Salt Lake Office & Mailing Address:
Riverpark Office Complex
10808 South River Front Parkway
Suite 3032
South Jordan, UT 84095
Phone 385.208.1933
Fax 800.380.3894
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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.
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Homestead (Primary Personal Residence):
Individual Owners
Joint Owners
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78-23-3 (1) (a)
78-23-3 (1) (b)
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$20,000
$40,000
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Household Goods and Furnishings:
Washer
Dryer
Refrigerator
Freezer
Stove
Sewing Machine
Carpets
Provisions
Wearing Apparel (except
furs)
Beds and Bedding
Microwave
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78-23-5 (1) (a) (vii)
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No Limit
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Sofas, Chairs and Related Furnishings
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78-23-8 (1) (a)
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$500
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Dining & Kitchen Tables & Chairs
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78-23-8 (1) (b)
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$500
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Animals, Books and Musical Instruments
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78-23-8 (1) (c)
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$500
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Heirlooms or Items of Sentimental Value
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78-23-8 (1) (d)
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$500
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Tools of Trade
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78-23-8 (2)
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$3,500
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Motor Vehicle of Trade
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78-23-8 (3)
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$2,500
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Child Support
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78-23-5 (1) (a) (vi)
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No Limit
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Alimony Or Separate Maintenance
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78-23-6 (1)
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No Limit
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Stock Bonus, Pension, Profit Sharing, or Annuity
(other than death or disability)
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78-23-6 (3)
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No Limit
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Burial Plot
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78-23-5 (1) (a) (i)
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No Limit
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Health Aids
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78-23-5 (1) (a) (ii)
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No Limit
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Disability, Illness or Unemployment Benefits
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78-23-5 (1) (a) (iii)
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No Limit
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Medical Benefits
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78-23-5 (1) (a) (iv)
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No Limit
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Veterans Benefits
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78-23-5 (1) (a) (v)
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No Limit
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Art Work of, or By, Debtor
(family pictures)
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78-23-5 (1) (a) (viii)
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No Limit
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Compensatory Injury Proceeds
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78-23-5 (1) (a) (ix)
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No Limit
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Death Benefits
(Spouse or dependent)
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78-23-6 (2)
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No Limit
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Unmatured Life Insurance Contracts
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78-23-7
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$1,500
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Retirement Plan, Individual Retirement Account
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78-23-5 (1) (a) (x)
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No Limit
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Wages
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U.S.C. 15 § 1673
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Half of earnings 30 days prior to filing, but not less than $50 per month
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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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