The last article we posted listed the Utah Bankruptcy Exemptions and provided information on how they apply etc. Recently, the Utah State Legislature amended a number of the exemptions and provided increases to many key exemptions. This is good news for the consumer since many bankruptcy filers will now be able to claims more value for certain items of property as exempt from the bankruptcy estate. Utah has opted out of the federal bankruptcy exemption list which is good for Utahans because they can keep more value from liquidation in a Chapter 7 Bankruptcy. The new increases to exemptions go into effect May 14, 2013. If you have been considering filing for bankruptcy but have been putting it off, well your decision to wait might prove a good one if you have exempt property now getting more bang for your buck.
New Exemptions Added
When you file for a Chapter 7 Bankruptcy in Utah, all of your property is inventoried and disclosed into exempt property and non exempt property. As described in our previous post, exempt assets are those which do not become part of the liquidation process in the bankruptcy. Or more simply stated those assets you get to retain or at least retain a portion of their value depending on the specific item. One of the big changes in the recent amendments added exemptions of firearms and ammo. That is right, Utah is a gun friendly state and our elected representative apparently want us to be able to always retain our guns even through a bankruptcy. This is a big deal to many because many individuals may collect firearms; also ammunition has been going through the roof in price in recent months.
Increase in Value to Certain Exemptions
In addition to adding guns and ammo to the exemptions list, the following items which were already on the list were upped to $1,000.00 in value: home furnishings; kitchen tables and chairs; animals, books, musical instruments, and family heirlooms. It makes sense for the state to increase the value of these items because even though the economy has declined, these property items have only seemed to increase in price.
Salt Lake Bankruptcy Attorney
Now is a good time to file for bankruptcy with the new amendments to exemptions taking effect. For more information on the amendments to Utah’s Bankruptcy Exemption List, and to learn how your particular case may be impacted, call and speak with a Salt Lake Bankruptcy Attorney at Salcido Law Firm now.