Good news for bankruptcy filers in Utah. In June, 2013 the exemptions in Utah were increased substantially. For instance, the homestead exemption went from $20,000.00 per person and $40,000.00 per couple to $30,000.00 per person and $60,000.00 per couple.
Other exemptions that increased include vehicle exemptions (2,500.00 to $3,000.00), heirlooms or other items of sentimental value ($500.00 to $1,000.00); sofa chairs and related furnishings ($500.00 to $1,000.00) as well as other exemptions.
What this means
This means that you get to keep more of your stuff in the instance that you need bankruptcy protection. The concept behind bankruptcy is to give people a fresh start. These new exemption limits will help make that start just a little bit fresher.
Other exemptions that increased include vehicle exemptions (2,500.00 to $3,000.00), heirlooms or other items of sentimental value ($500.00 to $1,000.00); sofa chairs and related furnishings ($500.00 to $1,000.00) as well as other exemptions.
What this means
This means that you get to keep more of your stuff in the instance that you need bankruptcy protection. The concept behind bankruptcy is to give people a fresh start. These new exemption limits will help make that start just a little bit fresher.
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