Leverage the Homestead Exemption When Filing Bankruptcy to Maximize Your Benefits
The Utah exemption for a homestead is $20,000 for each individual. If you file with a spouse you may claim $40,000 in your “primary personal residence.” Utah Code §78B-5-503. Make sure your bankruptcy paperwork (Schedule C) lists this exemption specifically applying to your personal residence.
“Primary personal residence” is defined as a dwelling or mobile home, and the land surrounding it, not exceeding one acre, as is reasonably necessary for the use of the dwelling or mobile home. Utah Code §78B-5-503(1)(c).
You may also claim a homestead exemption in other property that is not your primary personal residence not to exceed $5,000 for each individual. Utah Code §78B-5-503(2).
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