Re: save or lose this asset in bankruptcy?

Posted by Why Chat (209.240.205.61) on August 15, 2004 at 12:49:12:

In Reply to: Re: save or lose this asset in bankruptcy? posted by debtvolks on August 15, 2004 at 00:02:20:

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 ($100,000), 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,**

This is for EACH of you.

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.

If you use the truck for work, it is included here.

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