“Tools of the Trade” Exemptions
Many people shy away from filing for bankruptcy because they are afraid they will lose all of their personal property. While bankruptcy may require you to liquidate certain assets to repay creditors, there are many exemptions available for those filing for bankruptcy so you can keep important pieces of property like your home or automobile. There are also exemptions to keep one’s “tools of the trade” in the state of Arizona so one does not have to give up tools needed for work.
If you are facing financial difficulties, it can be a very trying time in your life. You may need the help of a qualified attorney to make sure you file for bankruptcy the correct way and seek all the exemptions that are legally yours. To speak with an experienced attorney, contact the Arizona bankruptcy lawyers the Harmon Law Office today at 480-829-0494.
Exemptions for Work-Related Property
To continue working and earning wages, you may need certain tools or products that you own. The Arizona bankruptcy law allows you to keep the following items even if you file for Chapter 7 bankruptcy:
- Any required arms or uniforms
- Tools or teaching aids for teachers
- Any equipment or tools needed for work whose cost does not exceed $2,500, excluding an automobile
- Any farm or agricultural equipment up to $2,500
Filing for bankruptcy can be a very confusing and detailed process. To make sure you get all the exemptions you can, contact a bankruptcy attorney as soon as possible.
Contact Us
At the Harmon Law Office, our knowledgeable legal team is ready to help you every step of the way. Contact an Arizona bankruptcy attorney today at 480-829-0494 to learn more about your rights during this stressful time.