Bankruptcy Lawyer Draper Utah

Personal Bankruptcy Lawyer Draper Utah

Ascent Law LLC (801) 676-5506 Free Consultation

Personal Bankruptcy Lawyer Draper Utah

Why Do I Lose Money If My Bank Goes Bankrupt?

You may be wondering why you lose money if your bank goes bankrupt. Fortunately, the chances of this happening are extremely low. However, there is a chance that your bank will make bad decisions and end up losing money – and you may not even know it. In case this happens, you can rest assured that the United States government will reimburse a large percentage of your loss.

Deposits are frozen

If your bank goes bankrupt, they are legally able to freeze your deposits, which they can use to pay your debts. The Bankruptcy Code gives the bank the right to do this and the US Supreme Court has held that it doesn’t violate the automatic stay that applies to bankruptcy. If your bank freezes your funds, they’re most likely gone for good.
First, you need to find out why the bank has frozen your account. You can get help from a lawyer if you aren’t able to reach an agreement with the bank on your own. A bankruptcy lawyer can help you protect your assets from creditors.

Creditors try to collect your debts

If your bank fails, creditors may try to collect your debts through the use of your wages. The process is called wage garnishment, and the lender must get the proper legal documents from a court. The employer is required to hand over a portion of your wages, although the amount is limited by federal and state law.
Debt collection procedures vary depending on the type of debt you owe. If you owe a landlord, for example, they may take you to court to evict you. Utility and phone companies may shut off service if you fail to pay. Hospitals may also try to collect debts owed.

Direct deposits are protected under the Financial Services Compensation Scheme

The deposit protection scheme, known as DCS, applies to deposits from many types of financial institutions. It protects up to EUR100,000 per customer. The amount is based on the risk profile of the bank and its investments. The scheme has strict rules and regulations for banks. These include the minimum amounts of protection and the time periods for which customers can expect to receive refunds. The most recent version of the scheme went into effect on 23 October 2010.
This protection extends to cash in UK banks and building societies. Deposits in eligible UK banks and building societies are protected by the scheme up to a certain amount. This amount varies for different types of bank and building society.
If you have any questions, you can get a free consultation with Ascent Law LLC:

Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506

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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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Draper, Utah

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Draper, Utah
Draper Historic Park

Draper Historic Park
Location in Salt Lake County and the state of Utah.

Location in Salt Lake County and the state of Utah.
Coordinates: 40°30′53″N 111°52′23″WCoordinates40°30′53″N 111°52′23″W
Country United States
State Utah
Counties Salt LakeUtah
Settled 1849
Incorporated 1978[1]
Founded by Ebenezer Brown and his wife Phebe DRAPER Palmer Brown
Named for William Draper, Jr.

 • Mayor Troy K. Walker

 • Total 29.96 sq mi (77.61 km2)
 • Land 29.95 sq mi (77.57 km2)
 • Water 0.01 sq mi (0.04 km2)

4,505 ft (1,373 m)

 • Total 51,017
 • Density 1,700/sq mi (660/km2)
Time zone UTC−7 (Mountain (MST))
 • Summer (DST) UTC−6 (MDT)
ZIP code
Area code(s) 385, 801
FIPS code 49-20120
GNIS feature ID 1427473

Draper is a city in Salt Lake and Utah counties in the U.S. state of Utah, about 20 miles (32 km) south of Salt Lake City along the Wasatch Front. As of the 2020 census, the population is 51,017, up from 7,143 in 1990.[3]

Draper is part of two metropolitan areas; the Salt Lake County portion is in the Salt Lake City metropolitan area, while the Utah County portion is in the Provo-Orem metropolitan area.

The Utah State Prison is in Draper, near Point of the Mountain, alongside Interstate 15Gary Gilmore‘s execution occurred on 17 January 1977. The Utah Legislature voted to relocate the state prison to Draper in 2014 and in 2015 approved the Salt Lake City location the prison relocation commission recommended. The Draper Prison will close in 2022. Inmates will be moved to a new prison facility in Salt Lake City; the new prison is slated for completion in mid-2022.[4]

Draper has two UTA TRAX stations (Draper Town Center, 12300/12400 South and Kimball’s Lane 11800 South) as well as one on the border with Sandy (Crescent View 11400 South). A FrontRunner commuter rail station serves the city’s west side. The city has around 5 FLEX bus routes connecting neighboring communities and two bus routes to Lehi Frontrunner Station and River/Herriman, connecting at Draper Town Center and the Draper Frontrunner Stations.

The city is home of 1-800 Contacts and a large eBay campus.

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