Arizona Bankruptcy Laws

Arizona Bankruptcy Exemption

Homestead:

Up to $ 150,000 for the principal place of residence (mobile home, real home or home in a condominium or cooperative) and the land upon which it is situated up to the extent of Sale proceeds of the exemption can be applied after 18 months of the sale or rebuilding of another homestead, whichever is earlier.

Private Assets:

Household goods and daily life furniture and appliances aggregate valuation can go up to $ 4000.

Personal Jewelry:

Personal jewelry of debtor and the dependants can be under exempted property up to $ 1,000.

Motor Vehicle:

One Motor Vehicle worth $ 5000 which may extend up to $ 10,000 if the owner is physically disabled.

Apparels:

Clothing materials and apparels up to the extent of $ 500.

Musical Instruments:

Musical instruments of Debtor and his/her family up to the extent of $ 250.

Pets:

Domestic pets, horses, milking cattle, and poultries up to the extent of $ 500.

Wedding Rings:

Wedding rings up to $ 1000.

Books:

Books and library materials are exempted up to $ 250.

Professional Tools and Books:

Essential books and instruments used by either the debtor or the spouse of the debtor up to the extent of $ 2,500 which doesn't include motor vehicle.

Agricultural Resources:

Machineries and grains required for farming and animal husbandry are exempt up to the extent of $ 2,500.

Bank Account:

One single bank account worth $ 150.

Insurance:

Insurance proceeds to the beneficiaries up to the extent of $ 20,000.

Appliances & Other Necessities:

One type writer, 1 bicycle, 1 sewing machine, cemetery essentials, one weapon like pistol, shotgun or rifle up to the extent of $ 500 in cumulatively.

Total or Absolute Exemptions for: