Arizona Bankruptcy Laws - Homestead Exemption Value
Arizona Revised Statutes Section 33-1101 provides, in part, "Homestead defined; homestead exemptions; persons
entitled to hold homesteads A) Any person the age of eighteen or over, married or single, who resides within the
state may hold as a homestead exempt from attachment, execution and forced sale, not exceeding one hundred
thousand dollars in value, any one of the following: 1) The person's interest in real property in one compact
body upon which exists a dwelling house in which the person resides, 2) The person's interest in one condominium
or cooperative in which the person resides, 3) A mobile home in which the person resides, or 4) A mobile home in
which the person resides plus the land upon which that mobile home is located.
Operation of Arizona Bankruptcy Laws
Value in Arizona bankruptcy courts is determined based upon the fair market price of real estate and
improvements, less amounts owed. "Fair market" is
not a retail value expected by professional sellers or advertisers. Likewise, forced liquidation values are not
representative of a fair market. The value of property is an estimate of an agreement reached
between a willing buyer and a willing seller under current market conditions. Creditors may file objections to
the calculation of equity which may be subject to disbursement.
See also, Federal Exemptions
Back to Arizona Bankruptcy Laws.
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