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    Arizona Exemptions 7-20-11

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    DDrain5376
    The document outlines Arizona bankruptcy exemptions, including: - The homestead exemption is capped at $150,000 per home and applies to the primary residence. Each adult gets a separate $4,000 exemption for household furnishings. - Exempt assets include vehicles, tools of the trade, retirement funds, life insurance proceeds, and public benefits like social security, unemployment, and pensions. The exemptions protect specified dollar amounts of assets from creditors.

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    Download as PDF, TXT or read online from Scribd

    Arizona Exemptions 7-20-11

    Uploaded by

    DDrain5376
    59 views1 page
    The document outlines Arizona bankruptcy exemptions, including: - The homestead exemption is capped at $150,000 per home and applies to the primary residence. Each adult gets a separate $4,000 exemption for household furnishings. - Exempt assets include vehicles, tools of the trade, retirement funds, life insurance proceeds, and public benefits like social security, unemployment, and pensions. The exemptions protect specified dollar amounts of assets from creditors.

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    The document outlines Arizona bankruptcy exemptions, including: - The homestead exemption is capped at $150,000 per home and applies to the primary residence. Each adult gets a separate $4,000 exemption for household furnishings. - Exempt assets include vehicles, tools of the trade, retirement funds, life insurance proceeds, and public benefits like social security, unemployment, and pensions. The exemptions protect specified dollar amounts of assets from creditors.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    59 views1 page

    Arizona Exemptions 7-20-11

    Uploaded by

    DDrain5376
    The document outlines Arizona bankruptcy exemptions, including: - The homestead exemption is capped at $150,000 per home and applies to the primary residence. Each adult gets a separate $4,000 exemption for household furnishings. - Exempt assets include vehicles, tools of the trade, retirement funds, life insurance proceeds, and public benefits like social security, unemployment, and pensions. The exemptions protect specified dollar amounts of assets from creditors.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    ARIZO NA EXEMP TIO NS

    (Use of federal bankruptcy exe mptions in 11 U.S.C. 522(d) not permitted in Arizona. See A.R.S . 33-1133.) The I RS can lien all the items on this page. The homestead exe mption is capped at $150,000 per home (A .R.S . 33-1104). In order to qualify for a ho mestead the residence must be your primary residence. Co mmunity property liability: A.R.S. 25-214 & 215. With the exc eption of the single homestead exe mption, each adult has a separate exe mption (A.R.S. 33-1121.01). There fore, $4,000 in household furnishings is doubled for two adults in the house. The dollar amo unts listed below is the resale value of the asset(s), not retail value. Exe mption rights cannot be waived (A.R.S. 33-1132). Ite ms not on this list are not protected from your creditors. Nor, are items on this list protected from creditors that you have granted a lien interest to Deed of Trust on the home or security interest in personal property (charging your refrigerator at Sears c ard or using items as collateral for personal loans.)

    TYPE O F PROPERTY Homestead, consisting of debtors equity in real property used as residence. 1 apartment of horizontal property regime, or mobile home and land upon which located.

    AMOUNT OF EXEMPTION $150,000 (as of 8/25/04) as against nonconsensual liens. Total exemption of $150,000 for both spouses. Applies to identifiable cash proceeds of homestead sale for 18 months after sale. In bankruptcy may be limited to $125,000 11 USC 522(p). $4,000 aggregate value 100% $500 $250 $500 $1,000 $250 $500 $100 $5,000 ($10,000 if maimed or crippled) 100% 100% (except contributions within 120 days before filing petition Lesser of $1,000 or 1 months rent. $20,000 100% 100% (certain debts excepted) 100% of allowed exemption 100% (beneficiary must be a dependent) 100% $150 100% $2,500 (does not include vehicle used primarily for personal use) $2,500 (primary income from farming) 100% Greater of 75% or 30 X federal minimum weekly wage, except child support 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

