Wednesday, February 28, 2018

Signs You Need a Divorce Attorney

The decision to file for divorce does not happen overnight. There are signs that you need a divorce lawyer that you may need to pay attention to. The journey from marital bliss to divorce is often a long and downward spiral. Once trust has been fractured, it can be difficult to regain. But not every marriage is the same. Each relationship has its own unique set of dynamics and chemistry. When it comes time to decide whether it is best to stay or end a marriage, there are no easy answers. What may be a good solution for one couple may be completely ineffective for another. But there are some common signs that can’t be ignored. If a person finds themselves in an unhappy marriage with little or no sign of progress, it is time to find a divorce attorney that can help.

Signs You Need a Divorce Attorney

According to recent studies, Utah has the lowest divorce rate in the nation. But not every couple that chooses to stay together is involved in happy and functional marriage. One of the best solutions is to consult with a divorce attorney to evaluate your specific situation. Remember, just because you are seeking advice from a divorce attorney does not mean you should end your marriage. A good attorney will not pressure a client to make a decision that is not in their best interests. Here are some common signs why you need to seek a Salt Lake City divorce attorney.

IRRECONCILABLE DIFFERENCES

Sooner or later, every couple will go through difficult disagreements which need to be resolved. But when one partner is unwilling to acknowledge or work through these problems, it can place a huge strain on the relationship.

YOUR SPOUSE HAS FILED FOR DIVORCE

It may seem obvious to visit an attorney after you have been handed divorce papers by your spouse. However, many people live in denial and wait too long to take action. Some do not even seek divorce representation. Utah family law requires couples filing for divorce to attend at least one session of mediation. Many divorce attorneys also serve as independent third-party mediators who listen to questions and concerns presented by both spouses. Mediation encourages both parties to engage in free and open dialogue. It can often result in an effective tool to determine whether divorce is the best option.

INFIDELITY

It is one of the biggest causes of breakups in any relationship. Although infidelity does not automatically result in divorce, it can severely destroy trust between both partners. A marriage without trust is almost certainly doomed. It becomes even more complicated when children are involved. A divorce attorney can explain the ramifications of how divorce affects both spouses and the possible scenarios when making child custody and visitation arrangements.

TRANSFER OF PROPERTY & ASSETS

Marriage is a partnership. But when one partner chooses to move or remove money, property or valuable assets from the couple’s account, it can bring tremendous conflict to any relationship. It is vital to discuss this issue with an experienced divorce attorney, who can properly examine how assets and property should be divided and allocated. It is one of the most important fundamental rights for every person in a marriage to fully understand.

THE EFFECTS OF DIVORCE ON YOUR FINANCIAL FUTURE

Divorce does not come cheap. Legal fees should be the least of your concerns. There will be important and complicated financial issues that will need to be resolved, including alimony and child support.

CREATING A SUCCESSFUL PARENTING PLAN

Writing a successful parenting plan can be very useful in some difficult divorce situations. This plan will include how you and your former spouse will handle issues related to child custody. If you can agree with your ex and come up with a plan that will meet your needs and interests, your shared custody will be much easier to handle. With the help of an experienced Salt Lake City parenting plan attorney, you will be able to figure out what to include or not to include in your parenting plan.

WHY IS A PARENTING PLAN IMPORTANT?

Parenting plans help the court see how you and your former spouse are planning for the future care of your child. It’s best that parents come up with a good parenting plan together rather than separate as only they know what’s best for their children.

WHY AN ATTORNEY MAY BE NECESSARY

A Salt Lake City parenting plan attorney can get involved in helping parents create a successful parenting plan. You can also work with mediators to work on a suitable parenting plan for your family. It doesn’t matter how difficult your circumstances may be, an attorney can make the whole process less stressful.

