable for business debts arising out of a contract (such as business loans or credit cards).

Corporation Bankruptcy

A corporation is an incorporated entity designed to limit the liability of its owners (called shareholders). Generally, shareholders are not personally liable for the debts of the corporation. Creditors can only collect on their debts by going after the assets of the corporation. Shareholders will usually only be on the hook if they consigned or personally guaranteed the corporation’s debts. However, shareholders may also be held liable if a creditor can prove corporate formalities weren’t followed, shareholders commingled personal and business funds or the corporation was just a shell designed to shield liability. This is called piercing the corporate veil.

Preparing for Financing Problems

You know to expect banks and other lenders to ask about your personal credit history when deciding whether to provide business financing. You might be able to increase your chances of approval by:
• preparing a comprehensive business plan
• opening the business with a partner with good credit
• soliciting investors to fund your business
• applying for financing from a small community bank, or
• find financing or grants offered as incentives to business by local communities.
You might be thinking about turning to the small business administration for funding. If you are, exercise caution. Often, the small business administration requires not only a personal guarantee but will also expect you to use personal assets to secure the business debt—most commonly your home.

When Financing Isn’t in the Cards

Just because you can’t get financed doesn’t mean you have to put aside your dream of working for yourself. You might want to consider:
• starting a personal service business that requires little or no operating capital
• working as a subcontractor for an established business to reduce your operating capital needs, or
• taking advantage of one of the many other independent contractor opportunities afforded by the “gig” economy.
Other Considerations
Here are a few other things you’ll want to think about before starting your new business after bankruptcy.
• Tax or employer identification numbers: If you closed a previous business, you can’t start the new business with the same tax or employer identification numbers. You’ll need to obtain new numbers.
• Paying business taxes: Business owners maintain personal responsibility for business taxes. Avoid being stuck with a substantial bill by paying the business and trust fund tax debt. The business collects trust fund taxes from others, such as payroll withholding and sales taxes (but usually not excise taxes) and must transmit the payments.
• Extending payment terms to Since financing will be tight in the beginning, make sure that your new business is getting paid for the work it is doing. Extending payment terms to customers that are overly favourable might result in not getting paid at all.
• Maintain good business records: If you can secure financing, it is likely that it will be on a short-term but renewable basis. Keep good records so that when the loan is up for renewal, you can provide accurate figures to show that your business is succeeding and its building up.

Business Bankruptcy Attorney

When you need help from a business bankruptcy lawyer, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

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

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