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Roger A. Kraft, Attorney at Law, P.C.

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Roger A. Kraft, Attorney at Law, P.C.

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What Property Can I Keep In A Utah Bankruptcy?

The property you can keep in bankruptcy will depend, in part, on the type of bankruptcy. It is also a myth that simply filing for bankruptcy means that you lose everything. You might be surprised by how much property you can keep.

To discuss your situation in more detail, please call my office for a free consultation. I am Roger Kraft, a Utah bankruptcy attorney serving clients throughout the Salt Lake area, including Utah County, Salt Lake County, Tooele County and Summit County. To arrange your free consultation, call 801-871-8353 or 800-640-3207, or complete my contact form. I can help.

Chapter 7 Bankruptcy Exemptions

If you file for Chapter 7 bankruptcy, which is known as “liquidation” bankruptcy, most of your assets will be exempt up to a certain value.

For example, you may keep up to $42,700 of equity in your primary residence. If the primary residence is jointly owned, each joint owner may keep up to $42,700 in equity, although the maximum exemption may not exceed $85,400 per household.

You may also keep up to $5,000 in real estate that is not your primary residence. If that property is jointly owned, each joint owner may keep up to $5,000, although the maximum exemption may not exceed $10,000 per household.

A wide variety of personal items of property may also be exempt up to a certain amount*. Such items of property may include:

  • Motor vehicles
  • Furniture
  • Appliances
  • Musical instruments
  • Firearms
  • Pensions and retirement plans, including 401(k)s and IRAs
  • Tools of trade and business tools
  • Burial plots
  • Heirlooms
  • Books
  • Education savings plans
  • Insurance benefits
  • Public benefits, including veteran’s benefits, workers’ compensation and unemployment benefits

*Some exemptions are allowed only up to a certain value. Contact my office to discuss protecting your specific items of property.

Chapter 13 Bankruptcy Exemptions

Chapter 13 bankruptcy involves a repayment plan that lasts between three and five years. Usually, with Chapter 13, you get to keep most of your assets that are not deemed to be luxury items. These non-exempt, “luxury” items might include property that you still owe money on, such as extra cars, ATVs, boats, etc. However, with an effective strategy and an experienced attorney on your side, sometimes it’s possible to keep these items of property also.

Contact Roger A. Kraft, Attorney at Law, P.C.

If you need to overcome heavy debt and make a fresh financial start, there is no substitute for effective legal counsel and representation. To arrange a free consultation, call my law office in Midvale, Utah, at 801-871-8353 or 800-640-3207, or complete my contact form. Evening and weekend hours are available by appointment. My office is centrally located near all courthouses from Provo to Ogden. My rates are affordable, and I accept credit cards.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.