personal bankruptcy lawyer about claiming exemptions in your bankruptcy. This protects much of your property from the reach of creditors, possibly all of it. In both Chapter 7 and Chapter 13, Arizona exemptions let you keep all kinds of property.Talk with a
What property is exempt? Things like the equity you have in your home, the family car, your tools of trade, clothing, retirement plans, and a whole lot more are protected.
We listed many of the statutory exemptions available to you under Arizona law, but there are many others. Spouses who file jointly may double many of these exemptions, too. Be sure to discuss your situation with a bankruptcy lawyer. At Allegiant Law Group, we know from experience there are always exceptions and everyone’s circumstances are different.
Ready to get started? Grab a pencil and begin matching the things you own and the property you have an interest in with the following exemptions.
$150,000 in home equity. Spouses cannot double the homestead exemption.
Personal Property Homestead
$2,000 in prepaid rent and security deposits on the debtor’s residence.
$6,000 in one vehicle. $12,000 for a debtor or dependent with a physical disability. Spouses can double this exemption.
Any amount in pensions, IRAs, and 401Ks.
$20,000 in life insurance proceeds.
Tools of Trade
$5,000 in tools, instruments, and equipment.
$2,500 in farm equipment, animals, feed, seed and grain.
Court-ordered spousal maintenance, alimony, and child support received.
Public assistance, unemployment compensation, or workers’ compensation benefits received.
$6,000 in furniture, appliances, and home furnishings.
Food, Fuel, Provisions
A six-month supply of food, fuel, and provisions for family consumption.
$2,000 in firearms.
$500 in clothing.
$400 in musical instruments.
$2,000 in wedding and engagement rings.
$250 in one watch.
$2,000 in a computer, typewriter, bible, sewing machine, bicycle, and burial lot.
$250 in personal library and documents.
Unlimited equity in the debtor’s or dependent’s prostheses, wheelchairs, and motorized mobility devices.
Family Pets and Animals
All family pets and domesticated animals.
$1,000 in horses, milk cows, and poultry.
Be mindful, these are only some of the exemptions available in Arizona law, so talk to your lawyer. In addition, you may be entitled to exemptions under federal non-bankruptcy law. To name only a few, your federal pension, VA benefits, and military survivor benefits are also exempt from process.