What Property Exemptions Apply in a Utah Bankruptcy?
Is Any of My Property Exempt from the Bankruptcy Process?
A question that often arises when people are contemplating filing for bankruptcy protection in Utah is whether any of their property is exempt from being controlled by the U.S. Trustee. As explained on our Who’s Who in Bankruptcy? page, when you file your bankruptcy petition your entire estate becomes part of the bankruptcy trust and only the U.S. Trustee has the authority to control that property. Fortunately, however, there are a few property exemptions that allows you control statutorily defined property.
Under Utah statutory law, there is a homestead exemption for both your primary residence and any second homes you may have. What this means is that you are entitled to keep the equity in your home or homes up to a certain statutorily defined amount. If you own your home or homes jointly you get a larger exemption.
Various household items are also exempt from being sold by the bankruptcy trustee. For example, you get to keep your refrigerator, washer and dryer, and other similar appliances. You also get to keep your clothes, beds, and bedding.
There are a variety of benefits that are exempt under Utah’s statutes including certain medical and health benefits, veteran benefits, and unemployment benefits.
For a better understanding of what property is exempt from being sold by the U.S. Trustee during the bankruptcy process you can contact the Utah Bankruptcy Attorneys at Salcido Law Firm anytime.
Our Salt Lake City Based Bankruptcy Attorney are here to Help
If you are thinking about filing for a Chapter 7 or Chapter 13 bankruptcy in Utah, contact our Salt Lake City Bankruptcy Attorneys to get all of your questions answered. The lawyers at Salcido Law Firm are experienced bankruptcy attorneys who can help you understand what property is exempt and what is not.
Call us anytime at 801.413.1753 or email us for a free consultation.