As I look over bankruptcy exemptions in Utah (http://le.utah.gov/~code/TITLE78B/htm/78B05_050500.htm) I don't see an exemption for a TV or computer. Utah requires state exemptions to be used. Are computers and HD Tv's not protected?
State/Country relating to question: Utah
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
There is no specific exemption in Utah to protect these.
It would be a stretch to say that these are heirlooms either, so there is little help there.
Utah Code Ann. § 78B-5-506 (1)(a)
this might work, if these can be considered related furnishings.
But, unless the trustee objects to your exemptions, you get them.
But Utah is very stingy on exemptions
Now, if there is money owed against these items, they are secured by the debt, and the value is decreased by the amount of the loan.
Also, they depreciate in value too, so unless you have top of the line items, the issue would then become would the trustee be able to liquidate these for enough value, enough to disburse to the creditors?
Tough decision, so consult with a local bankruptcy attorney to help you maximize the exemptions you have available.
Thanks for your question, good luck.
I will try 78B-5-5-6(1)(a) just to see what happens. We will see if the trustee objects to the argument they are related furnishings. You are right. Utah is very stingy on exemptions with one exception--an IRA. IRA's here are protected to about 1 million dollars. There are worse places for exemptions of course, but Utah is definitely not one of the best.
Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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