One of the principal tenants of bankruptcy is that the process should be fair to creditors. This means that creditors should share equally based on claim status in the debtor’s available assets. If the bankruptcy estate has only enough assets to pay creditors five cents on the dollar, and shortly before the filing of the bankruptcy the debtor paid one creditor in full, preference law would “avoid” the “transfer” and compel the creditor to return the money received and then stand in line with the other creditors pursuant to 11 U.S.C. §547. Preference law allows the bankruptcy court to undo certain transfers. The six elements of a preferential transfer are:
- A transfer of an interest in the debtor’s property;
- For the benefit of a creditor;
- For a past debt;
- Made while the debtor was insolvent;
- Made within ninety (90) days before the filing of the bankruptcy petition, or within one (1) year if paid to or for the benefit of an insider (a family, friend, business partner, …); and
- That enables a creditor to receive more than what the creditor would have received if the debtor’s assets were liquidated in a Chapter 7 bankruptcy.
Please contact us today, so we can help put a stop to creditor harassment and to help you get debt relief. If you have any questions about how you can get out of debt and regain control of your life, contact us by Phone at (801) 432-8682 or email us.
We serve all of Utah.
Please call me today at (801) 432-8682 to discuss your specific situation and how Bankruptcy may be right for you.
8833 S. Redwood Road, Suite C
West Jordan, Utah 84088
Telephone: (801) 432-8682
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Reviews for Ascent Law LLC Salt Lake City, Utah
We've gotten divorce and child custody work from Ascent Law since the beginning because of my ex. We love this divorce firm! Staff is gentle, friendly and skilled. Tanya knows her stuff. Nicole is good and Ryan is fun. Really, all the staff here are careful, kind and flexible. They always answer all my questions, explain what they're doing and provide great legal services. I personally think they are the best for divorce in Utah.
I have had an excellent experience with Ascent Law, Michael Reed is an absolutely incredible attorney. He is 100% honest and straight forward through the entire legal process of things, he also has a wonderful approach to helping better understand certain agreements, rights, and legal standing of matters, to where it was easy to know whats going on the entire process. I appreciate the competency, genuine effort put forth, and assistance I received from Ascent and attorney Michael Reed, and I will be calling these guys if ever I have the need again for their legal assistance! 5star review Wonderful attorneys!
This review is well deserved for Ryan and Josh. New clients should know they are worth the 5 star rating we give them. We needed 2 sessions from them because of the complexity of the matter, but they are both very passionate about his helping others in need. My sister needed bankruptcy and I needed divorce. Sometimes they go hand in hand but a large shout out to this team - also Nicole is one of the sweetest people you ever did meet - she offered me warm cookies!
Mike Anderson and his colleagues & staff are knowledgeable, attentive and caring. In a difficult and complex case that eventually went to trial, Mike was the voice of reason and the confidence I needed. His courtroom abilities are amazing and I felt his defense of me was incredible. His quick thinking and expertise allowed for a positive result when I felt the World was crumbling. His compassion, after the case, has helped me return to a good life. I trust Mike and his staff. They are friendly and very good at what they do.
I worked with Attorney Alex and Paralegal Ami in my divorce case. I got to know the team very well over the course of two years. I cannot think of a better team to have worked with. Ami and Alex are not only exceptional law professions who are very knowledgeable and thorough, they are also the best human beings who empathize with the emotions I was experiencing. Alex was conscious of my budget and worked efficiently to try to reduce unnecessary legal expenses. My case also involved some dealings with a foreign country that Alex and his team had previously dealt with. They did an amazing job addressing cultural barriers in a very respectful manner and did not fall short in quality of work or in standards when dealing with some of these new challenges. Ami deserves a medal for being extremely professional, calming, and compassionate when it is needed most. When you need family law attorneys, call this firm. I now feel I can move forward with grace and dignity.