Personal Bankruptcy Lawyer Near Riverton Utah
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What Happens to Your Safe Deposit Box After Bankruptcy?
If you are considering bankruptcy, you may wonder what happens to your safe deposit box. The answer to this question depends on the bank that holds your account. Because FDIC insurance only covers insured deposits, your box may be uninsured. However, there are options available for those who wish to gain access to their safe deposit box.
Uninsured deposits are not covered by FDIC insurance
Usually, a bank’s insurance policy does not cover uninsured deposits. However, if the bank fails, the FDIC steps in to pay depositors. The agency will either give depositors new bank accounts at another insured institution, or issue a check, depending on the amount. In either case, the FDIC will pay out the insurance amount minus any penalties.
The FDIC has created rules to protect depositors and the banking system. These rules protect deposit accounts from loss through bankruptcy. The FDIC’s policy covers up to $250,000 per depositor, and the insurance is dollar-for-dollar. The insured amount is equal to the sum of the principal plus any accrued interest. For example, a CD account with $195,000 in principal and three percent interest is insured.
The FDIC is required by the FDI Act to pay depositors as quickly as possible after a bank’s failure. This means it must review and apply the rules to trust deposit accounts before deciding whether they’re covered by insurance. The final rule amendments should make this process easier and quicker.
Issues that hinder access to a safe deposit box after bankruptcy
While it may be possible to gain access to a safe deposit box after bankruptcy, there are some issues that can hinder this process. Some banks require documents proving that you were the decedent’s personal representative or that you have the authority to access the contents. Others may require you to have a court order or prove that you’re a spouse or child of the decedent.
One of the most common issues that may hinder access to a safe deposit box after bankruptcies is the lack of access. Many bank branches will have to close down, and it may not be possible to visit them in person. When this happens, you should notify the FDIC and request instructions for accessing your safe deposit box. You should make sure that your contact information is updated and correct.
Another issue is that banks are reluctant to store products that might expose them to liability. Banks may not allow you to store prepaid debit cards in a safe deposit box. They may also ask for the amount stored on these cards and deny your application based on this reason.
Options for gaining access to a safe deposit box after bankruptcy
Banks typically protect safe deposit boxes with dual-key systems, which means that you can only access the contents of the box with a key that you can obtain from the bank or a certified copy of your ID. Once you have access to your safe deposit box, you will be required to sign an authorization form. Banks also typically offer safe deposit boxes for free or at a discounted rate.
You can also request access to your safe deposit box by filing a petition in Surrogate’s Court. To do this, you must submit a “Petition to Examine Safe Deposit Box” along with a Death Certificate and any other required documents.
If you are unable to obtain access to your safe deposit box, you can always rent a box instead. By renting a safe deposit box, you can have access to the contents without having to go through the hassle of opening it. During the rental process, you will be given a signature card to use for identification. Then, you will be provided with a duplicate key for the safe deposit box. This method is not limited to bankruptcy cases.
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
https://g.page/ascentlaw?share
https://www.ascentlawfirm.com/bankruptcy-lawyer/
When you need a Divorce Lawyer, contact this law firm:
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
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Riverton, Utah
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This article needs additional citations for verification. (September 2021)
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Riverton, Utah
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Old Dome Meeting Hall, Riverton, Utah
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Location in Salt Lake County and the state of Utah.
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Location of Utah in the United States
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| Coordinates: 40°31′14″N 111°57′19″WCoordinates: 40°31′14″N 111°57′19″W | |
| Country | United States |
| State | Utah |
| County | Salt Lake |
| Settled | 1865 |
| Incorporated | 1947 |
| Named for | Jordan River |
| Government
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| • Mayor | Trent Staggs |
| • City Council | Sheldon Stewart, Troy McDougal, Tawnee McCay, Tish Buroker, Claude Wells |
| • City Manager | David R. Brickey |
| Area | |
| • Total | 12.58 sq mi (32.59 km2) |
| • Land | 12.58 sq mi (32.59 km2) |
| • Water | 0.00 sq mi (0.00 km2) 0% |
| Elevation
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4,439 ft (1,353 m) |
| Population
(2020)
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| • Total | 45,285 |
| • Density | 3,600/sq mi (1,400/km2) |
| Time zone | UTC−7 (MST) |
| • Summer (DST) | UTC−6 (MDT) |
| ZIP code |
84065, 84096, 84095
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| Area code(s) | 385, 801 |
| FIPS code | 49-64340[2] |
| GNIS feature ID | 1431862[3] |
| Website | http://rivertonutah.gov |
Riverton is a city in Salt Lake County, Utah, United States. It is part of the Salt Lake City, Utah Metropolitan Statistical Area. The population was 45,285 as of the 2020 census.[4] Riverton is located in the rapidly growing southwestern corner of the Salt Lake Valley.[5]
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What happens to your safe deposit box after you declare bankruptcy?https://t.co/Nh1okiDUcA pic.twitter.com/uthiuVAL41
— Jan Meriss Alfonso (@MerissJan) October 27, 2022
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