It is good to have some idea of the legal intricacies you might be dealing with when filing for bankruptcy, so we will go through some of the exemptions in Arizona bankruptcies. Bear in mind, however, that having the basic knowledge is not the same as having an experienced bankruptcy attorney on your side. As it is said in the United States Bankruptcy Court District of Arizona’s information release: “This pamphlet is not intended to give you legal advice, and it is not a substitute for the legal advice specific to your situation that you should obtain from a qualified attorney.”
Bankruptcy exemptions are a way to let you keep some of your property in case of a bankruptcy. We recently discussed the homestead exemption in our blog, so it makes sense to discuss the personal property exemption next.
The Arizona Personal Property Exemption allows husband and wife to double personal property exemptions, and here are a few assets that are listed under this exemption with the main guideline of “Household furniture, furnishings and appliances personally used by debtor in an amount not to exceed $4000 (fair market value)” :
– one kitchen and one dining room table with four chairs each, plus one chair per each dependent resident after the total exceeds four
– one living room couch
– two beds, plus one additional bed for each dependent of the debtor who resides in the household
– one bed-table, dresser and lamp for each bed allowed above
– bedding for each bed allowed above
– one television set or radio or stereo
– one stove
– one refrigerator
– one washing machine
- one clothes dryer
- one vacuum cleaner
The full list can be found in the exemption information release, but a knowledgeable bankruptcy lawyer will know exactly what you are entitled to when you are going through your bankruptcy proceedings. Basic information can help you understand what you are dealing with, but nothing can replace the help of a skilled bankruptcy attorney. Contact our bankruptcy attorneys today.