Arizona Bankruptcy Exemptions
There is an enormous social stigma associated with bankruptcy, and in the whispers and echoes of financial anxiety there are many serious misconceptions that have developed with regard to bankruptcy. Certainly, it would have been preferable to avoid reaching the point where your debts have become unmanageable, but as you are attempting to determine the best resolution to your financial difficulties accurate information is vital. Without it, you could make a costly mistake that leaves you no better off than you already were.
One of the most important things to grasp is that filing for bankruptcy will not force you to sell or surrender all of your property. To learn about how Arizona bankruptcy laws will bear on your unique case, contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494. You can rely on our skilled and experienced attorneys to help you find the solution that is best suited to your debt and asset load.
Protected Property
Bankruptcy law is intended to help both a debtor and his or her creditors. It offers an individual the opportunity to escape the financial and emotional pressures created by overwhelming debt obligations, and it affords creditors at least a partial satisfaction of the amount they are due. In this spirit, Arizona law grants that certain kinds and amounts of a filer’s property are exempt, meaning they cannot be seized or compelled to sale. These include:
- Furniture and home appliances totaling $4,000 or less
- Six months worth of food, fuel, and other consumable necessities
- An automobile valued at $5,000 or less
- Money in one account up to $150
- Books and personal documents valued at $250 or less
Contact Us
There are many different personal property items that you may be able to keep through bankruptcy, including your home. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494 to take charge of your financial future.