Utah Bankruptcy Laws

Utah bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. However, you cannot substitute the state specific exemptions completely with the federal exemptions set. Utah bankruptcy district courts are located in two places – Ogden and Salt Lake City.

Properties Exemptions Under The Utah Bankruptcy Laws

As per the Utah bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt, by any of the Utah bankruptcy district courts.

•The Homestead exemptions include real property, mobile home, or water rights. You can exempt up to ten thousand dollars of properties in this regard. However, if you are a married couple and have filed bankruptcy jointly, you can be allowed to exempt up to twenty thousand dollars.
•It is also important for you to note that the Utah bankruptcy laws have now made it mandatory for you to file homestead declaration, if you are attempting home sale.
•Life insurance policy cash surrender value is also exemptible under insurance exemptions, but only up to 1500 dollars.
•As per the Utah bankruptcy laws, the child support, and alimony needed for support are also included in the miscellaneous exemptions.
•Personal properties exemptions include the following:
◦You can exempt Furnishings and appliances up to five hundred dollars.
◦Heirloom or other sentimental item is also exemptible as per the Utah bankruptcy laws. The maximum amount exemptible is five hundred dollars.
◦Cars or motor vehicles are also allowed to be exempted up to 2500 dollars in value.
•Pension funds are also allowed for exemption under the Utah bankruptcy laws, but only the following individuals are eligible for such exemptions:
◦Public employees
◦People with ERISA-qualified benefits
◦Certain other types of pensions are also exemption
•Tolls of trade exemptions amount up to 3500 dollars.
•No Wild Card exemptions are allowed under the Utah bankruptcy laws.