THINGS YOU SHOULD INCLUDE IN YOUR PARENTING PLAN

Every family is unique therefore your parenting plan should be designed around the needs of your family. You will include a number of children you have as well as their ages, schooling needs, and so on. Some specific points you should cover include:

  • Schedule – This is one of the essential elements. You and your co-parent must include details about how you plan to meet your child’s physical needs. Some factors such as your children’s age and school schedule can impact the parenting schedule. The most important thing to keep in mind is that your children need sufficient time with you and your ex-spouse. Parents must create a schedule that allows children to spend equal time with both parents.
  • Special events – Some events such as the holidays, birthdays, school recitals, and so on, may suffer some interruptions. You need to decide where your children will spend Thanksgiving, Christmas, etc.
  • Expenses – Who will cover the costs? This is a question only you and your former spouse can answer. Some expenses you can split 50/50 while others are a bit difficult to figure out. You can always use a tool to write down child-related costs. It can help you and your co-parent provide a financially stable environment for your children, whether they’re staying with you or with your former spouse.
  • Making important decisions – It is best when both parents are actively involved in the children’s lives and in making decisions regarding their education, discipline, religious practices, health care, etc. You can talk to your co-parent about these big decisions and trace a parenting plan that includes how you will handle these major decisions.

Free Consultation with a Utah Divorce Lawyer

If you have a question about divorce law or if you need to start or defend against a divorce case in Utah call Ascent Law at (801) 676-5506. We will help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Pros and Cons of In-House Attorneys

Our law firm is often hired by businesses to act as “General Counsel” and about 50% of the time our business clients have in-house lawyers that assist the business during its life-cycle. Defining what an “in-house” attorney does is nearly impossible because almost every such attorney has a unique role specific to that organization and its management team, but the effect of having an in-house lawyer is often the same.

Pros and Cons of In-House Attorneys

Business lawyers are trained to think about business issues differently than management, owners, accountants and other employees and can therefore be a major asset over time. However, bringing a business attorney into a business to generally help the business grow and prosper is often a big step because there are many pros and cons to having a lawyer around full time. The following is a list of a few such pros and cons to help companies sophisticate themselves about the decision to bring a lawyer onto the payroll:

Pros:

  • Contracts, legal analysis, negotiations and other tasks generally performed by a law firm can be started (and often finished) in-house for far less money than if the same was outsourced to a law firm that needed to get up to speed on everything.
  • Day-to-day interactions with a business lawyer can help to identify and expedite strategic change within a business.
  • Strategic risk can be more easily analyzed by a team that includes a lawyer that is highly sophisticated about the company.
  • Litigation strategy is easier to implement if it was designed by an in-house lawyer who knows all of the good and bad facts.
  • In-house business lawyers can bring credibility to a business and open doors that might otherwise be closed.

Cons:

  • Lawyers are expensive and are often among the highest paid employees at a company.
  • Lawyers are often very critical, risk-averse people that can slow progress if they act more as a fear monger than a strategic analyst.
  • Business lawyers’ opinions can sometimes conflict with those of management and cause strain in an organization.
  • In-house lawyers often know all of the secrets a business has and therefore can cause significant problems when exiting an organization.
  • In-house attorneys can become complacent in their positions rather than always keeping their legal skills sharp like a private practice attorney. This can cause a company to be blindly exposed to risk for long periods of time.

Generally it is best for a company to never wholly rely on the skills of an in-house lawyer because of the specialized nature of the position. Having the business’ attorney work with outside counsel from time to time can hedge the cons described above to some extent and will often keep the in-house attorney on his or her toes. Additionally, if you feel like your in-house or outside legal counsel is not quite meeting your expectations you should always interview other lawyers and law firms to see if there might be a better fit.

Any attorney in Utah can plainly see that fraud is still just fraud by any other name

Horizon Mortgage & Investment may have seemed like smooth operators, and they probably were for quite some time, having swindled at least $72 million from several hundreds of investors since 1997 in Kaysville, Utah according to Salt Lake Tribune article online. Run by Dee Randall, the “investment company” was recently ruled to be little more than a Ponzi scheme, which makes Randall’s actions fraudulent and illegal, though it doesn’t take an attorney in Utah to see that. Worse still for the investors, Randall filed for bankruptcy in 2010, effectively shortchanging anyone who unwittingly poured money into the scheme get less than 10 cents on the dollar back now.

