Exciting news for all bankruptcy attorneys and their clients! In April of 2013 the Arizona Bankruptcy Exemptions were finally updated. The previously low exemptions are now higher (although in most cases far too low in my opinion). The nutshell means that more of your stuff is now protected when you go through a bankruptcy.
Bankruptcy exemptions serve the important purpose of protecting your assets, especially in a chapter 7 bankruptcy. When you file a chapter 7 bankruptcy, also known as a “liquidation bankruptcy,” your assets are subject to seizure and auction if they are unprotected. This is really not a huge deal as most people that need to file a bankruptcy do not have assets which are unprotected. However, in some cases your car may be worth too much, or your wedding rings, etc. Now that the new Arizona bankruptcy exemptions are in place more of those personal items can be protected!
For example, the equity in your car went from $5,000 up to $6,000! And the cash in your bank account went from $150 per person to $300 per person!
You can see the full list of the new Arizona bankruptcy exemptions compared to the old ones, on our website here: New Arizona Bankruptcy Exemptions – 2013
If you have any questions regarding the new Arizona bankruptcy exemptions please contact us at (480) 656-8333 or submit a case inquiry and we will meet with you for a free consult to discuss these new and exciting changes.