Arizona Bankruptcy
Bills piling up? Are you having a hard time making the basic ends meet? Chapter 7 bankruptcy was created to eliminate debt. Talk to an Arizona bankruptcy lawyer today about your debt-relief options.
We can easily connect you with an Arizona bankruptcy lawyer in your area. All you have to do is plug in your ZIP code below and fill out our free 2-minute bankruptcy evaluation form. Take charge of your debt and make the first move today.
Filing Chapter 7 Bankruptcy in Arizona
If you live in Phoenix, Mesa, Scottsdale or anywhere else in Arizona and are considering filing Chapter 7 bankruptcy, you will benefit greatly from learning about the state’s bankruptcy exemptions. With an Arizona Chapter 7 bankruptcy lawyer in your corner, you will have the necessary resources to find out which items that you own may or may not be exempt from Chapter 7 liquidation.
Arizona Bankruptcy Laws
An Arizona Chapter 7 bankruptcy lawyer may tell you that Chapter 7 bankruptcy is sometimes called liquidation because the bankruptcy trustee has the option of selling or liquidating all of your non-exempt assets to in order to pay any unsecured debts such as credit cards and medical bills.
But most people who decide on filing Chapter 7 bankruptcy own little or no non-exempt property. This means that the bankruptcy trustee has nothing to liquidate and most people are able to keep all of their assets.
Arizona Chapter 7 Bankruptcy Exemptions
If you’re looking for a fresh start and are considering filing Chapter 7 bankruptcy in Arizona, it’s a good idea to find out which of your property is considered exempt from liquidation.
The following information provides basic information about Arizona Chapter 7 exemptions. For more details and advice, get in touch with an Arizona Chapter 7 bankruptcy lawyer by filling out the above form.
Important Chapter 7 bankruptcy exemptions include:
Homestead: Real property, including a condo, co-op or a mobile home, worth up to $150,000 in value is exempt.
Wages: 75 percent of weekly disposable wages are exempt from liquidation in Arizona.
Vehicles: One vehicle of up to $5,000 fair market value is exempt. However, if the debtor is disabled the exempt vehicle may have up to a $10,000 fair market value.
Personal Property:
- Up to $4,000 of household furnishings and appliances. Additionally, up to $500 in clothing is exempt.
- Up to $2,500 of tools and equipment used for business.
- Up to $500 of clothing.
- Food, fuel and provisions are fully exempt.
Talk to an Arizona Chapter 7 Bankruptcy Lawyer
As you can see, bankruptcy exemptions in Arizona are very specific. An Arizona bankruptcy lawyer can explain the complicated details and help you gain an understanding of how these exemptions may be applied in your bankruptcy case.
To have us connect you with an Arizona Chapter 7 bankruptcy lawyer in your area, fill out our quick and easy case evaluation form.
Don’t put this off any longer–get started today.
Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.
Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.