    ST ATUTE A.R.S. 33-1101; A.R.S. 33-1104 consensual liens. Excluded; A.R.S. 33-1102 (recording not required). Title in a claimants revocable trust does not normally abandon homestead. ARS. 33-1104(E) A.R.S. 33-1123 A.R.S. 33-1124 A.R.S. 33-1125(1) A.R.S. 33-1125(2) A.R.S. 33-1125(3) A.R.S. 33-1125(4) A.R.S. 33-1125(5) A.R.S. 33-1125(7) A.R.S. 33-1125(6) A.R.S. 33-1125(8) A.R.S. 33-1125(9) A.R.S. 33-1126(B) A.R.S. 33-1126(C) A.R.S. 33-1126(A)(1) A.R.S. 33-1126(A)(2) A.R.S. 33-1126(A)(4) A.R.S. 33-1126(A)(8) A.R.S. 33-1126(A)(6) A.R.S. 20-1131(D) A.R.S. 33-1126(A)(8) A.R.S. 33-1126(A)(9) A.R.S. 33-1126(A)(7) A.R.S. 33-1130(1) A.R.S. 33-1130(2) A.R.S. 33-1130(3) A.R.S. 33-1131 A.R.S. 23-783 A.R.S. 23-1068 A.R.S. 46-208 A.R.S. 38-797.11 A.R.S. 33-1126(A)(3) A.R.S. 33-1127 A.R.S. 33-1128 A.R.S. 33-1129 A.R.S. 41-955 A.R.S. 9-968 A.R.S. 38-897 A.R.S. 9-931 A.R.S. 43-1201 A.R.S. 38-792 A.R.S. 38-850C A.RS. 41-955 A.R.S. 20-881 42 U.S.C. 407(a), SEC 207 38 USC 5301(a)(1)

    Kitchen table/4 chairs: dining table/4 chairs (plus 1 for each dependant over 4), Living room: couch, 1 chair per dependant, 3 coffee/end tables, 3 lamps, rug: 2 beds, plus 1 per dependant, bed table, dresser, lamp, bedding, pictures, oil Paintings & drawings made by debtor, family portraits, T V or stereo, radio, stove, refrigerator, washer, dryer & vacuum. Food, fuel and provisions for 6 months used by Debtor and family Wearing apparel Musical instruments of Debtor and family Domestic pets, horses, milk cows and poultry Engagement and Wedding rings Library Typewriter, bicycle, sewing machine, family bible, burial lot, rifle, shotgun or pistol. Watch Motor Vehicle (name must be on the title to claim exemption) Wheel Chair and prescribed health aids Interest in retirement plan qualified under Internal Revenue Code 401(a), 403(a)(b), 408, 408(a), 409, 457 (deferred comp)* Prepaid rent and security deposits for Debtors residence Life Insurance proceeds paid or payable to surviving Spouse or child. Earning of minor child Health, accident or disability insurance Insurance proceeds for damage or destruction of exempt property Cash surrender value of life insurance policies owned by the debtor (owned for at least two unexpired continuous years). Damages for wrongful levy or execution One single bank account (with the exception of social security, all funds deposited into accounts lose their exemption such as retirement, etc). Annuity (owned by DEBTOR for at least 2 years, beneficiary must be family) warning: some annuity companies list themselves as owner. Necessary tools, equipment, instruments and books used in business or profession. Machinery, utensils, fee, grain, seed and animals of farmer. Arms, uniforms/ accoutrements required by law Net disposable earnings, includes bonuses and commissions (less deductions required by law) includes pension and retirements payment. Unemployment compensation benefits Workmens compensation benefits Welfare assistance Long Term Disability Program Benefits Child support or maintenance School Equipment used to teach Firefighting equipment Property that belongs to the public Arizona Rangers pensions Firemens relief and pension benefits Corrections Officer Retirement Plan Police pension benefits Teachers retirement benefits State employees retirement benefits Public Safety Personnel Retirement Arizona Rangers pensions Fraternal Benefit Society benefits Social Security (protected in bank account if NOT co-mingled) VA Benefits

    NO TE: IF FILING FO R BANKRUPTCY ALSO EXEMP T Retirement funds exempt under 401, 403, 408, 408A, 414, 457 or 501(a) of the IRS Code of 1986 (includes direct transfers or rollover to exempt account) 100%, but limited could be limited to $1,000,000 USC 522(n) USC 11-522(b)(3)(C)

    NO TE: IF FILING FO R BANKRUPTCY NO T PROPERTY O F THE ESTATE Education IRA under 530(b)(1) & 529(b)(1)-more than 2 years before filing bankruptcy. Benef. must be child, stepchild, grandchild or step-grandchild of debtor for the taxable year. Limited to $5000 if contributed between 12 to 24 months before filing bankruptcy 530 accounts: USC . 541(b)(5) 529 accounts: USC . 541(b)(6)

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