arizona bankruptcy exemptions
When it comes to a chapter 7 bankruptcy one really needs to make informed decisions, and some decisions just require an attorney’s expertise and guidance. Just because something may be acceptable as a standard practice that doesn’t mean it will be seen that way by the all knowing eyes of the judicial system.
For example, one important, confusing, and often overlooked area in the bankruptcy process is that of re-affirmation agreements, which are typically used to keep vehicles. This mechanism, as opposed to discharging a creditor in a bankruptcy, is the concept of establishing a new payment plan termed a ‘re-affirmation agreement”.
This video discusses the various types of bankruptcies.
Video discussing bankruptcy limitations.
Video from the Honorable Eileen W. Hollowell, District of Arizona. She discusses reaffirmation agreements
Each state has its own set of exemption statutes that exempt certain types of property. This prohibits or restricts creditors from taking specific items under certain conditions. Arizona has exemptions that protect a portion of your “homestead”, household goods, a vehicle, guns, work tools, etc.Because of this, most bankruptcy filers do not lose much if anything while going through the bankruptcy process. Arizona’s exemptions are fairly generous when compared to most other states.