Amendments to Arizona Bankruptcy Exemptions

Phoenix_BankruptcyPhoenix Bankruptcy Lawyer Diane Drain, together with a few other consumer bankruptcy attorneys were able to successfully implement new bankruptcy exemptions for Arizona which, for the most part, had remained unchanged since 1982.  The change will take effect in late 2013, and apply to cases filed on or after the implementation.  Generally the changes will increase household goods and furniture to $6,000, vehicles to $6,000, cash in bank account to $300, and tools of the trade to $5,000.  These numbers are per adult.   As to household goods and furnishings – the old exemption list which details the number of chairs and beds is done away with.  The new law merely sets forth all household goods and furnishings.  This will now include computers, microwave ovens and lawn furniture.  Remember that residents must have lived in Arizona for at least two years in order to take advantage of the Arizona exemptions.  Argyle’s 2014 version of the Consumer Bankruptcy Handbook will include the recently amended Arizona bankruptcy exemptions.

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