Investors won’t give up so easily, though, and most have filed a lawsuit with an attorney in Utah “seeking millions in damages.” The suit is pending. But Randall’s scheme was sneaky, even from the beginning, and now, the “U.S. Trustee’s Office has found 20 other companies Randall had been involved with, rental income he had not reported, as well as creditors who were not notified of the bankruptcy filing.”

Serving for a general agent in Utah for Union Central Life Insurance of Cincinnati, Randall “had offices in Sandy, Kaysville, Woods Cross, Fruit Heights, and Logan, where he employed numerous subagents.” The better to trick you with my dear. Pitching life insurance alongside investments, they were already in violation of Utah law according to the lawsuit filed by a forensic accountant who took over Randall’s assets and companies at the request of the court. He found lies and deceit everywhere, but interestingly, there was unexpectedly more.

In his case, Randall didn’t rely totally on lies and secrecy. He actually “disclosed to some investors that he was going to use their money to pay what was due earlier investors,” and “warned that investors shouldn’t put money in they could not afford to lose.” Not only did such disclosures surely make him seem forthcoming and honest, they were what he hoped would pass for getting around securities laws. One attorney in Utah told a victimized couple “that the disclosures made Randall’s operation look like a ‘legal Ponzi scheme,’” according to court records.

But in truth, business lawyer in Utah worth her salt could tell you there is no such thing as a legal Ponzi scheme. “Utah law also says it’s illegal to operate a business in a way that defrauds investors,” so Randall wasn’t skirting any laws by disclosing his methods; he was just setting himself up for failure.

Which, depending on how you look at it, will come down with smashing consequences beginning June 30 of this year in the 3rd District Court in Salt Lake City. Randall “faces 22 charges of securities fraud and one of engaging in a pattern of unlawful activity.” As those with a flair for the dramatic might say, “the gig is up” for Dee Randall.

Free Consultation with a Utah Business Lawyer

If you are here, you probably have a business law issue you need help with, call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Tuesday, February 27, 2018

Tired of Paying Alimony?

As an alimony lawyer, I’m often asked about how to stop alimony. They say “Alimony is forever” — or is it? In many cases, people are ordered by the Court to pay alimony for years and years into the future. In most cases, this can amount to thousands and thousands of dollars being paid out to an ex-spouse. Understanding alimony, how it works, and how it can be terminated is critical! This common question is one many divorcee have, and it is a question that has to be answered on a case-by-case basis. Alimony awarded by a Utah family law court may or may not be permanent, and determining the permanence of alimony may be difficult for individuals without legal backgrounds.

Tired of Paying Alimony

When Can a Utah Court Terminate Alimony?

Under Utah law, a family law court can rule for the termination of alimony due to any one of the following scenarios:

  • Death: When either party dies, alimony payments cease.
  • Cohabitation: If the alimony recipient lives with a new partner, or is cohabitating with an individual, alimony can be terminated.
  • Remarriage: When a party receiving alimony remarries, he or she will no longer be eligible to receive alimony payments from a former spouse.
  • Expiration: Alimony generally cannot last longer than the marriage. Therefore, if a couple was married for 20 years, the court generally will not award alimony longer than that period of time.

How We Help Our Clients

Although the list of the four above scenarios seems simple, proving a change after your divorce may be difficult without the help of an experienced alimony termination lawyer. Out of the above-mentioned options, the most common alimony termination option is “cohabitation.” This is an excellent way to terminate alimony to an ex-spouse. If you think this may be going on, we have a team of experienced attorneys, professionals and private investigators who work together in a collaborative and efficient format to terminate your alimony obligation to your ex-spouse. We have helped countless individuals in this type of situation and are extremely experienced and aggressive on achieving the best possible results for our clients.

If you believe your ex-spouse is involved in cohabitation give us a call today to discuss how to terminate your alimony obligation! We help our clients prove cohabitation or handle the legal aspects of presenting death or marriage certificates to the court while providing the answers they need to their alimony-related questions.

Domestic Violence And Protective Order Attorneys

Domestic violence is a serious matter that drastically affects family law issues. Accusations of domestic violence can affect custody, visitation and more. Whether you are seeking protection or facing domestic violence-related charges, it is imperative that you are represented by an experienced family lawyer.

