Many people facing debt shy away from filing Chapter 7 bankruptcy because it involves the liquidation of assets. However, not all assets are subject to liquidation. In Arizona, certain valuables known as protected assets can be retained even during a bankruptcy.

Those who file for Chapter 7 bankruptcy will, generally, not lose their home or car. Homes that are valued up to $150,000 will not be liquidated, as well as vehicles that are valued up to $5,000. Also, personal items, such as furniture, artwork, clothing, and jewlery, will not be liquidated up to a certain amount. In this way, those who file for Chapter 7 bankruptcy will still be able to keep their old lifestyle.

Chapter 7 bankruptcy is a good way to reorganize finances without losing all of your belongings. If you would like more information on filing for Chapter 7 bankruptcy and which of your assets will be protected, please contact the Arizona Chapter 7 bankruptcy lawyers of the Harmon Law Office, LLC, at 480-829-0494.