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UTAH EXEMPTION ACT
The Utah Exemptions Act sets forth the limitations that one can
claim as exempt in a bankruptcy case.
| Homestead (Primary
Personal Residence):
Individual Owners
Joint Owners |
78-23-3 (1) (a)
78-23-3 (1) (b) |
$20,000
$40,000 |
| Household
Goods and Furnishings:
Washer
Dryer
Refrigerator
Freezer
Stove
Sewing Machine
Carpets
Provisions
Wearing Apparel (except
furs)
Beds and Bedding
Microwave |
78-23-5
(1) (a) (vii) |
No Limit |
| Sofas,
Chairs and Related Furnishings |
78-23-8
(1) (a) |
$500 |
| Dining
& Kitchen Tables & Chairs |
78-23-8
(1) (b) |
$500 |
| Animals,
Books and Musical Instruments |
78-23-8
(1) (c) |
$500 |
| Heirlooms
or Items of Sentimental Value |
78-23-8
(1) (d) |
$500 |
| Tools
of Trade |
78-23-8
(2) |
$3,500 |
| Motor
Vehicle of Trade |
78-23-8
(3) |
$2,500 |
| Child
Support |
78-23-5
(1) (a) (vi) |
No Limit |
| Alimony
Or Separate Maintenance |
78-23-6
(1) |
No Limit |
| Stock
Bonus, Pension, Profit Sharing, or Annuity
(other than death or disability) |
78-23-6
(3) |
No Limit |
| Burial
Plot |
78-23-5
(1) (a) (i) |
No Limit |
| Health
Aids |
78-23-5
(1) (a) (ii) |
No Limit |
| Disability,
Illness or Unemployment Benefits |
78-23-5
(1) (a) (iii) |
No Limit |
| Medical
Benefits |
78-23-5
(1) (a) (iv) |
No Limit |
| Veterans
Benefits |
78-23-5
(1) (a) (v) |
No Limit |
| Art Work
of, or By, Debtor
(family pictures) |
78-23-5
(1) (a) (viii) |
No Limit |
| Compensatory
Injury Proceeds |
78-23-5
(1) (a) (ix) |
No Limit |
| Death
Benefits
(Spouse or dependent) |
78-23-6
(2) |
No Limit |
| Unmatured
Life Insurance Contracts |
78-23-7 |
$1,500 |
| Retirement
Plan, Individual Retirement Account |
78-23-5
(1) (a) (x) |
No Limit |
| Wages |
U.S.C.
15 § 1673 |
Half
of earnings 30 days prior to filing, but not less than $50
per month |
Calculating Exemptions
In determining whether property is exempt, you
must keep a few things in mind. The value of property is not the
amount you paid for it, but what it is worth now. Especially for
furniture and cars, this may be a lot less than what you paid or
what it would cost to buy a replacement.
You also need to look at your equity in property.
This means that you count your exemptions against the full value
minus any money that you owe on mortgages or liens. For example,
if you own a $50,000 house with a $40,000 mortgage, you count your
exemptions against the $10,000 which is your equity if you sell
it.
While your exemptions allow you to keep property
even in a Chapter 7 case, your exemptions do not make any difference
to the right of a mortgage holder or car loan creditor to take the
property to cover the debt if you are behind in payments. In a Chapter
13 case, you can keep all of your property if your plan meets the
requirements of the bankruptcy law. In most cases, you will have
to pay the mortgages or liens as you would if you didn't file bankruptcy.
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