Utah, UT Bankruptcy Exemptions

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Utah, UT Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE NOT AVAILABLE.
All law references are to Utah, UT Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Utah, UT Bankruptcy Exemptions

All law references are to Utah Bankrutcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Real property, mobile home or water rights up to $5,000 if the property is not debtor's primary personal residence; up to $20,000 if the property is debtor's primary personal residence. Proceeds of sale exempt for 1 year.	78-23-3
HOMESTEAD	Must file homestead declaration before attempted sale of home	78-23-4
INSURANCE	Disability, illness, medical or hospital benefits	78-23-5(1) ( c), (d)
	Fraternal benefit society benefits	31A-9-603
	Life insurance policy cash surrender value excluding payments that were made on the contract within the prior year.	78-23-5
	Life insurance proceeds if beneficiary is insured’s spouse or dependent, as needed for support	78-23-5
	Hospital, medical and surgical benefits.	78-23-5
MISCELLANEOUS	Alimony needed for support	78-23-5(1) (k), 78-23-6(1)
	Child support	78-23-5(1) (f), (k)
	Property of business partnership	48-1-22
PENSIONS	ERISA-qualified benefits	78-23-5(1) (j)
	Public employees	49-11-612
	Other pensions needed for support	78-23-6(3)
	Keoghs, IRAs, and Roth IRAs if the contributions have been made and benefits have accrued more than 1 year before filing for bankruptcy.	78-23-5
	Tax exempt retirement account; Traditional or Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Animals, books & musical instruments to $500 total	78-23-8(1) (b)
	Artwork depicting, or done by, family member	78-23-5(1) (h)
	Bed, bedding, carpets, washer & dryer	78-23-5(1) (g)
	Burial plot	78-23-5(1) (a)
	Clothing (cannot claim furs or jewelry)	78-23-5(1) (g)
	Food to last 12 months	78-23-5
	Furnishings & appliances to $500	78-23-8(1) (a)
	Health aids needed	78-23-5(1) (b)
	Heirloom or other sentimental item to $500	78-23-8(1) ( c)
	Motor Vehicle to $2,500	78-23-8(2)
	Personal injury recoveries for you or person you depended on	78-23-5(1) (I)
	Proceeds for damaged exempt property	78-23-9
	Refrigerator, freezer, microwave, stove & sewing machine	78-23-5(1) (g)
	Wrongful death recoveries for person you depended on	78-23-5(1) (i)
PUBLIC BENEFITS	Crime victims’ compensation	63-25a-421
	General assistance	35A-3-112
	Occupational disease disability benefits	34A-3-107
	Unemployment compensation	35A-4-103
	Veterans’ benefits	78-23-5(1) (e)
	Workers’ compensation	34A-2-422
TOOLS OF TRADE	Implements, books & tools of trade to $3,500	78-23-8(2)
TOOLS OF TRADE	Military property of National Guard member	39-1-47
WAGES	The greather of the following: Either 30 times the federal hourly minimum wage or minimum of 75% of disposable weekly income. Judge may approve more for low income debtor.	70C-7-103

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