Filing Bankruptcy in Arizona is an easy process, provided you hire the services of bankruptcy attorney and that too right on time. Arizona state bankruptcy exemption laws are quite stringent and they are designed to give advantage to the homeowner will not be forced to start a whole new life after filing for bankruptcy. As per the regulations under the bankruptcy exemption laws out there in Arizona State, there are many properties which cannot be sold to pay the bets and creditor's money. Such types of properties are completely exempted under the Arizona state bankruptcy laws. Every state in US has its own exemption laws, but Arizona State has generous exemption laws of all, primarily due to the fact that many amendments were made in the year 2004 in its bankruptcy laws. There are many properties which have been exempted under the amended Arizona state bankruptcy laws. These include:
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Homestead exempted and no written claim is required. Moreover, it is applicable only for the primary residence and not for the investment property. Homestead is claimed to be exempted under the bankruptcy laws of the Arizona state. Vehicle - An individual is allowed to keep single vehicle of value equal to $ 5000 or $ 10,000 if the debtor is crippled. If you are married, then you and your spouse can keep separate vehicle of value up to $ 5000. You may also go for single car of value $ 10 000. Household goods - Household goods like beds, tables, couches, TV etc. are also exempted from sale to pay the creditor's money. Wedding rings - Wedding rings of maximum value of $1000 each are also exempted.
How to file for bankruptcy? Check with the bankruptcy lawyer in the Arizona area.
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