CHAPTER 7

Chapter 7 Bankruptcy Exemptions In Arizona

bankruptcy-exemptions

When you file for Chapter 7 bankruptcy, exemptions in Arizona are a little different than in other states. At Judge Law Firm, we will help you identify exempt property Arizona bankruptcy laws allow. This information is important, because Arizona bankruptcy law does not allow you to choose exemptions allowed under federal bankruptcy laws.

So what do you get to keep after filing for Chapter 7 bankruptcy? It really depends on the individual case, but in most cases you'll get to keep certain personal belongings and the tools or equipment you need to make a living and earn income to pay your expenses and debts. Chapter 7 bankruptcy exemptions in Arizona are intended to leave you with enough income, property and insurance after the bankruptcy that you can start over.

Chapter 7 Bankruptcy Exemptions In Arizona Are Different Than Federal Exemptions

Exempt property in Arizona bankruptcy cases is a little different than the exempt property allowed by federal law. In fact, unlike some other states, Arizona does not allow you to choose exemptions allowed by federal law that aren't allowed by state law. You may only choose Chapter 7 bankruptcy exemptions allowed in Arizona. Some of those exemptions are the same, but many are not.

Here are some of the exemptions allowed by Arizona bankruptcy law:

  • Homestead - up to $400,000
  • Bank balance up to $5,000 ( for one account only)
  • Most pension and retirement plans, IRAs and 401(k) accounts (deposited more than 120 days before filing bankruptcy)
  • Motor vehicle up to $15,000 ($25,000 if established disability) (two vehicles for married couple)
  • Clothing, pets, wedding engagement rings, musical instruments, watch, health aides, firearms (value cap depends on item)

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