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following exemptions are made available for historical reference
Arizona Personal Property Exemptions: The Property Creditors Can Not Touch!!!
In a U.S. federal bankruptcy case, your lawyers can use Arizona state law to protect the equity in your personal property. Equity is the difference between the market value of your property and the claims held against it. Listed below are some of the most common types of Arizona bankruptcy exemptions that a lawyer can use to help keep creditor's hands off your cherished possessions. The Arizona bankruptcy exemptions below are intended for educational purposes only. They are not intended as legal advice, as their practical application in a U.S. federal bankruptcy case is often very involved. Additionally, the Arizona bankruptcy exemptions below are not an exhaustive list, therefore you should contact an Arizona bankruptcy lawyer to determine the other types of property that you own which may be exempt.
Homestead Arizona Bankruptcy Exemptions
This Arizona bankruptcy exemption can be used to protect up to $100,000 in equity in your house, condominium, or in a mobile home and land upon which it is located. Unfortunately the total Arizona bankruptcy exemption claimed by both spouses may not exceed $100,000 even if a joint bankruptcy is filed.
Motor Vehicle Arizona Bankruptcy Exemptions
Your bankruptcy lawyers can use this Arizona bankruptcy exemption to protect $5,000 in value of any one motor vehicle listed in your bankruptcy. Additionally, if you are considered physically disabled then your lawyer can protect up to $10,000 in value of the vehicle.
Household Furniture Arizona Bankruptcy Exemptions
This Arizona bankruptcy exemption allows your bankruptcy lawyers to protect up to $4000 of your household furniture in items ranging from your kitchen table to your living room couch.
Life Insurance Proceeds Arizona Bankruptcy Exemptions
This Arizona bankruptcy exemption can protect up to $20,000 value in life insurance that insured the life of an individual of whom you were a dependent, to the extent reasonably necessary for your support or the support of your dependent(s).
Retirement Plan Arizona Bankruptcy Exemptions
Your bankruptcy lawyers can prevent creditors from touching the proceeds of your many types of retirement plans. They can exempt anything from stock bonuses, pensions, profit sharing plans and annuities as long as we determine that your savings match a specific type of retirement plan.
Tools of the Trade, Professional Books Arizona Bankruptcy Exemptions
This is a useful Arizona bankruptcy exemption that can be used to protect up to $2,500 of the tools you use in your profession. For example, shears, scissors and combs are the tools of a hairdresser, as are wrenches and hammers for a mechanic and carpenter.
Unemployment Compensation Benefits Arizona Bankruptcy Exemptionsn
Your lawyers can protect all of your unemployment compensation from creditors' reach. However, past due child support may still be deducted from the income of people receiving public assistance.
Worker's Compensation Arizona Exemptions
TThis Arizona bankruptcy exemption can help to protect 100% of compensation you receive under Arizona workers' compensation laws. Your lawyers can protect both 100% of your wages and 100% of the award you receive to compensate you for any permanent disability. In Arizona, workers' compensation cases are 100% exempt. If you are injured while working then that is money you deserve and creditors will be prevented from reaching those funds.
Learn more about California bankruptcy exemptions.
