Life after Bankruptcy in Salt Lake City
Life after bankruptcy
The best way to think about bankruptcy is to see it as an opportunity to start over. But when you start over, you need to be vigilant about being financially responsible in your new life after bankruptcy in Salt Lake City. You do not want to be seeking out bankruptcy help on a regular basis.
In general, there is no limitation on your future ability to own or acquire real or personal property. In most cases, creditors whose claims are discharged in bankruptcy will not be able to take property or earnings you acquire after the filing of Salt Lake City bankruptcy. Inheritances, property settlements, and life insurance proceeds, if acquired within six months after bankruptcy, may become available for payments to creditors.
What you will be allowed to keep
Under Utah bankruptcy laws, the things you can keep include the following:
- Homestead, which may be a mobile home and the surrounding land not exceeding one acre, to $20,000
- Proceeds from sale of homestead to $20,000 for one year after receipt
- Washer, dryer, refrigerator, freezer, stove, microwave oven, sewing machine, carpets, family provisions for 12 months, clothing, beds and bedding
- Family portraits and art created by family
- Burial plot
- Health aids
- Disability, illness or unemployment benefits
- Medical, surgical or hospital care benefits
- Veterans benefits
- Child support
- Personal injury or wrongful death proceeds
- Qualified retirement plan
- Alimony or separate maintenance necessary for support
- Death benefit plan
- Stock bonus, pension, profit-sharing, annuity, or similar plan providing benefits other than by reason of illness or disability
- Unmatured life insurance to $5,000
- Sofas, chairs and related furnishings to $500
- Dining and kitchen tables and chairs to $500
- Animals, books, and musical instruments to $500
- Heirlooms or other items of particular sentimental value to $500
- Tools of trade, implements, or professional library to $3,500
- Work vehicle to $2,500
- Proceeds from the sale or destruction of exempt property
- 75 percent of wages
Bankruptcy may appear on a credit record for ten years
Your bankruptcy attorney can help you understand your rights and limitations with your current creditors, and can give you bankruptcy advice in Salt Lake City on steps to take to re-establish your credit such as getting and using credit cards, applying for a new home mortgage, and financing a new car.
If you have any questions about bankruptcy do not hesitate to contact Diaz & Larsen, P.L.L.C. for a free evaluation of your financial situation. You owe it to yourself and your loved ones to speak with an experienced bankruptcy lawyer today.
