When you file bankruptcy under Utah bankruptcy laws, you want to ensure that you keep all or as many of your assets as possible. Utah bankruptcy exemptions protect certain property that cannot be taken in bankruptcy. The assets that you get to keep under are called exempt property. Non-exempt assets are assets that must be give to the bankruptcy trustee to be liquidated or sold according to Utah bankruptcy law and paid to your creditors. Exempt and non-exempt assets applies to both Chapter 7 bankruptcy and Chapter 13 bankruptcy. In chapter 13 bankruptcy, however, the debtor usually keeps all of their property–even if it is non-exempt and instead makes sure that the creditors receive the value of the non-exempt property.
Will I Lose All My Property In Bankruptcy
Many clients are initially concerned about losing all their property in bankruptcy. While it is true that in a Utah Chapter 7 bankruptcy, the court will take any non-exempt assets, sell those assets and distribute the money between the debtor’s creditors, most people who file under this Utah bankruptcy law do not have many non-exempt assets. As a result, this concern is usually minimal.
Determining Salt Lake Bankruptcy Exemptions
The Utah bankruptcy laws determine whether an asset is exempt by evaluating the equity in the asset. Equity is the amount that you can sell the asset for beyond what you owe on it. For example, if your home is worth $200,000 and you only owe $150,000, $50,000 is the equity. Equity in an amount less than what Utah bankruptcy law allows is exempt.
Our Utah bankruptcy attorneys are often able to help our clients convert many of their non-exempt assets to exempt assets so that the court does not take them when our client files Utah bankruptcy. Determining whether an asset is exempt or not according to bankruptcy laws Utah is often times confusing and difficult. Let us help you determine which of your assets are exempt and which might need to be converted.
Contact a Salt Lake Bankruptcy Lawyer
Our experienced bankruptcy attorneys can help you determine if you have any non-exempt debts. We can also help you determine if you can convert any of your non-exempt debt into exempt debts to maximize the assets that you can keep after filing for Utah Bankruptcy.
Are you being garnished, about to be garnished, or have another emergency and need to file immediately, but don’t have the upfront attorney’s fees to file? We can help. With our Affordable Bankruptcy Program, we can file your case for $0 down. After your emergency case is filed we will setup affordable monthly payments to pay for the cost of bankruptcy.
Capstone Law was professional, helpful, and easy to work with. They kept us informed on what was going on to make sure that we understood what was being done and what was expected of us. We were glad we chose them. Continue Reading
So glad I found Capstone Law on a Search when I was seeking help in a tough situation they made the WHOLE entire process stress free and they are so easy to work with and they work with you through the Whole Entire Process. Continue Reading
Thank you so much for everything, I will give a good referral to my friends and family who need to file bankruptcy about your firm. I want to thank you also cause your office is casual and you make people feel comfortable. Continue Reading
Our bankruptcy attorneys have dedicated their practices to understanding the intricacies of their practice areas to become among the most knowledgeable in the field.
Innovative& Affordable Payment Options
Many of our peer law firms have criticized us for offering flexible and unconventional payment options to our clients. We determined, however, that we would first find a solution that works for our clients and then find a way to make it work for our business.
Out individual attention to each client and each case has helped us grow our bankruptcy practice to one of the largest in Utah. Simply put: our process and case handling provides greater care than our competition; that’s why we’re successful: we put the client first.
Thorough& Easy Process
Our commitment to individual attention and convenient process quickly made us the leader of top firms in Utah. We believe that a good lawyer is one who understands all the available options and then candidly counsels his clients to solutions that best meet the client’s individual circumstances and then makes the process easy for the client.
Proudly Serving Utah
Our locations are conveniently located for easy access from I-15.
207 East 860 South, Orem, Utah 84058
8823 South Redwood Rd., Ste. C, West Jordan, Utah 84088
Areas We Serve
Salt Lake City, Sandy, Draper, West Valley, Logan, South Jordan, West Jordan, Taylorsville, Herriman, Magna, Logan, Bluffdale, Riverton, Magna, Midvale, Cottonwood Heights, Provo, Orem, Eagle Mountain, American Fork, Saratoga Springs, Payson, Springville, Lehi, Alpine, Pleasant Grove, Springville, Spanish Fork, Payson, Bountiful, Layton, Ogden, Centerville, Clearfield, Heber, Park City, Vernal, & Price
Utah County Office
207 East 860 South
Orem, Utah 84058
Salt Lake Office
8823 South Redwood Rd.
West Jordan, Utah 84088
6901 West Emerald St.
Boise, Idaho 83703