What property you can keep in Bankruptcy depends on where you live, where you lived during last 2 years and what type of bankruptcy you will file.
In Arizona, you can keep an equity in your home (up to $150,000), your household furnishings up to $6,000, car ($6,000), bank account balance ($300), computer ($2,000), clothing ($500), prepaid rent and security deposits ($2,000), books ($250), firearms ($2,000), engagement and wedding rings ($2,000), watch ($250), tools used in your profession ($5,000), 6-month supply of food, fuel and provisions, musical instruments ($400), domestic pets and numerous other items. You can also keep your 401k and IRA accounts. If you are married, each spouse gets the exemption (with the exception of the home equity).
Please note that this article does not constitute a legal advice. We simplified the law in order to outline the most common Arizona bankruptcy exemptions. If you are considering filing for bankruptcy, call the Phoenix bankruptcy attorney at 480-425-2009 TODAY or contact us via our website and we will make sure your assets are protected and you get the maximum relief from your debts through bankruptcy.