Arizona Bankruptcy Exemptions Set to Change
Arizona bankruptcy exemptions will increase in many areas beginning September 15, 2013. Arizona State exemptions determine which property items most bankruptcy filers can protect and keep during and after the a bankruptcy filing.
Items that aren't exempt…aren't “safe” and the Bankruptcy Trustee may try to collect them, liquidate them and give the money to creditors. The changes were made partially in an effort to simplify some asset exemption areas and also to update the amounts that could be protected.
Some of the changes are as follows:
Clothing – Exempt to $500.00
Musical Instruments to $400.00
Pets, horses, milk cows and poultry to $800.00
Engagement and wedding rings to $2000.00
Personal Books, manuals, published materials and personal documents to $250.00
One watch to $150.00
Vehicle to $6000.00 (if disability – $12,000.00)
Self Employed business assets to $5000.00
Some of these changes should make filing a bankruptcy in Arizona easier to do and simpler to process, especially for small business owners.