Bankruptcy Near Circleville Utah
Bankruptcy Lawyer – Asset Protection in the Event of Personal Bankruptcy
Choosing an asset protection lawyer can be one of the most important steps in preserving your assets. This professional will help you navigate the legal world, and will provide you with a strategy to protect your assets before bankruptcy.
Asset protection is a strategy that can be used to mitigate risks associated with a lawsuit, a state tax claim, or a liability in your business. It can also be a precautionary measure, making you less of a target should you become enmeshed in debt. It can even be a good idea if you’re dealing with an estranged spouse or children from a different relationship.
Taking the time to properly form a business entity can protect your personal assets while limiting your liabilities. The right entity can be a good investment and can be a useful tool for ensuring that the benefit of your hard work goes to those you care about most.
Asset protection trust
Aside from your business, you can protect your personal assets through an asset protection trust. This legal entity holds your assets for you in a way that gives you more control over the way they’re used. This can be particularly valuable in the event of divorce or bankruptcy.
In addition to forming an asset protection trust, you can also take other protective measures. This includes listing your assets and making the appropriate disclosures. This will make it more difficult for creditors to seize your assets, and levy penalties against you. You may also be able to file for Chapter 7 bankruptcy to protect your personal property, but keep in mind that you may lose your home in the process.
Another way to protect your assets is to turn them into exempt assets. This can be done by transferring them to a trust or other legal entity. You will need to make sure that the legal entity is formed correctly and that you accurately list all your assets. The goal is to convert as much of your nonexempt property into exempt property. This means that if you get a creditor’s lien on your real estate, you can still sell the property to pay them off.
Consulting a lawyer
A top-notch asset protection lawyer in Utah can teach you all about the legal entity options available to you. You’ll also be able to compare legal fees and estimate how long it will take to complete the various legal services you need. Using an asset protection lawyer is the best way to protect your assets.
While there’s no guarantee that you’ll be able to protect your property from a creditor’s seizure, a proper asset protection plan can help you achieve the benefits of having a solid financial future. If you need a solid roadmap to help you protect your assets, contact the experts at Parklin Law today. They can assist you with assessing your individual liability exposure and provide you with a personalized roadmap for protecting your assets.
It’s not enough to have an asset protection plan in place; you need to follow it. This can include protecting your business, minimizing your liability, and transferring your risk through insurance and other methods.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
WE HAVE THE BEST LAWYERS IN UTAH
When you need a Bankruptcy Lawyer, contact this law firm:
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States
Telephone: (801) 676-5506
Ascent Law LLC St. George Utah Office
Ascent Law LLC Ogden Utah Office
Directions from Orem Utah to Ascent Law LLC West Jordan Utah
Directions from Holladay Utah to Ascent Law LLC West Jordan Utah
Directions from Vivent Arena Salt Lake City Utah to Ascent Law LLC West Jordan Utah
|Incorporated||August 24, 1921|
|Founded by||William Allred|
|• Total||11.04 sq mi (28.60 km2)|
|• Land||11.04 sq mi (28.60 km2)|
|• Water||0.00 sq mi (0.00 km2)|
||6,066 ft (1,849 m)|
| • Estimate
|• Density||44.29/sq mi (17.10/km2)|
|Time zone||UTC-7 (Mountain (MST))|
|• Summer (DST)||UTC-6 (MDT)|
|GNIS feature ID||1439749|
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— Legal Assistant (@LegalAssist01) December 9, 2022