Step 3: Determine What Property You Can Keep (Exempt) If You File In Utah: Utah Bankruptcy Exemptions
A detailed listing of state and federal exemption laws, with statutory citations.
If there's changes in Utah’s exemptions, here's where you'll find out about them.
The Federal Government adjusts Federal exemption amounts every three years. Does Utah adjust exemption amounts?
Federal bankruptcy law has its own list of exemptions 11 U.S.C. § 522, but some states require you to use only the state law exemptions instead, while other states offer a choice of the state or federal exemptions. Find out what Utah does.
Your questions about bankruptcy exemptions, answered.
The answer is, it depends.. on a lot of things: Do you lease or own? If you own the car and are making payments on it, how much of the equity in the car is protected by exemptions allowed in Utah? Most people who file for bankruptcy can end up keeping their car, or at least some kind of vehicle that can get them to work and back, but the answer depend on your particular circumstances.
When you file, you'll be asked by the court to decide what you want to do about property you've pledged as collateral, and then you have 45 days to act on it. Your options include surrendering the property, "redeeming" the property by essentially buying it outright at it's current (reduced) market value, or "reaffirming" the debt via a contractual agreement to retain your personal liability and keep making payments, or in some cases, "ride through" - that is, keep making payments on the secured debt even though your personal liability has been wiped out.
The short answer is “no.” Such transfers in the years before bankruptcy can be undone by the trustee. And if the court thinks you’re tying to hide assets they can deny your discharge.
It's important to have a good understanding of what will happen to your property if you file for Chapter 7 bankruptcy.
Whether you can keep your house depends on several things, your mortgage, your state's homestead exemption, and foreclosure rules in your state.
A capsule summary of exemption law in Utah