In Utah there is some property that is generally not part of your bankruptcy estate, meaning that you do not have to worry about whether or not the property is exempt. Some of the most common examples of property that does not fall within your bankruptcy estate are:
- Property pledged as collateral for a loan where a licensed lender retains possession of the collateral
- Property in your possession that belongs to someone else (ie: driving your mothers vehicle)
- Wages that are withheld, and employer contributions that are made, for employee benefit and health insurance plans
- Pensions subject to federal law known as ERISA (defined benefit pensions, 401(k)’s, and Keogh plans)
- Property that you buy or receive after your filing date (there are some exceptions)
To find out if you are eligible for Bankruptcy relief in Utah or if you have any questions about the services we provide, contact us by Phone at 866-297-3883 or email at info@shortsaleadvocate.cc.