Arizona Exemptions – What can I keep after I file bankruptcy?

Bankruptcy provides people with a fresh start, allowing them to discharge (get rid of) debts, catch up on mortgage payments, and generally get their finances together. The flip side to this process is that all of a person’s assets become property of the bankruptcy estate. These assets include pretty much everything a person owns, but with some exceptions, or rather exemptions. There is a list of Federal exemption (as bankruptcy is a federal, not state court matter. Arizona, however, passed its own statutes with a list of exemptions, instead of relying of federal exemptions (Arizona is an opt-out state).
The list of exemptions is found in A.R.S. Title 33, Chapter 8. It includes household good and furnishings, equity in a car and house, clothing, and other necessities. A bankruptcy lawyer can review your assets and make determinations as to what is exempt and what is not. For more information on filing bankruptcy in Arizona, call us at 602-977-2859.

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