If a Utah homeowner has equity in his or her home that is equal to or less than the Utah homestead exemption and the homeowner can continue to make regular monthly mortgage payments then the homeowner will likely keep his or her home if the homeowner files for bankruptcy.
In Utah, the homestead exemption is $20,000 for a primary residence and $5,000 for property that is not used as a primary residence. If the property is owned jointly by two or more homeowners than the exemption amounts are raised to $40,000 and $10,000 respectively. Most states do not provide any homestead exemption for property that is not used a primary residence so the $5,000 exemption for a non primary residence property ($10,000 for joint owners) is noteworthy.
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