Orders Of Protection

Any party can seek to obtain an order of protection if there has been allegations of abuse, domestic violence or an imminent threat of harm. This includes verbal abuse, disorderly conduct, physical abuse and more. An order for protection affects custody, visitation and effectively removes your spouse from the home for 150 days. In any situation, it is important that you are represented by an attorney who has in-depth knowledge of the law and knows how to approach matters involving domestic violence, including assault, battery and more.

Lawyers On Your Side

We recognize that family law matters can quickly become heated. Our goal is to gather a full understanding of the situation so we can best represent your interests in court. We are aggressive when advocating for our clients, yet we are compassionate and understanding when working with clients.

Can Facebook And Other Social Media Networks Affect Divorce?

In recent years, Facebook, Twitter and many other social media networks have become part of divorce proceedings in Utah and all across the country. As public domains, the information contained in social media accounts can be subpoenaed and, thus, can affect divorce settlements.

Using Facebook As Evidence

Facebook can be a valuable source of tangible evidence to use in many cases, most commonly in a divorce or family law case. In these situations we often find evidence on Facebook of adultery, affairs, cohabitation, etc. All of these are critical legal issues in every divorce or family law case. Additionally, Facebook has provided us a significant amount of evidence regarding what people do with their time and money, which also plays an important and critical role in divorce cases, especially on the issue of alimony.

We have a comprehensive approach that allows us to dig into many different social networking sites to obtain additional evidence and information for our clients. Our approach is aggressive, but generally gets extremely positive results for our clients.

Guiding Our Clients In Using Social Media

Not only do we ensure the social media accounts belonging to our clients’ spouses will be investigated, when necessary, to use as evidence of wrongdoing, but we also ensure our clients use their accounts wisely.

Free Consultation with an Alimony Lawyer

When you need legal advice from an Alimony Attorney, call Ascent Law at (801) 676-5506 for your Free Consultation. We will help you.

Michael R. Anderson, JD

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

Eliminate Medical Debt

When you speak with a bankruptcy lawyer about medical bills and how they can be a drain on you both emotionally and financially, you’ll find out what will work for you to remove that pain and that suffering.

Are Medical Bills Making You Sick?

For most, maintaining a low deductible medical insurance plan and putting away huge amounts of savings to pay off what seems like unlikely medical debts is unrealistic. When it comes to medical debt, no one is immune. Even the safest, healthiest people get injured in auto accidents or suffer from a whole range of health issues from heart attack to cancer. If you’re one of the many people affected by medical debt, keep reading – there is a cure.

The Condition

Here’s your current situation: you legally owe money to a creditor. If you’re falling behind on payments, it’s only a matter of time before they secure a judgment against you. Judgments allow your creditors to take your possessions by law – it could be 1/4th of each paycheck, money right out of your bank account, furniture, vehicles and even your home – whatever they want until the entirety of the debt (including building interest and legal fees) is satisfied. So the clock is ticking – but if collectors are demanding money you don’t have – literally adding insult to injury – you can find solace by filing for bankruptcy.

The Cure

At first bankruptcy may seem like an unattractive option – but so are most effect prescriptions. The point is, the cure is better than the alternative. Bankruptcy is often the best solution for people dealing with medical and credit card bills, payday loans, other unsecured loans, secured property that is no longer wanted, some taxes and more. And filing for bankruptcy can completely wipe away these debts in as little as 3 months. The bankruptcy code also protects your valued assets that could otherwise be in jeopardy. Plus, filing bankruptcy instantly stops all collection efforts against you – you won’t have to deal with harassing phone calls, judgments, or repossessions.

It pays to hire a bankruptcy attorney

At a Meeting of Creditors today, I heard this all too common refrain from a Trustee to a debtor:

“Why didn’t you hire a bankruptcy lawyer to help you with this??!”

I don’t know how often I’ve been in that same situation listening to those same words. Unlike Groundhog Day though, there’s no Bill Murray, this is no romantic comedy, and the results tend to be the same almost every time (and they are neither romantic nor funny). It only takes several hours for someone to learn how to file for bankruptcy and to throw together random paperwork to file a bankruptcy case, but it can take years and tens of thousands of dollars or more to try to fix and litigate the mistakes in the paperwork if not prepared correctly in the beginning.

