The Utah bankruptcy exemptions chart, see below, details the property you can exempt or protect from creditors when you file bankruptcy in Utah. You may exempt any property that falls into one of the exemptions categories below, up to the dollar amount listed. You will be able to kept this exempted property after you file bankruptcy. Please note that there are certain debts which you will not be able to erase in bankruptcy. (see Non-dischargeable Debts)
An exemption limit applies to any equity you have in the property. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $5000 with a loan of $4500 has an equity value of only $500.
If the property is secured by a loan, such as a car or home, and you are current on the payments and the equity is covered by your exemptions, you may elect to keep making payments on the loan and keep this property through the bankruptcy. If all the equity is not covered by your exemptions the trustee may elect to liquidate this asset and distribute the proceeds. Generally, in this case, you would be entitled to the value of your exemption in the asset as a cash payment.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non-exempt property.
When you file bankruptcy in Utah you may also use certain federal exemptions in addition to your Utah exemptions.
ASSET | EXEMPTION DESCRIPTION | LAW SECTION |
Homestead | Real property, mobile home or water rights to $10,000 (joint owners may double) Must file homestead declaration before attempted sale of home |
78-23-3 78-23-4 |
Insurance | Disability, illness, medical or hospital benefits Fraternal benefit society benefits Life insurance policy cash surrender value to $1500 Life insurance proceeds if beneficiary is insured’s spouse or dependent, as needed for support | 78-23-5(1) ( c), (d) 31A-9-603 78-23-7 78-73-6(2) |
Miscellaneous | Alimony needed for support Child support Property of business partnership | 78-23-5(1) (k), 78-23-6(1) 78-23-5(1) (f), (k) 48-1-22 |
Pensions | ERISA-qualified benefits Public employees Other pensions needed for support | 78-23-5(1) (j) 49-1-609 78-23-6(3) |
Personal Property | Animals, books & musical instruments to $500 total Artwork depicting, or done by, family member Bed, bedding, carpets, washer & dryer Burial plot Clothing (cannot claim furs or jewelry) Food to last 3 months Furnishings & appliances to $500 Health aids needed Heirloom or other sentimental item to $500 Motor Vehicle to $2,500 Personal injury recoveries for you or person you depended on Proceeds for damaged exempt property Refrigerator, freezer, microwave, stove & sewing machine Wrongful death recoveries for person you depended on | 78-23-8(1) (b) 78-23-5(1) (h) 78-23-5(1) (g) 78-23-5(1) (a) 78-23-5(1) (g) 78-23-5(1) )g) 78-23-8(1) (a) 78-23-5(1) (b) 78-23-8(1) ( c) 78-23-8(2) 78-23-5(1) (I) 78-23-9 78-23-5(1) (g) 78-23-5(1) (i) |
Public Benefits | AFDC Crime victims’ compensation General assistance Occupational disease disability benefits Unemployment compensation Veterans’ benefits Workers’ compensation | 17-13-9 63-63-21 55-15-32 35-2-35 35-4-18 78-23-5(1) (e) 35-1-80 |
Tools of Trade | Implements, books & tools of trade to $5,000 Military property of National Guard member Motor vehicle to $3,000 | 78-23-8(2) 39-1-47 78-23-8(3) |
Wages | Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low-income debtors |
70C-7-103 |
Wild Card | None |
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For more information on filing bankruptcy in Utah explore Utah Bankruptcy Law.
