What Property Can I Keep in an Arizona Bankruptcy?
The concept of filing for bankruptcy can feel overwhelming without having a bankruptcy lawyer Phoenix, AZ depends on by your side. Filing for bankruptcy and getting a fresh start does not always mean that you have to turn all your property over to the court to be distributed among your creditors. That’s because in Arizona, much like other states, certain property may be exempt when you file for bankruptcy. It pays to be knowledgeable about this property in advance so that you can separate what you’ll be able to keep. Talking to an experienced bankruptcy lawyer Phoenix, AZ deserves from Kamper Estrada, LLP may also be beneficial if you would like more specific information as it pertains to your situation.
If you choose to file for Chapter 7 bankruptcy in Arizona, it is strongly recommended that you retain the services of an experienced bankruptcy lawyer Phoenix, AZ residents turn to during their time of need. It can be an overwhelming process to think about filing for bankruptcy but the right bankruptcy lawyer in Phoenix, AZ may help you navigate this complex process and understand your rights and responsibilities as you move forward.
All property in a Chapter 7 bankruptcy case that is classified as exempt under the law means that you can keep it. There are several things you need to keep in mind in determining whether or not certain property is exempt. First of all, the value of the property is what the property is worth currently, not what you paid for it. You also need to consider your equity directly in any property. In a Chapter 13 case, you may be eligible to keep all of your property so long as your plan meets the requirements of bankruptcy law.
Arizona exemptions include a homestead exemption of a mobile home, apartment, or real estate property that you intend to occupy worth up to $150,000. Your personal property includes items such as a living room chair, two beds, one dresser, bedding for each bed, a couch, three lamps, four chairs, family portraits, radios, stereos, alarm clocks, and other items up to $4000 total. The homestead declaration must be recorded prior to the attempted sale of home if you intend to make use of this.
You are also eligible to keep fuel and food up to six months, books up to $250, bank deposits up to $150 in one account, group life insurance proceeds or policies, disability, health and accident benefits, and life insurance cash value of up to $1000 per dependent.
Contact Kamper Estrada, LLP Today
It is important to retain a bankruptcy lawyer Phoenix, AZ community members turn to regarding bankruptcy as soon as possible if you have additional questions.
The right Phoenix bankruptcy lawyer can have a significant impact on the outcome of your case. To find out more information, call our firm today at 602-230-1234. Don’t wait to schedule a consultation with a bankruptcy lawyer Phoenix, AZ trusts when you need a fresh start.