Arizona Bankruptcy Laws

Arizona bankruptcy laws are not a different set of laws. They are the same laws as defined in the federal bankruptcy code of the United States. However, just as every state of America interprets the laws in their own way, Arizona also does the same. Even the interpretation makes the big difference. Therefore, before you go ahead and choose a bankruptcy attorney to handle your specific bankruptcy case, make sure that the attorney is well aware of the specific ways in which the various laws have been interpreted under the Arizona bankruptcy laws.

Important Points Regarding The Arizona Bankruptcy Laws

Some of the important points that differentiate Arizona bankruptcy laws from the laws in other states can be described as follows. Most of the differences are in conjunction with the property exemptions.

•Residential properties, including both real and mobile properties are allowed to be exempted up to the value of $100,000. If you are a married couple and are filing for bankruptcy jointly, this amount will not get double. It means the total amount up to which the residential properties of either or both the partners can be exempted is only $100,000.
•Personal properties can be exempted up to the value of four thousand dollars in total. The personal properties in this regard include two beds and one living room chair, one bedding for each bed, kitchen table, dining table with four chairs, carpet or rug used in the living room, family pictures, refrigerator, musical systems and other home appliances. All these personal properties are allowed to be exempted but make sure that the total value as a while must not exceed $4000. However, in case of a married couple filing bankruptcy jointly, this amount will get doubled i.e. $8000.
•Bank deposit of one hundred and fifty dollars is also exempted.
•Earned but unpaid wages are also exempted up to 75 cents for each dollar.