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Utah Bankruptcy Laws
Unlike many other states, Utah allows for Chapter 7 bankruptcy exemptions only under the state regulations.This is the major contrasting factor in Chapter 7 bankruptcy from state to state, and Utah’s are the following:
Homestead
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Up to $20,000 or up to $20,000 from its sale |
Wages |
Up to 75% |
Personal Property |
Kitchen appliances, family heirlooms to $500 |
Pensions |
No limit |
Public Benefits |
Crime victims, worker’s compensation and unemployment |
Tools of the Trade |
Vehicle up to $2,500 and others up to $3,500 |
Insurance |
Non-matured life to $5,000 |
Miscellaneous |
Burial plots, health aids, home furnishings to $500, dining and kitchen furnishings up to $500, child support and alimony |
Once the initial processes of bankruptcy are completed, a bankruptcy petition may be filed to the bankruptcy court. This process is especially important for those filing for Chapter 7 bankruptcy, as discrepancies can warrant bankruptcy fraud. Nevertheless, even prior to this, a “means test” must be passed to be permitted Chapter 7. Usually within 20-40 days, if the petition is granted, the next step is the “341 meeting,” after all creditors are notified of the bankruptcy. It is especially important for those filing for Chapter 11 or Chapter 13 bankruptcy, because it is when the bankruptcy trustee and creditors will arrange the repayment plan.
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