Utah Bankruptcy Exemptions

The State of Utah does not have federal bankruptcy exemptions available for those who file bankruptcy. Bankruptcy exemptions allow you to keep certain property out of the reach of creditors in an effort to help you start fresh. After filing for bankruptcy, this property is safe. Be aware that there are certain debts, which you will not be able to erase in bankruptcy. These are non-dischargeable debts.

There are some limits on certain exemptions such as equity that you have in a home or in a vehicle. The difference between the cost of the item and the amount owed on the item is the definition of equity. If the item, such as home or vehicle, is secured by a loan and payments are made on time, the equity is protected by your exemptions. A debtor must generally pay the trustee the value of the non-exempt property to keep the property. If you choose to keep the property, continual timely payments ensure that the property is protected through the bankruptcy.

This is a list of some of the available exemption in the State of Utah. You can obtain and more detailed list of exemptions by contacting a qualified Utah bankruptcy attorney in your area. They will be able to list and explain all of the state and federal exemptions. There is certain property, which is excluded or exempt that the debtor can keep based on their specific situation and personal income.

The best way to determine which exemptions to utilize is to meet with a qualified and proven bankruptcy lawyer who can evaluate your individual case and guide you through the process. Contact an attorney today.

Asset

Homestead: Must file homestead declaration before attempted sale of home, Sale proceeds exempt for one year, Real property, mobile home or water rights to $20,000 if primary residence; $5,000 if not primary residence

Pensions: Tax-exempt retirement accounts, including 401(k)s, 403(b)s, SEP and SIMPLE IRAs, defined benefit plans and profit sharing and money purchase plans. Traditional and Roth IRAs to $1,095,000 per person, ERISA qualified benefits, IRAs, Roth IRAs and Keoghs (benefits that have accrued and contributions that have been made at least one year before filing, Other pensions and annuities needed for support, Pubic employees

Insurance: Disability, illness, medical or hospital benefits, Fraternal benefit society benefits, Life insurance policy cash surrender value, excluding payments made on the contract within the prior year, Life insurance proceeds if beneficiary is insured’s spouse or dependent, as needed for support, Medical, surgical and hospital benefits

Miscellaneous: Alimony needed for support, Child support, Property of business partnership

Personal Property: Animals, books and musical instruments to $500, Clothing (cannot claim furs or jewelry), Dining and kitchen tables and chairs up to $500, Artwork depicting, or done by, a family member, Refrigerator, freezer, microwave, stove, sewing machine and washer and dryer, Sofa, chairs and related furnishings up to $500, Bedding, bed and carpet, Health aids, Motor vehicle up to $2,500, Heirlooms up to $500, Food to last 12 months, Burial plot, Personal injury, wrongful death recoveries for you or person you depended on, Proceeds for sold, lost or damaged exempt property

Tools of Trade: Military property of National Guard member, Implements, books and tools of trade up to $3,500

Public Benefits: Workers’ compensation, Unemployment compensation, Crime victims’ compensation, General assistance, Veterans’ benefits, Occupational disease disability benefits

Wages: Minimum 75% of disposable weekly earnings or 30 times the federal hourly minimum wage, whichever is more; bankruptcy judge may authorize more for low-income debtors

Wildcard: None

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