In a Chapter 7 (personal) bankruptcy, a person’s debts are examined in Bankruptcy Court to see which are eligible to be discharged or eliminated. In addition, person filing for bankruptcy will be asked to disclose all of their assets to determine what, and how much, the debtor may keep and what must be used toward the payment of debt.
Federal bankruptcy law and Arizona law both allow for certain exemptions as far as a debtor’s assets and possessions are concerned. These laws are subject to change as the courts continue to interpret them. Here is a partial list of some of the recently revised exemptions in the state of Arizona:
Household Assets
▪ Some household furniture and furnishings
▪ Most household goods including some consumer electronic devices
Business Assets
▪ Some tools, equipment, instruments and books
▪ Intangible business assets including some things such as phone numbers and client/customer contact information
▪ Most marketing tools such as websites, domain names or any other intangible work products
If you are considering the possibility of filing for bankruptcy, it’s wise to discuss it with an experienced bankruptcy attorney first. At Zachary Law Group, we offer a FREE 30-minute case evaluation. Our approach to finding solutions to your legal problems is working together to “Zach-It!” The sooner you get in touch with us, the sooner we can start helping.
Put the power of the law on your side, to assert and protect your rights. Call us today at 1-855-Zach-law.
