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Edward Stone
Attorney at Law
Phone:
435.658.3366
Toll Free:
866.931.3111
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Personal
Property
Please select from below for applicable statutes and explanations:
* This is by no means intended to be a complete description
of bankruptcy rights in the State of Utah. This page is
intended to give a litigant an idea of the bankruptcy process. A complete description
of rights can be found in the Utah Code and the US Code.
Do not rely on this page alone for guidance; consult with
an attorney. This page does not create an attorney-client
relationship.
Please contact Edward Stone for more information.
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Utah Code Section 78-23-5 sets forth, among others
things, personal property protected from creditors
the property is one: (1) clothes washer and dryer;
(2) refrigerator; (3) freezer; (3) stove; (4)
microwave over; (5) sewing machine; (6) all carpets
in use.
The filer may also protect, up to a total value of
$500 (not per category), the following ng property:
(1) sofas, chairs, and related furnishings
reasonably necessary for one household; (2) dining
and kitchen tables and chairs reasonably necessary
for one household; (3) animals, books, and musical
instruments, if held for personal use of the filer
or his/her dependents.
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Utah Code Section 78-23-8 allows a person to protect
up to $500 worth of heirlooms or items that are
sentimental to the filer.
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Utah Code Section 78-23-5 allows a filer, and
his/her dependents, to protect from creditors, all
clothing except for jewelry and furs.
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Utah Code Section 78-23-8
states that an individual is entitled to protect and
amount, not exceeding $3,500 in aggregate value, of
property implementing the filer's trade,
professional books, or tools of trade
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If you inherit within 180 days of the date your
petition is filed, that inheritance will become
property of your bankruptcy estate. You will be
required to bring that matter to the attention of
the court and your trustee by amending the paperwork
filed with the court to disclose the inheritance.
It does not matter that
you might not actually receive anything for months
or years. The key date is when your loved one passed
away. In a Chapter 7 case, if the inheritance came
in the first 180 days after your case was filed, it
will go to the trustee, absent any exemptions that
might protect all or part of it. In a Chapter 13,
the value of the inheritance will be used to
determine, in part, how much you must pay into a
Chapter 13 plan in order to be fair to your
creditors.
If the inheritance is received after that initial
180 day period, the effect is different. In a
Chapter 7, the trustee would have no claim to it,
and you would be able to keep it without sharing it
with your creditors.
The bottom line is that careful estate planning
is necessary to avoid creditors taking a
beneficiary's inheritance.
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There are no special exemptions for jewelry. As
such, a filer can only shoe horn jewelry within
other general exemptions.
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