And you can lose that amount, or more, in assets that could have been protected. It is hard to watch a debtor–and this could be you–learn that they will lose their home, money in their bank account, or a car they need to get to work because of an error by a preparer who has no expertise in bankruptcy.

The point of filing for bankruptcy is to help ease your financial and emotional burden. It is designed to give you a fresh start in life so that you can pursue your dreams anew and become an active contributor of society. It makes sense to hire a competent attorney to help you navigate through the process and to get a successful discharge of your debt.  The benefits of doing this far outweigh the affordable cost of hiring an experienced lawyer.

When thinking about filing for bankruptcy, it is important that you start your case correctly — most attorneys won’t even touch cases that someone else has worked on. Thus, finding an attorney who will take over your case at the point when you discover everything has gone wrong is incredibly difficult. Even if you do eventually find an attorney who doesn’t automatically tell you no, the fees they quote may be very high. And it may be up to four times more than how much it would have cost to have just hired them to do your case from the beginning.

You wouldn’t try to take out your appendix by yourself or hire an in-home caretaker to do it for you, right? No, you would go to the hospital and hire a surgeon, a specialist. So why would you trust your financial welfare to a non-expert? Being thrifty is an admirable quality, especially when money is tight. But as I frequently see in court hearings, pinching pennies by deciding to file your own bankruptcy case is like stepping over a dollar to pick up a dime.

We can work with you and offer a payment plan if necessary, but please get a reputable bankruptcy lawyer near you who can assist you from the very beginning.

Free Consultation with a Bankruptcy Lawyer

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

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Monday, February 26, 2018

Embezzlement Attorney

Embezzlement is a white collar crime that involves the illegal taking or appropriation of another person’s assets. If you’ve been charged with a crime, call an embezzlement lawyer right away. Embezzlement charges can range from a minor amount of money to large amounts of cash and other holdings. Frequently, embezzlement charges arise in the context of a business in which an employee, executive or president has illegally appropriated funds for his or her personal use.

Embezzlement Attorney

Embezzlement can occur in any type of business, including banks, financial institutions, government offices and private retail businesses. These cases are often complex in nature and are best defended with the assistance of an experienced criminal defense attorney. There are a number of ways embezzlement cases can be settled or dismissed. Talk to our firm to discuss the options you may have, including paying back your employer, coming to an agreement or showing that the accusations are unfounded.

Time Is Of The Essence

If you have committed the crime of embezzlement or believe you may be the subject of a criminal investigation by state or federal agents, the best way to protect your rights is by being proactive. Retaining the service of an experienced criminal defense lawyer early in your case is extremely important.

In many cases involving a white collar crime, a resolution can be reached that results in no criminal conviction or minimizes the criminal penalties that might have resulted without the early intervention of a defense attorney. Sometimes it is possible to avoid contact with law enforcement entirely.

Breathalyzer Tests

Our firm knows how to handle the breath test results involved in your DUI case. Our aggressive DUI defense attorneys have experience with these tests, including detailed knowledge and understanding of the law as well as the science behind them. We are ready to fight for your rights against faulty or improper Breathalyzer test evidence.

Which Tests Are Used?

There are three main types of Breathalyzer tests currently in use in Utah:

  • Portable breath test or PBT (a field breath test model that only detects the presence or absence of alcohol)
  • Intoxilyzer 5000 (the breath test you see at most police stations)
  • Intoxilyzer 8000 (a portable model that is supposed to provide valid results that are admissible in court)

You have a right to refuse the portable breath test as well as any field sobriety tests, and our law firm can help you defend your rights if you have refused these tests before your arrest.

Dismissing The Charges

Because the implications for breath testing rely on perfect procedures and maintenance, if you were arrested for DUI based on Breathalyzer evidence, you may have a strong case to have the charges dismissed. Why?

