Can I keep my home?

Luckily, in Utah Utah Code Annotated (2012) 78B-5-503 states that:can I keep my house in a chapter 7 bankruptcy

“(2) (a) An individual is entitled to a homestead exemption consisting of property in this state in an amount not exceeding:
(i) $5,000 in value if the property consists in whole or in part of property which is not the primary personal residence of the individual; or
(ii) $20,000 in value if the property claimed is the primary personal residence of the individual.
(b) If the property claimed as exempt is jointly owned, each joint owner is entitled to a homestead exemption; however
(i) for property exempt under Subsection (2)(a)(i), the maximum exemption may not exceed $10,000 per household; or
(ii) for property exempt under Subsection (2)(a)(ii), the maximum exemption may not exceed $40,000 per household.”

Simply put, a person can generally retain their home if they have less than $20,000 in equity for a single filer, or $40,000 if filing jointly with a spouse.  There are many other considerations you should consider in whether to keep your home in a Utah chapter 7 bankruptcy. Please call today for more information.