Bankruptcy Exemptions in Arizona

Protect Your Property with a Phoenix Bankruptcy Lawyer

Bankruptcy exemption laws play an important role in determining what property an individual is able to keep through the bankruptcy process. Exemptions allow you to keep some of your assets safe, whether in full value or to a specific dollar amount. By exempting an asset, you do not have to worry about that property being taken away.

At Leonard V. Sominsky, ESQ., PC, our Phoenix bankruptcy lawyer has been handling bankruptcy cases since 2000. In fact, Leonard Sominsky has personally helped more than 1,000 residents of Arizona get out of debt. We continue to provide professional and affordable legal representation to clients facing difficult legal issues.

Chapter 7 & Chapter 13 Exemptions

Chapter 7 liquidates your assets in order to pay off your debts. By exempting property, you can protect that property from being sold by the appointed trustee.

The amount that you are able to exempt depends on two key factors:

• Your specific financial situation
• Arizona’s specific exemption laws

While Chapter 13 bankruptcy allows you to keep your property, the amount you owe to creditors still depends on the value of your nonexempt assets. Exempting property in Chapter 13 can reduce the amount you owe to your creditors.

Arizona's Exemption Requirements

In Arizona, state legislation requires individuals filing for bankruptcy to opt out of federal bankruptcy exemptions and abide only by state laws of property exemption. Married couples are able to "double" the amounts of certain property exemptions. Arizona's property exemption laws are periodically adjusted, so consult a bankruptcy attorney in Phoenix to ensure you are making effective decisions for your future.

Why Staying Informed on Exemptions Are Important