Monthly Archives: June 2014

What happens to my year’s supply of food and necessities when I file bankruptcy in Utah?

Nothing, it’s safe.

The Utah Code specifically protects your year’s supply. In Title 78B 5-505, it states that there is a full exemption (protection from creditors) for “provisions sufficient for 12 months actually provided for individual or family use….”

This means that when you file bankruptcy, whether a chapter 7 or chapter 13 case, your bankruptcy trustee here in Utah cannot liquidate (or sell) your year’s supply of “provisions.”

What is the default rate for payday loans in Utah?

The number is probably officially around 7%, but it’s a moving target.

One of the reasons the number is hard to really quantify is because payday lenders churn their loans (allow you to take out a new loan to pay off the old one).

Having read the articles below, all I can tell for certain is that there are very high interest rates being paid out by people stuck in the death spin of payday loans, and those borrowers are paying through the nose for them.