Arizona uses Arizona exemptions in bankruptcy cases. Arizona is considered a federal bankruptcy exemption opt-out state, and here, we only use the Arizona exemptions (residents of Arizona who have lived here less than 2 years may use other state exemptions, or the federal exemptions, depending on the circumstances. Make sure you talk to your bankruptcy attorney about this).
In Arizona, the homestead exemption amount is $150,000.00. Which means that a home owner may exempt $150,000.00 in equity of their primary residence from creditors when they file a bankruptcy case. This exemption does not apply to investment properties, or commercial properties.
If you are considering filing for any type of bankruptcy protection and you have any equity in a property, tread lightly. Make sure you speak with a qualified bankruptcy attorney. Remember, there is no such thing as an "easy" bankruptcy case. Bankruptcy is an area of law much different than any other area of law, and is very complicated.
We just sent you an email. Please click the link in the email to confirm your subscription!