Salt Lake City Bankruptcy Attorneys

There are specific rules in Utah regarding a person’s motor vehicle or vehicles and whether he or she may keep these during bankruptcy. It is important to understand this, as it is one of many factors which will affect you in filing for bankruptcy. It is a factor you should consider in determining the precise consequences of filing. A Salt Lake City bankruptcy attorney at the Stone Law Firm can meet with you and determine exactly how Utah bankruptcy laws will affect the ownership of your vehicle, and what can be done to protect your car, truck, motorcycle or SUV from liquidation.

Utah Rules Regarding Vehicles

In Utah, a person who files a Chapter 7 bankruptcy may protect a certain value of equity in his or her vehicles. For an individual, this amount is $2,500. For a married couple filing jointly, this amount is $5,000. What does this mean? It means that if you own a vehicle worth less than $2,500 (or less than $5,000 if filing jointly) that your vehicle will be exempt. It also means that if your equity in your vehicle is less than $2,500 or $5,000 that this will be protected as well.

A person filing a Chapter 13 bankruptcy will face slightly different rules, and what will happen to the vehicle will vary depending upon your income, your ability to repay your loan, and more.

Bankruptcy Lawyers Serving Salt Lake City, Provo and Ogden, Utah

Not only can a bankruptcy attorney at the Stone Law Firm help you understand the rules in Utah regarding keeping your vehicle during a Chapter 7 or Chapter 13 bankruptcy, an attorney can also help you determine what your vehicle may be worth and can work to offer it the greatest amount of protection allowable under state bankruptcy law. Our experienced lawyers represent clients throughout all of Salt Lake City, Ogden and Provo, Utah.

Contact a Salt Lake City bankruptcy lawyer at our firm for a free consultation regarding bankruptcy and how it will affect your vehicle or vehicles.