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Our Phoenix Area Bankruptcy Attorneys Enforce Your Exemption Rights Under State and Federal Law
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Your "property" includes everything you own (not just real estate). For purposes of bankruptcy, what is considered your property only matters on the day the case is filed and no other property is comes into question, except divorce-related property settlement agreements and money or property you become entitled to when someone dies leaving property to you during the 180 days after your bankruptcy filing.
The Bankruptcy Exemptions available to protect your property when you file bankruptcy are based on where you have resided during the last two years before you file bankruptcy. Below are examples of Arizona exemptions if you have resided in Arizona continuously for the two years prior to filing bankruptcy. Otherwise, you might qualify for bankruptcy exemptions in the state where you lived previously or, if all else fails, you can apply for the Federal Bankruptcy Exemptions. The bankruptcy rules relating to exemptions are complicated and were changed recently, so only an experienced attorney filing bankruptcy under the new laws can give you reliable information about which exemptions you could apply to keep all your property. A good bankruptcy lawyer knows the exemptions available are always undergoing revisions and that property that appears to be exempt today, might not be in a case that is filed six weeks later. Make sure to inform your bankruptcy lawyer fully about all your property to avoid any surprises.
Can I keep my Home after Bankruptcy? Yes, Bankruptcy Guarantees Homestead Protection. Free Pre-qualifying evaluation will reveal how much protection is available to you
Equity in your residence (your house, home, townhouse, condominium, mobile home and lot, rv, camper, boat or other property legitimately used as your primary place of residence) in Arizona Bankruptcy cases is protected as exempt up to $150,000. The Arizona homestead exemption also applies to money from the sale of your home for a limited time under limited circumstances.
Consult our experienced bankruptcy attorneys before selling your home, if you are contemplating bankruptcy. Some mistakes are irreversible. Better to get advice beforehand.
Can I keep my Car ? Yes, Bankruptcy also protects your Automobile
One motor vehicle per person is exempt up to $6000 (Arizona married couples may be able to double and apply their joint exemptions to a single vehicle in bankruptcy). Handicapped and disabled persons in Arizona may claim up to $12000 automobile equity as exempt in bankruptcy.
Will I lose any furniture ? No, Household Furnishings are also protected in Bankruptcy
Household goods, furnishings and appliances are protected as exempt up to $5000 ($10000 for a married couple) in Arizona Bankruptcy.
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Can they take my retirement in Bankruptcy ? No, IRAs, 401Ks, qualified pensions and retirement plans are also protected in Arizona Bankruptcy
Retirement funds are generally exempt under federal and state law, many restrictions and exceptions apply. An experienced bankruptcy attorney can help sort through the qualifications to make sure your retirement funds are protected.
What Jewelry can I keep ? You can keep all your exempt jewelry after bankruptcy including wedding rings, engagements rings and watches. The value of exempt jewelry is limited. Ask our experienced bankruptcy attorneys about how Bankruptcy Court determines property values.
In Arizona bankruptcy, Engagement and wedding rings are exempt up to $2000 per debtor. But you don't lose anything by filing bankruptcy, if you file Chapter 13 bankruptcy or offer to buy back property that is not exempt. During your free pre-qualifying attorney evaluation, we can determine if any of your property will be at any risk in the bankruptcy process. Most people don't lose any property in bankruptcy.
Do I have to close my Bank Accounts when I file bankruptcy? No, you can keep your bank accounts and continue to deposit money and withdraw money and write checks just as usual after filing bankruptcy. Your attorney may recommend that you change banks if you have given your banking information to creditors.
In Arizona Bankruptcy, Money on deposit in the bank is exempt up to $300 and a married couple may double it. But the Bankruptcy Court will never confiscate any money from your bank account.
If you have excess cash on hand on the date of filing, we can negotiate an arrangment with the Trustee to allow you to make payments to satisfy any liability to the bankruptcy estate.
Can I keep my work tools when I declare bankruptcy? Yes, your tools of the trade are exempt in Arizona bankruptcy.
Equipment, tools and implements you use in your trade or profession are exempt up to $5000 (married couples can double it in bankruptcy). Our attorneys have experience negotiating settlements with the bankruptcy trustees and our clients never lose any property they intend to keep through the process.
Numerous additional property exemptions are available when you declare bankruptcy. Consult our experienced bankruptcy attorneys for up-to-date and particularized advice. Most people who file bankruptcy do not lose any property as a result of filing bankruptcy.
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