Are Asset Exemptions the Same for All Chapters of Bankruptcy in Arizona?

Generally speaking, the limits for homestead and personal asset exemptions during bankruptcy are the same whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Arizona. These exemptions allow most debtors to maintain a simple household with reasonable transportation and means of work, and you will not be destitute. But remember, in a Chapter 13 bankruptcy or Chapter 11 bankruptcy, an individual gets to keep everything. The only requirement is that the creditors receive at least as much as they would have if the individual’s non-exempt assets were liquidated. This means that a small business owner in Arizona should consider filing a Chapter 13 or Chapter 11 bankruptcy.

In Arizona bankruptcy law, the homestead exemption has a limit that is shared between spouses. The limits on personal assets are for each adult – so the amount can be doubled if you are married. The exemptions allow you to keep a modest home, necessary fuel and food for health, necessary furniture and appliances, reasonable clothing and personal items, reliable transportation, tools of work or trade, necessary medical equipment, personal items such as pets, instruments, recreational equipment and even more.

For a full listing of bankruptcy asset exemptions in the state of Arizona, consult with an experienced bankruptcy attorney, such as those at Radix Law, in Phoenix and Scottsdale, Arizona.

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