 Arizona Bankruptcy Exemptions
A debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.
Any person the age of eighteen or over, married or single, who resides within the state of Arizona, may hold as a homestead exempt from attachment, execution and forced sale, not exceeding one hundred thousand dollars in value, his interest in his dwelling which may include real property, a condominium or cooperative, or a mobile home. Only one homestead exemption may be held by a married couple or a single person under the provisions of Arizona law. (ARS 33-1101, et seq.)
Personal property exemption may include household furniture, furnishings and appliances, the total value of which does not exceed $4,000.00; food, fuel and provisions for the debtor's individual or family use for six months; personal items up to specific values prescribed by law; life insurance proceeds, retirement funds, and tools and equipment used in a commercial activity, and trade, business or profession. Any person the age of eighteen years or over, married or single, who resides within this state and who does not exercise the homestead exemption may claim as a personal property homestead exempt from all process prepaid rent, including security deposits as provided in ARS 33-1321, subsection A, for the claimant's residence, not exceeding the lesser of one thousand dollars or one and one-half months' rent. (ARS 33-1126.)
In a bankruptcy proceeding, debtors domiciled in the State of Arizona are not entitled to the federal exemptions provided in 11 U.S.C. 522 (d). (ARS 33-1133.)
|
|
|
