The Utah automobile exemption in bankruptcy can provide significant relief for individuals who are struggling financially and need to maintain reliable transportation. By exempting up to $3,000 of equity in a car Utah allows individuals to protect their cars during bankruptcy proceedings.
Whether or not you will lose your RV if you file for bankruptcy depends on the type of bankruptcy you file and the laws of the state where you live.
To better understand bankruptcy and taxes a little background information is needed; it then becomes more clear why bankruptcy and taxes are so enter twined. First you have to understand that bankruptcy is made possible because of federal laws, and the federal government is made possible because of tax dollars. Why would the government try to give you a perk when you really need the help?
Will bankruptcy affect my car insurance? If you are lucky, the only factor negatively impacting your insurance rates will be your credit score, but depending on which company you use as an insurance provider, the other factors may also cost you more money each month.
I get this question all the time. “I need my car to get to work – will I lose it if I file for bankruptcy?” That’s a loaded question and hard to answer in 30 seconds. What you need to understand that every case is different but in most cases you can choose a type… Continue reading Will I lose my car if I file for bankruptcy?