Arizona Bankruptcy Laws

Arizona bankruptcy can provide a financially troubled individual with a fresh start because bankruptcy protects consumers against lawsuit from creditors. The Arizona bankruptcy division offices are located in Phoenix , Prescott , Yuma , and Tucson and cover the entire state of Arizona . Find a Bankruptcy Lawyer in Arizona with our debt relief directory and get a free BK evalution for a loan modification, chapter 7, 11, 13 or debt settlement that could lead to a fresh start. Find out from a local attorney if bankruptcy is the best for your situation.

Arizona Bankruptcy Exemptions
According to the Lawyers.com website, under Arizona bankruptcy laws, you may not take the exemptions provided by federal bankruptcy laws, but you may keep the following state Arizona exemptions:

• Homestead exemption, up to $150,000
• Household furniture, furnishings and appliances, up to $4,000
• Food, fuel and provisions for the debtor's individual or family use for six months
• Personal items up to specific values
• Life insurance proceeds-cash surrender value, up to $25,000 and life insurance proceeds, up to $20,000
• Motor vehicle, up to $5,000 or $10,000 if disabled
• Pets, horses, cows and poultry, up to $500
• Retirement funds
• Wearing apparel, up to $500
• One watch, up to $100
• Musical instrument, up to $250
• Money in one bank account, up to $150
• Books and personal documents, up to $250
• Personal tools, firearms and a burial plot, up to $500
• Farm machinery, feed, grain, seed and animals, up to $2,500
• Engagement and wedding rings, up to $1,000
• Tools and equipment used in a commercial activity and trade, business or profession, up to $2,500

Any person 18 years or over who resides within Arizona and does not exercise the homestead exemption may claim as a personal property homestead exempt from all process prepaid rent, including security deposits, not exceeding the lesser of $1,000 or one and one-half months' rent.

NOTE: These are the major bankruptcy exemptions. Check with your bankruptcy lawyer for a full exemptions list.

New Bankruptcy Law Changes - Outlines major changes you should know about in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), also known as the new bankruptcy laws.

This is important! The new bankruptcy law requires all debtors to fulfill two education requirements: a credit counseling course prior to filing and a financial management course before obtaining a discharge. Failure to complete either of these courses and file the appropriate certificates with the court will prevent a successful bankruptcy. The Chapter 13 Trustee will offer the required courses to Chapter 13 debtors, but Chapter 7 debtors are required to take the courses on their own.

Find a U.S. Trustee Approved Pre-Bankruptcy Counseling Provider and Post-Filing Debtor Education Provider.