Arizona, AZ Bankruptcy Exemptions

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The Essential Arizona Bankruptcy Information Guide

Arizona, AZ Bankruptcy Exemptions

FEDERAL BANKRUPTCY EXEMPTIONS ARE NOT AVAILABLE
All law references are to Arizona Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Arizona Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	Up to $150,000. Includes apartments and mobile homes; and sale proceeds up to 18 months after sale, or new home purchased, whichever occurs first.	33-1101
	May record homestead declaration	33-1102
INSURANCE	Fraternal benefit society benefits	20-881
	Group life insurance policy or proceeds	20-1132
	Life insurance proceeds if you have owned it at least 2 years and the beneficiary is a spouse or child.	20-1131
	Life insurance proceeds if beneficiary is spouse or child, up to $20,000.	33-1126
MISCELLANEOUS	Alimony or child support. Minor child’s earnings, unless debt is for child	33-1126
PENSIONS	Board of regents members	15-1628(I)
	ERISA-qualified benefits, if deposited more than 120 days before filing. IRAs and Roth IRAs.	33-1126
	Tax exempt retirement accounts. Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
	Firefighters	9-968
	Police officers	9-931
	Rangers	41-955
	State employees	38-762
	District employees	48-227
PERSONAL PROPERTY husband and wife may double all personal property exemptions	2 beds and living room chair per person; 1 dresser, table, lamp, bedding per bed; kitchen table; dining room table and 4 chairs (1 more per person); living room carpet or rug; couch; 3 lamps; 3 coffee or end tables; pictures, paintings, drawings created by debtor; family portraits; refrigerator; stove; TV, radio or stereo; alarm clock; washer; dryer; vacuum cleaner to $4,000 total	33-1123
	Bank deposit to $150 in one account	33-1126(A)(8)
	Bible; bicycle; sewing machine; typewriter; burial plot; rifle, pistol or shotgun to $500 total	33-1125
	Books to $250; clothing to $500; wedding and engagement rings to $1,000; watch to $100; pets, horses, milk cows and poultry to $500; musical instrument to $250; prostheses, including wheelchair	33-1125
	Food and fuel to last 6 months	33-1124
	Motor vehicle to $5,000 ($10,000, if disabled)	33-1125
	Prepaid rent or security deposit to $1,000 or 1-1/2 times your rent, whichever is less, in lieu of homestead	33-1126(D)
	Proceeds for sold or damaged exempt property	33-1126 (A)(5), (7)
PUBLIC BENEFITS	Unemployment compensation	23-783
	Welfare benefits	46-208
	Workers’ compensation	23-1068
TOOLS OF TRADE	Arms, uniforms and accouterments you are required to keep	33-1130(3)
	Farm machinery, utensils, seed, instrument of husbandry, feed, grain and animals to $2,500 total (husband and wife may double)	33-1130(2)
	Teaching aids of teacher	33-1127
	Tools, equipment, instruments and books (except vehicle driven to work) to $2,500	33-1130(1)
WAGES	Minimum 75% of earned but unpaid wages, pension payments; bankruptcy judge may authorize more for low-income debtors	33-1131
	Earnings of minor child, unless debt is for child.	33-1126

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Arizona, AZ Bankruptcy Exemptions

HOMESTEAD

Up to $150,000. Includes apartments and mobile homes; and sale proceeds up to 18 months after sale, or new home purchased, whichever occurs first.

33-1101

May record homestead declaration

33-1102

INSURANCE

Fraternal benefit society benefits

20-881

Group life insurance policy or proceeds

20-1132

Life insurance proceeds if you have owned it at least 2 years and the beneficiary is a spouse or child.

20-1131

Life insurance proceeds if beneficiary is spouse or child, up to $20,000.

33-1126

MISCELLANEOUS

Alimony or child support. Minor child’s earnings, unless debt is for child

33-1126

PENSIONS

Board of regents members

15-1628(I)

ERISA-qualified benefits, if deposited more than 120 days before filing. IRAs and Roth IRAs.

33-1126

Tax exempt retirement accounts. Traditional and Roth IRAs up to $1,095,000 per person.

11 U.S.C. § 522

Firefighters

9-968

Police officers

9-931

Rangers

41-955

State employees

38-762

District employees

48-227

PERSONAL PROPERTY

husband and wife may double all personal property exemptions

33-1123

Bank deposit to $150 in one account

33-1126(A)(8)

Bible; bicycle; sewing machine; typewriter; burial plot; rifle, pistol or shotgun to $500 total

33-1125

Books to $250; clothing to $500; wedding and engagement rings to $1,000; watch to $100; pets, horses, milk cows and poultry to $500; musical instrument to $250; prostheses, including wheelchair

33-1125

Food and fuel to last 6 months

33-1124

Motor vehicle to $5,000 ($10,000, if disabled)

33-1125

Prepaid rent or security deposit to $1,000 or 1-1/2 times your rent, whichever is less, in lieu of homestead

33-1126(D)

Proceeds for sold or damaged exempt property

33-1126 (A)(5), (7)

PUBLIC BENEFITS

Unemployment compensation

23-783

Welfare benefits

46-208

Workers’ compensation

23-1068

TOOLS OF TRADE

Arms, uniforms and accouterments you are required to keep

33-1130(3)

Farm machinery, utensils, seed, instrument of husbandry, feed, grain and animals to $2,500 total (husband and wife may double)

33-1130(2)

Teaching aids of teacher

33-1127

Tools, equipment, instruments and books (except vehicle driven to work) to $2,500

33-1130(1)

WAGES

Minimum 75% of earned but unpaid wages, pension payments; bankruptcy judge may authorize more for low-income debtors

33-1131

Earnings of minor child, unless debt is for child.

33-1126

BANKRUPTCY RESOURCES

BANKRUPTCY RESOURCES BY STATE: