Bankruptcy is a complex legal process that can consolidate or discharge debt. In Arizona, a set of exemptions separate from federal guidelines are used in bankruptcy cases. At the Ellett Law Offices, P.C., we understand our client’s concerns about the impact of exemptions on their bankruptcy case.
To learn more about exemptions, contact an experienced Phoenix exempt property lawyer. Since 1993, we have resolved bankruptcy issues for clients and understand the vital importance to your bankruptcy case of maximizing your exemption rights under the law. While a vast number of exemptions are available under Arizona law, the most common exemptions are:
- Motor vehicle exemptions — Individuals are protected up to $6,000 in equity in one motor vehicle. Physically disabled individuals are allowed up to $12,000 on one vehicle. Married couples are protected up to $12,000 in equity on one motor vehicle or up to $6,000 each on two motor vehicles.
- Homestead exemption — Protects up to $150,000 of equity in your home, there are some limitations.
- Wedding rings — Protects up to $2,000 in today’s value.
- Retirement accounts — 401(k) accounts, IRA accounts as well as Social Security are generally exempt with certain exceptions for recent contributions to retirement accounts.
- Household goods — Individuals are protected up to $6,000 for furniture, appliances and other general household items. Married couples may double this amount.
- Wages — Protects up to 75 percent of earned, but unpaid net wages or 30 times the federal minimum hourly wage.
We have helped over 2,000 people maximize their Arizona bankruptcy exemptions. It is our goal to protect your property by using our experience and knowledge of the Arizona bankruptcy exemptions. From the beginning, we take the time to understand every aspect of your circumstances and will carefully assess these exemptions and others that could be used in your case to protect your property and assets.
You will benefit from having an experienced attorney form an effective case strategy to maximize your exemptions to protect your property. We stand ready to defend the rights of our clients during any bankruptcy. The sooner you begin the planning process the better. So don’t delay.
Our skilled representation guides clients through the entire bankruptcy process and in the pursuit of asset protection. We are committed to protecting clients’ rights for every kind of debt relief including; Chapter 7, Chapter 13, and Chapter 11.
Bankruptcy Exemptions Lawyer
If you are considering bankruptcy and would like to discuss possible exemptions with a knowledgeable attorney, please contact us by calling 602-235-9510 or by sending an e-mail. Initial consultations are offered free of charge and financing options can be made available for some cases. Click here to review a schedule of our fees.
We are pleased to inform you that we have been designated by federal law as a debt relief agency. We help people and businesses file for bankruptcy relief under the Bankruptcy Code.