Arizona Bankruptcy Exemptions - Zolman Law

1. ZOLMAN LAW ARIZONA BANKRUPTCY EXEMPTIONS Bankruptcy exemptions can play a significant role in Chapter 7 and Chapter 13 bankruptcy. In Chapter 7, exemptions can help determine how much of your property you can retain while in Chapter 13, exemptions can play a part in keeping your plan payments low. BANKRUPTCY EXEMPTIONS IN ARIZONA Arizona has laws in place that allow the state to opt out of federal bankruptcy exemptions. This basically means that the majority of those filing for bankruptcy in Arizona are only allowed to protect their assets by using state laws. CHAPTER 7 EXEMPTIONS Filing a bankruptcy petition under Chapter 7 will lead to liquidation of your non-exempted assets to pay your debts. There are items that will be spared. For instance, when the exemption amount has a higher value than the asset, you’ll be allowed to keep this item. UNDERSTAND YOUR BANKRUPTCY OPTIONS! Do you want to ensure the best outcome in a bankruptcy filing? Seek the counsel of a bankruptcy lawyer so your case can be reviewed and your best bankruptcy option, identified. We are located in Mesa, Arizona and Peoria, Arizona but we help our friends and neighbors in Tempe, Chandler, Gilbert, Scottsdale. Maricopa County and the surrounding communities with bankruptcy, family law, estate planning, business law and personal injury cases. Sources: (480) 400-9705 https://zolmanlaw.com