Posts Tagged ‘bankruptcy exemptions in Utah’

Utah Bankruptcy Exemptions

As per the laws regarding Utah bankruptcy exemptions, you are not allowed to use the federal set of exemptions. When you file for bankruptcy under chapter 7 in the state of Utah, you are allowed to exempt certain properties up to certain extent, but you are obligated to follow the provisions made under the state laws only. You cannot get the properties exempted as per the federal standard. But, like any other state, Utah also allows you to have federal supplemental exemptions additionally.

Wildcard

Though the majority of other states offer some kind of wildcard exemptions to debtors, Utah bankruptcy laws do not have any such provision.

Wages

Thirty times of the minimum hourly wage as per federal standard or seventy five percent of weekly wages, whichever is higher. However, as per the laws regarding Utah bankruptcy exemptions, the court has the right to offer a much higher exemption to those debtors who have very low monthly income.

Tools Of Trade

Military property of National Guard member is exemptible in full. Besides that, up $3,500 can also be exempted in other tools of trade, including books and implements.

Public Benefits

Following are some of the different types of public benefits that you are allowed to exempt in full.

- Workers’ compensation
- Veterans’ benefits
- Unemployment compensation
- Occupational disease disability benefits
- General assistance
- Crime victims’ compensation

Personal Property

You can avail Utah bankruptcy exemptions for certain types of personal assets and properties in the following manner.

- Up to $500 in chairs, sofas, and related furnishings
- Washer & dryer, sewing machine, stove, microwave, freezer, and refrigerator
- 100% of proceeds for damaged, lost or sold exempt property
- 100% of wrongful death and personal injury recoveries
- Up to $2500 in motor vehicles
- Up to $500 in Heirlooms
- 100% of Health aids
- Food up to an extent that should last at least one year
- Up to $500 in kitchen and dinning chairs and tables
- Clothing (excluding jewelry and furs)
- Burial plot
- Carpets, bedding, and bed
- Artwork done by a family member or depicting a family member (done by anyone)
- Up to $500 in musical instruments, books, and animals

Retirement Savings And Pensions

Utah bankruptcy exemptions can be availed in full for certain types of pensions and retirement savings.

- Public employees pensions
- Other annuities and pensions up to an extent that is reasonably needed for support
- Keoghs, IRAs, and other types of ERISA-qualified benefits provided contributions have been made and the benefits have accrued at least twelve months before petition filing

Miscellaneous

Some specific exemptions are also available in the miscellaneous category. As per the Utah bankruptcy laws, you are allowed to exempt Property of business partnership, and alimony and child support payments in this category.

Insurance

Utah bankruptcy exemptions are available in full for the following types of insurance benefits.

- Hospital, surgical, and medical benefits
- Life insurance proceeds provided the beneficiary is dependent (such as child or spouse) on the insured
- Fraternal benefit society benefits
- Hospital, medical, illness, or disability benefits

Homestead

- Sales proceeds are exemptible for twelve months
- Joint owners of homestead properties can qualify for double exemptions.
- If it is a primary residence, the maximum exemption limit is $20000; otherwise, the maximum limit is only $5000.
- Any type of real property can be considered for the exemption, including mobile home, as long as it is being used for residential purposes.

It can be a complicated task to figure out an accurate description on which types of Utah bankruptcy exemptions you qualify for, as there are plenty of factors that are taken into account in this regard. That is the reason why it is always better to get legal help from a qualified and experienced Utah bankruptcy attorney. Make sure that the lawyer you are signing up with is reputable and affordable.


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