When you file Chapter 7 bankruptcy, the bankruptcy code states that certain assets that belong to the debtor become part of the bankruptcy estate. A trustee is appointed to sell these assets and that the proceeds are to be distributed to the creditors as a partial compensation for their loss. However, bankruptcy code allows certain Federal or State exemptions so that individuals who file bankruptcy are usually able to keep most or all of their property.
Utah allows individuals to exempt all or part of various forms of property including equity in a home and car, insurance benefits, pension benefits, and household personal property. Utah Exemption statutes were last updated in May of 2013, and provide specific detail and dollar amounts for each available exemption.