Utah Bankruptcy Exemptions
Who do Utah bankruptcy exemptions affect?
Only people filing for chapter 7 Utah bankruptcy need to be concerned with Utah bankruptcy exemptions. In chapter 7 Utah bankruptcy, the court takes non-exempt assets from the debtor and sells them to raise money to pay the creditors. Utah bankruptcy exemptions determine which assets are exempt, and therefore protected, and which are not. People filing for chapter 13 Utah bankruptcy do not need to worry about exemptions because the court doesn't take any of their assets away.
How do Utah exemptions work?
For every asset a debtor owns, there is a maximum amount of equity permitted by the Utah bankruptcy court. Equity is the fair market value of an asset beyond the money that is owed on the assets. For example, if a debtor owns a car that can be sold for $10,000 and owes $6,000 in debt for it, than the equity is $4,000. Assets with an equity above the amount permitted by the Utah bankruptcy court will be non-exempt. The good news is that our experienced Utah bankruptcy attorneys can protect more of your assets under exemption than you might think!
Utah Bankruptcy Attorney Free Consultation
See what our Utah bankruptcy attorneys can do to protect your home, car, and other assets. You don't have to lose everything to become financially secure and free of debt! Fill out a free evauation today for your consultation!
