Salt Lake City Bankruptcy Lawyers
Furniture
What will happen to your furniture when you file for bankruptcy? Is it considered an asset or property which must be surrendered to the bankruptcy court and liquidated to pay off your debts?
A Salt Lake City bankruptcy lawyer at the Stone Law Firm can answer all of your questions in regards to how a Chapter 7 or Chapter 13 bankruptcy will affect your personal property, including your furniture. In fact, there is a specific law which deals with furniture in bankruptcy case – in Utah. According to Utah Code Section 78-23-5, specific property is exempt from liquidation. Creditors cannot seek to repossess this property and it does not have to be surrendered to the bankruptcy trustee for liquidation:
- Clothes washer and dryer
- Refrigerator
- Freezer
- Stove
- Microwave oven
- Sewing machine
- All carpets in use
- Bedding
Additionally, Section 78-23-8 sets forth specific additional exemptions, up to a total value of $500, protecting additional furniture:
- Chairs
- Sofas
- Dining room or kitchen tables
- Chairs
- Other furnishings
You may find that you are able to keep most or all of your furniture after all is said and done. An attorney, however, can review your particular situation in order to determine what exemptions you may qualify for.
Consult a Salt Lake City Bankruptcy Attorney
The right attorney can make all the difference in your bankruptcy case. By determining what furniture is exempt and then taking action to ensure its protection throughout your bankruptcy proceedings, a skilled Salt Lake City bankruptcy attorney can help you keep your belongings so you can still live comfortably. At the Stone Law Firm, we offer a free initial consultation and represent clients throughout all of Ogden, Provo and Salt Lake City, Utah.
Contact a bankruptcy lawyer at our firm to find out how we can protect your furniture in your bankruptcy case.