Understanding Bankruptcy Exemptions
One of the most common misconceptions about bankruptcy is that you are going to lose everything you own and be left on the street with nothing. This could not be further from the truth. The purpose of bankruptcy law is to give you the opportunity to get out from under the burden of unmanageable debt so you can get a fresh start and live a normal life.
In pursuit of that goal, bankruptcy law allows you to keep certain critical assets that cannot be taken from you. These are referred to as property exemptions. In Chapter 7 bankruptcy, certain nonessential assets may be sold in order to raise money to repay your creditors. In Chapter 13, you are not at risk of losing any property because you are repaying your debtors according to a payment plan.
Utah Bankruptcy Exemptions
At the Salt Lake City, Utah based law office of Justin M. Myers, Attorney-at-Law, LLC, we will help you understand local property exemptions and explain the pros and cons between filing for Chapter 7 and Chapter 13. While you probably won't be able to keep the boat, you do have the opportunity to keep the house and the car.
Among the property included in Utah bankruptcy exemptions are:
- A percentage of your income
- A home, up to a certain level of equity
- Household goods including appliances, furniture and other furnishings
- A vehicle, within value limits
- Tools of the trade
- Family heirlooms
- Medical and disability benefits
- Child support and alimony payments
- Personal injury damages
- Health aids
- Burial plot
- Retirement plans, pensions and similar plans
Schedule Your Free Initial Consultation
Contact our office today to discuss your bankruptcy questions with a lawyer. We are available during regular business hours and by appointment evenings and weekends. You can reach us by phone at 888-811-7784 or via e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
