Bankruptcy Exemptions

Arizona Bankruptcy Exemptions

When filing bankruptcy in Arizona, you are entitled to protect your assets.  Below is a chart that updates and explains the assets you may protect.  Like any law or legal rule, there are usually exceptions and modifications; as well as updates and changes in the law.  It is a good idea to contact us for specific information about your particular assets and how we can help you protect them.

Our Federal and Arizona Bankruptcy laws allow married couples filing jointly to each claim a full set of exemptions, unless otherwise noted.

Also, you should know that in most cases you maybe able to keep some of your assets even if they are not exempt with permission of the trustee assigned to your case.  This permission is usually conditional on you paying the value of the non exempt asset to the bankruptcy trustee.

ASSET EXEMPTION DESCRIPTION LAW SECTION
HOMESTEAD Real property; an apartment or mobile home you occupy to $150,000; sale proceeds exempt 18 months after sale or until new home purchased, whichever occurs first (husband and wife may not double) 33-1101
Must record homestead declaration before attempted sale of home 33-1102
PERSONAL PROPERTY

husband and wife may double all personal property exemptions

2 beds and living room chair per person; 1 dresser, table, lamp, bedding per bed; kitchen table; dining room table and 4 chairs (1 more per person); living room carpet or rug; couch; 3 lamps; 3 coffee or end tables; pictures, paintings, drawings created by debtor; family portraits; refrigerator; stove; TV, radio or stereo; alarm clock; washer; dryer; vacuum cleaner to $4,000 total  33-1123
Bank deposit to $150 in one account 33-1126(A)(8)
Bible; bicycle; sewing machine; typewriter; burial plot; rifle, pistol or shotgun to $500 total 33-1125
Books to $250; clothing to $500; wedding and engagement rings to $1,000; watch to $100; pets, horses, milk cows and poultry to $500; musical instrument to $250; prostheses, including wheelchair 33-1125
Food and fuel to last 6 months 33-1124
Motor vehicle to $1,500 ($4,000, if disabled) 33-1125(8)
Prepaid rent or security deposit to $1,000 or 1-1/2 times your rent, whichever is less, in lieu of homestead 33-1126(D)
Proceeds for sold or damaged exempt property 33-1126 (A)(5), (7)
INSURANCE Fraternal benefit society benefits 20-881
Group life insurance policy or proceeds 20-1132
Health, accident or disability benefits 33-1126(A)(3)
Life insurance cash value to $1,000 per dependent ($25,000 total) (husband and wife may double) 33-1126 \(A)(3)
Life insurance cash value to $2,000 per dependent ($10,000 total) 20-1131(D)
Life insurance proceeds to $20,000 if beneficiary is spouse or child (husband and wife may double) 33-1126(A)(1)
MISC. Minor child’s earnings, unless debt is for child 33-1126(A)(2)
Property of business partnership 29-225
PENSIONS

see also wages

Board of regents members 15-1628(I)
ERISA-qualified benefits deposited more than 120 days before filing bankruptcy 33-1126(B)
IRAs In re Herrscher, 121 B.R. 29 (D. Ariz. 1990)
Firefighters 9-968
Police officers 9-931
Public safety personnel 38-850(C)
Rangers 41-955
State employees 38-762
PUBLIC BENEFITS Unemployment compensation 23-783
Welfare benefits 46-208
Workers’ compensation 23-1068
TOOLS OF TRADE Arms, uniforms and accouterments you are required to keep 33-1130(3)
Farm machinery, utensils, seed, instrument of husbandry, feed, grain and animals to $2,500 total (husband and wife may double) 33-1130(2)
Teaching aids of teacher 33-1127
Tools, equipment, instruments and books (except vehicle driven to work) to $2,500 33-1130(1)
WAGES Minimum 75% of earned but unpaid wages, pension payments; bankruptcy judge may authorize more for low-income debtors 33-1131

We are here for you.  We have your back.  We take the time to protect your assets in your bankruptcy.

PROTECT MY ASSETS IN BANKRUPTCY

Get Legal Help with Filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy

Understanding your Arizona bankruptcy exemptions is important.  Your bankruptcy lawyer must take the time to make these exemptions work in your favor and do all he/she can do to protect your assets during bankruptcy.  Don’t settle for a typical lazy volume based law firm.  Hire the best Arizona bankruptcy lawyers.  The attorneys at Dodge & Vega, PLC, have over 35 years of combined experience and are devoted to doing all they can to help you. Our firm is A rated by the Better Business Bureau and has achieved various professional nominations and recognitions. We serve individuals, families and business both small and large and take the time to understand the unique situations and needs of our clients. We pride ourselves on being different than the typical attorney, offering personalized service and tailored assistance driven by our genuine desire to help you achieve a better life.

When your life is a constant struggle to make ends meet, somehow pay your bills, cope with persistent creditors and beyond all this, simply stay afloat, you need to take decisive action. You may even be at risk of losing your home or investments, repossession, wage garnishments and more. Simply continuing on as exorbitant interest continues to accrue and you go without life’s necessities will not lead you out of this very stressful and precarious situation. You do have options under the law and it is imperative you take prompt action before matters get even worse. A bankruptcy attorney can review your personal circumstances and help you to determine the best course of action to help you make a fresh start.

We are one of the best Law Firms in the Arizona

If you want to be represented by the best law firm for your case then do not hesitate and contact us.