  • Many officers are not certified to operate a Breathalyzer or they have an operating certification that has lapsed
  • Many of these machines are not calibrated properly or receive inadequate maintenance and inspection
  • Many procedural errors, such as PBTs that are conducted before a field sobriety test, can invalidate the results and may lead to your case being thrown out on those merits
  • Food and other substances can interfere with the BAC readings of the machine

Breath test evidence is notoriously unreliable. PBTs are only supposed to be used to confirm an officer’s suspicion that a driver has been drinking. Standard police procedure calls for a PBT to be used only after a field sobriety test has been administered. When officers fail to follow procedure, the entire case may be thrown out. This is why it is important to pay attention to the officer throughout your ordeal.

Free Consultation with an Embezzlement Lawyer

When you need help on an Embezzlement charge in Utah, Call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Chapter 13 Bankruptcy Compared to Other Debt Solutions

Chapter 13 Bankruptcy Compared to Other Debt Solutions

Chapter 13 bankruptcy is known as a reorganization bankruptcy because it allows you to file for protections under the Federal Bankruptcy Code while repaying your creditors; effectively reorganizing your debt. Because I am a bankruptcy lawyer, we file chapter 13 cases on a regular basis. A chapter 13 is very different from a Chapter 7 bankruptcy, and offers far greater benefits over third-party financial services such as debt consolidation and credit counseling.

What are the advantages of Chapter 13?

While many third party companies have sprouted up over the last several years claiming to work wonders with secured and unsecured debt, the power of the Federal Bankruptcy Code has been an established part of American society for decades. Many of the fly-by-night debt consolidation, debt settlement, and credit counseling programs make empty promises, but Chapter 13 bankruptcy is a proven and effective way to utilize federal laws to get out of debt.

The automatic stay

The instant your chapter 13 bankruptcy is filed, the automatic stay guarantees that collection efforts are stopped in their tracks. This has the effect of halting collection efforts from phone calls, lawsuits, garnishments, repossessions and even foreclosure. Debt consolidation programs on the other hand have no legal authority to stop any kind of collection activity. Furthermore, some unscrupulous debt consolidation firms have been known to take large fees and leave their clients to the mercy of the collectors when the inevitable garnishments and credit card lawsuits begin.

Asset Exemption

Unlike debt consolidation, Chapter 13 bankruptcy offers protection on secured assets for a total of over $1 million, as well as providing protection for unsecured debts of up to roughly $330,000. One can even exempt retirement accounts, ensuring a better financial future. While the process of reorganizing debt through bankruptcy can be considered a consolidation, it’s a world away from the financial service that seeks to take out an even bigger loan to cover debts. One of the widely criticized aspects of third-party debt consolidation is the practice of taking out a large home equity line of credit to cover unsecured debts. This is essentially trading debt on credit cards for a debt on one’s shelter and home. Chapter 13 bankruptcy offers a guided solution for people to pay down unsecured and secured debts without risking losing their home to foreclosure.

Reduced Payback Amount

While the exact amount depends on the Bankruptcy Court where it is filed, your debt can be reduced by as much as 90% through skillful negotiation by experienced attorneys. Debt consolidation does not reduce the principal owed, and there are additional fees included. Debt settlement may be able to reduce the amount of debt, but the amount of debt that is reduced is often subject to extensive IRS tax liabilities! Furthermore, these negotiations often require a lump-sum payment, and chances are if you’re struggling to make ends meet, you haven’t got thousands of dollars hidden in your mattress.

On Your Terms

Debt consolidation and credit counseling programs are often at the mercy of creditors. If the creditor decides to file a lawsuit, garnish wages, or attempt to repossess or foreclose on property, these services can only stand by and watch. Creditors maintain their power. Chapter 13 bankruptcy on the other hand puts the debtor and their attorney in control. Creditors are the ones who must comply with the program. In fact, they are prohibited by law from making attempts to collect their debts from the individuals involved – they get what the court gives them.

Limited Timeframe

Chapter 13 bankruptcy usually has a repayment period of 3 to 5 years that is set up in accordance with the individual’s ability to pay, income, assets, total debts and other expenses. Once this term is completed, any remaining debt liability is considered “discharged,” or wiped away for good. Debt consolidation and credit counseling can last for years without making a significant impact. Some of these organizations have even been sued by the federal government for taking their clients’ payments without getting them out of debt. Even the organizations that comply with the law do not always obtain consistent results for their clients, because they offer incremental steps for problems that often require immediate and significant action.

