02/08/2023
ARIZONA NEW BANKRUPTCY EXEMPTIONS 2023
WOW! WOW! WOW!
THIS WILL MAKE FILING BANKRUPTCY EASIER!
How Do Exemptions Work?
When you file for Chapter 7 bankruptcy, one of the biggest questions is whether you will be able to keep your property.
That depends on which property exemptions are properly applied on your bankruptcy petition. They are called exemptions because they “exempt” -- or “excuse” -- certain property from being taken from the Federal Trustee. In most cases, exemptions protect most day-to-day items that you own, even expensive property like a house or a car.
Certain exemptions protect entire categories of property like retirements accounts, regardless of value. Other exemptions only protect specific property like a vehicle up to a certain value.
For example:
Arizona Exemptions:
Ariz. Rev. Stat. § 33-1125 (8)
Most people use Ariz. Rev. Stat. § 33-1125 (8) to cover motor vehicle (one vehicle for single filer and two vehicles for married). For single debtors filing, it has a coverage limit of $15,000 & married $30,000, this is equity, not value. This exemption has a limit to the number of assets it can cover.
Ariz. Rev. Stat. § 33-1126 (A)(9)
Most people use Ariz. Rev. Stat. § 33-1126 (A)(9) to cover deposits (in one account). For single debtors filing, it has a coverage limit of $5,000, married $10,000. This exemption has a limit to the number of assets it can cover.
Ariz. Rev. Stat. § 33-1101 (A)
Ariz. Rev. Stat. § 33-1101 (A) covers your Homestead-one dwelling primary residence only, $400,000 equity.
If you're looking for a deep understanding of the new bankruptcy exemptions, please call or text us for a FREE phone consultation at 602-892-4775 or log on to www.395chapter7bankruptcyattorneys.com. Make sure you ask about our attorney $395 Chapter 7 Bankruptcy special.
Attorney advertising, the above information is not intended or implied as attorney representation.
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