An exemption limit means that any equity above the limit is 'non-exempt'. Equity is the difference between the value of the property and what is owed on the property. For example, a car valued at $4000 with a lien of $3500 has an equity value of only $500 subject to exemption.
To keep non-exempt property, a debtor must generally pay the trustee the value of the non exempt property to be distributed to creditors.
Bankruptcy law allows married couples filing jointly to each claim a full set of exemptions doubling the exemptions. Unless otherwise noted in the following exemption list, married couples may double the exemption amount given.
Note: the value of property for bankruptcy exemption purposes has been generally accepted to be the Garage sale value of the property
UTAH STATE BANKRUPTCY EXEMPTIONS: Federal exemptions are not available. Exemptions apply only to the 'equity' interest in property. DOUBLE exemptions for spouses filing jointly. Homestead: Real property, mobile home or water rights to $8,000; may add $2,000 for spouse and $500 for each dependant. Must file homestead declaration before attempted sale. Insurance: Disability, illness, medical or hospital benefits, fraternal benefit society benefits, Life insurance policy cash surrender value to $1500. Misc.: Alimony needed for support, child support, property of business partnership Pensions: ERISA qualified benefits, Public employees' pensions, Other pensions needed for support (Utah Code 78-23-6(3) Personal Property: Animals, books and musical instruments to $500 total; artwork depicting or done by family member, bed, bedding, carpets, washer and dryer, burial plot, clothing (no furs or jewelry), food for 3 months, furnishings and appliances to $500, Health aids, heirloom or other sentimental item to $500, Proceeds for damaged exempt property, refrigerator, freezer, stove and sewing machine; wrongful death recoveries for person you depended on. Public benefits: AFDC, crime victim compensation, general assistance, occupation disease disability benefits , unemployment compensation, veteran's benefits, worker's compensation benefits. Tools of Trade: Implements, books and tools of trade to $1500, ; military property of National Guard member, Motor vehicle to $1500. Wage: minimum of 75% of earned but unpaid wages. Judge may authorize more for low income debtors. Wild Card: none