No Interest or Late Fees

As soon as Chapter 13 is filed, interest and late fees on most types of unsecured debt cease to accumulate from that moment on. Debt consolidation at its best can only reduce the interest rate. The same result can be accomplished by an individual simply calling their bank and attempting to negotiate a lower rate on an existing loan. In addition to that, the debt consolidation companies are receiving a portion of the funds, either directly or indirectly. Either way, it creates an incentive for the debt consolidation organizations to drag out the process. This is a contributing factor to why many debt consolidation plans fail.

Your Best Interests

When filing for Chapter 13 bankruptcy protection, your attorney has an obligation to always do what is right for you, the client. Violations of this are taken very seriously and can result in an attorney losing their license (being disbarred). This is why if you hire an attorney you can expect to see real results and not have to worry about a conflict of interest.

Pay Necessities First

Unlike a debt consolidation program, chapter 13 bankruptcy allows you to pay your most important bills first: your property and taxes. Unsecured debts get any leftovers after your vital bills have been paid. Since debt consolidation providers often only deal with unsecured debt, it can have the unwelcome effect of focusing an individual’s resources on credit card bills, while their property goes unpaid and potentially becomes foreclosed upon.

Free Consultation with a Bankruptcy Lawyer

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

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Sunday, February 25, 2018

Asset Protection with Swiss Banking

Asset Protection with Swiss Banking

Swiss banking is a really fantastic way to protect your assets on many different levels. I am not referring to UBS and Credit Suisse, but protection in conjunction with your asset protection plan. We are moving assets when we are talking about Swiss banking to a Swiss bank inside of your asset protection trust. This is the ultimate layer of protection in your asset protection plan. Not every lawyer in Utah can tell you about these things, but at Ascent Law, we take your asset protection strategy seriously.

Swiss private banking gives you possession physically outside of the country and legal title outside of your asset protection plan. You have control, but your assets are not there to be grabbed. It also does something else which I’ve become very aware of and concerned with in the last four years and that’s the actual safety of the banks and institutions we hold out money in.

Institutional Risk

I sent out a letter at the end of last year stating my concern around institutional risk. Institutional risk means that the bank that you hold your money in is not there one day or is in bankruptcy and you can’t get your money immediately or your money at all. Five years ago banking failures was something you would talk about in the context of the past. Since modern banking, modern financing, and modern governments we haven’t had any banking failures to speak or and certainly nobody lost any money.

When 2008 came around people lost money. Lehman Brothers and Bear Stearns went under. Many people lost lots of money during this time and are only getting a fraction of their money back. Anything less than 100% is unacceptable. One of my main concerns about US banks is the tier 1 capital ratios. Switzerland solves this because their banking system is incredibly safe. Their tier 1 capital ratios are five times what we have in the United States. There’s personal liabilities of the partners and executives of the bank for customer’s money.

Common Questions About Swiss Bank Accounts

What’s the minimum to open up a Swiss bank account?

  • The minimum is one million dollars, although an account can be opened with half a million dollars if the bank is aware that it is a starting balance and the customer is going to be adding more.

Do you pay taxes on a Swiss account?

  • Many people think or have been told that they don’t pay taxes on something until you bring it back to the US, but the truth is because the United States has worldwide taxation, you pay taxes on all the money you earn worldwide. If you have your money in a Swiss bank and you don’t earn any dividend or interest you don’t pay any taxes, but if you do the Swiss bank will issue you a 1099 just like a US bank would.

How many different currencies can you hold in a Swiss bank account?

  • You can hold 22 different currencies in your Swiss account. This can be a combination of all the hard currencies around the world as well as just one or a few. You also have the luxury of holding individual physical things in your own segregated vault or box.

Although it’s very difficult for a US citizen to get a Swiss bank account, for our clients we still are able to. I recommend it because of the tremendous benefits that come with it.

Free Initial Consultation with an Asset Protection Lawyer

When you are ready to start your asset protection strategy, call Ascent Law for your free consultation (801) 676-5506. We want to help you.

Michael R. Anderson, JD

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