ARIZONA BANKRUPTCY LAW
Arizona Bankruptcy: Attorneys, Statistics, Exemptions and Courts.
Arizona Bankruptcy Statistics: In Arizona, 16,583 bankruptcies were filed in 2009. Personal bankruptcies accounted for 15,964 or 96.27% of the total and business bankruptcies accounted for 619 or 4% of the total.
Arizona State Bankruptcy Exemptions:
The home (“homestead”) is exempt from bankruptcy for up to $150,000 for either a single person or a married couple. Both real property and personal property such as a mobile home are covered under this exception. Proceeds from the sale of the home are exempt for up to eighteen months prior to filing for bankruptcy.
If the debtor has more than one parcel that might be claimed as a homestead, the debtor must record a homestead declaration in order to identify a parcel to be used for the exemption.
Proceeds from any sold or damaged exempt personal property is also exempt.
The following items are entirely exempt when filing bankruptcy in Arizona:
The following exemptions are subject to limitations:
The following items of personal property are exempt up to a value $500 for a single person and $1,000 for a married couple:
The following household goods are exempt for a total of $4,000 for a single person and $8,000 for a married person:
The following insurance policies are exempt when filing bankruptcy in Arizona:
Even though generally federal exemptions do not apply, federal pension exemptions apply in Arizona.
The following pension types are exempt when filing for bankruptcy:
The following individuals’ pensions are exempt when filing for bankruptcy:
The following public benefits are entirely exempt when filing bankruptcy in Arizona:
The earnings of a minor child are exempt, unless the debt was incurred for the benefit of the child. Also child support and alimony are exempt to the extent that they are needed for support.
Tools of the trade
Teachers can exempt all books and teaching aides used in their profession.
Officers can exempt arms, uniforms, and accoutrements.
Other professionals or tradesmen can exempt necessary tools, instruments and books for up to a value of $2500 for a single person and $5000 for a married couple.
Earned, but unpaid wages are exempt at either 75% or 30 times the federal minimum wage, whichever is less. If there is a support order, up to 50% of the wages for the support order are exempt. A bankruptcy judge has the discretion to allow a higher percentage for low income debtors.
Federal Bankruptcy Exemptions: No
Arizona Bankruptcy Court:
The United States Bankruptcy court in Arizona has jurisdiction over the entire state.