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 |
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.