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.

We don't judge, we help. Contact our firm and start looking after your future!

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.

Common property exemptions in Arizona include the following:

  • Wages
  • Bank deposits
  • Homestead/residential property
  • Motor vehicles
  • Tools of the trade
  • Insurance benefits
  • Pension/retirement benefits
  • Personal Property
  • Unemployment compensation

Why Staying Informed on Exemptions Are Important

Arizona's bankruptcy exemptions can help you get through bankruptcy without giving up a majority of your property. This can be very beneficial, no matter what chapter you file under. That means you could end up keeping your car, your home, and even your personal property! Before you get too excited about the prospect of bankruptcy exemptions, it is important to note that these laws are frequently changing.

Just a few years ago in 2013, Arizona raised exemption limits, allowing people to keep more of their possessions after filing. With updates constantly happening to the laws in Arizona, it is important that you have an advocate who stays on top of these changes. Our bankruptcy lawyer is well-versed in the laws surrounding exemptions and makes sure you secure the maximum amount possible.

Find Out More About Exemptions By Calling Us!

Because state law requires an "opt-out" of federal bankruptcy exemptions, it is important for individuals facing bankruptcy to have an understanding of Arizona's property exemption law. While some laws may coincide with federal regulations, other laws are vastly different. When it comes to protecting your future, do not take risks! .

Our Phoenix bankruptcy attorney has helped hundreds of clients climb out of debt and make preparations for their future. Protecting vital property through exemption is one important step of the bankruptcy process that should not be overlooked.

Schedule a free case consultation with Leonard V. Sominsky, ESQ., PC and find out how you might use property exemption laws in your favor!

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