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.
No comments:
Post a Comment