Bankruptcy Tutor
ARIZONA
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.
Any person the age of eighteen or over, married or single, who resides within the state of Arizona, may hold as a homestead exempt from attachment, execution and forced sale, not exceeding one hundred thousand dollars in value ($150,000), his interest in his dwelling which may include real property, a condominium or cooperative, or a mobile home. Only one homestead exemption may be held by a married couple or a single person under the provisions of Arizona law. (ARS 33-1101, et seq.)
Personal property exemption may include household furniture, furnishings and appliances, the total value of which does not exceed $4,000.00;
food, fuel and provisions for the debtor's individual or family use for six months;
personal items up to specific values prescribed by law;
life insurance proceeds - Cash Surrender Value $25,000 and Life Insurance proceeds of $20,000,
Motor Vehicle $5,000 or $10,000 if disabled,
Pets, horses, cows, poultry $500.
retirement funds,
Wearing apparel $500,
One watch $100,
Musical instrument $250,
Money in one bank account $150,
Books and personal documents $250,
Personal tools, firearms and a burial plot $500,
Farm machinery, feed, grain, seed and animals $2,500,
Engagement and wedding rings $1,000,
and tools and equipment used in a commercial activity, and trade, business or profession $2,500.
Any person the age of eighteen years or over, married or single, who resides within this state and who does not exercise the homestead exemption may claim as a personal property homestead exempt from all process prepaid rent, including security deposits as provided in ARS 33-1321, subsection A, for the claimant's residence, not exceeding the lesser of one thousand dollars or one and one-half months' rent. (ARS 33-1126.)
In general, a debtor may claim exemption of his homestead and certain personal property from attachment and execution of a judgment, or in a bankruptcy proceeding.
Any person the age of eighteen or over, married or single, who resides within the state of Arizona, may hold as a homestead exempt from attachment, execution and forced sale, not exceeding one hundred thousand dollars in value ($150,000), his interest in his dwelling which may include real property, a condominium or cooperative, or a mobile home. Only one homestead exemption may be held by a married couple or a single person under the provisions of Arizona law. (ARS 33-1101, et seq.)
Personal property exemption may include household furniture, furnishings and appliances, the total value of which does not exceed $4,000.00;
food, fuel and provisions for the debtor's individual or family use for six months;
personal items up to specific values prescribed by law;
life insurance proceeds - Cash Surrender Value $25,000 and Life Insurance proceeds of $20,000,
Motor Vehicle $5,000 or $10,000 if disabled,
Pets, horses, cows, poultry $500.
retirement funds,
Wearing apparel $500,
One watch $100,
Musical instrument $250,
Money in one bank account $150,
Books and personal documents $250,
Personal tools, firearms and a burial plot $500,
Farm machinery, feed, grain, seed and animals $2,500,
Engagement and wedding rings $1,000,
and tools and equipment used in a commercial activity, and trade, business or profession $2,500.
Any person the age of eighteen years or over, married or single, who resides within this state and who does not exercise the homestead exemption may claim as a personal property homestead exempt from all process prepaid rent, including security deposits as provided in ARS 33-1321, subsection A, for the claimant's residence, not exceeding the lesser of one thousand dollars or one and one-half months' rent. (ARS 33-1126.)
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