Arizona Bankruptcy Laws - Limitations
Arizona Revised Statutes Section 33-1101 provides, in part, "B. Only one homestead exemption may be held by a
married couple or a single person under the provisions of this section. The value as specified in this section
refers to the equity of a single person or married couple. If a married couple lived together in a dwelling
house, a condominium or cooperative, a mobile home or a mobile home plus land on which the mobile home is
located and are then divorced, the total exemption allowed for that residence to either or both persons shall
not exceed one hundred thousand dollars in value."
Operation of Arizona bankruptcy laws
In practice, occupation of a home requires a physical presence of the debtor on a regular basis. Problems
arise because of multiple tracts, absence from the state, and divorce proceedings which fracture the application
of domicile rules. Clarifying both domicile and
residency through a written designation prevents surprises. If the validity of a homestead exemption is in
question, written agreements and designation provide many debtors with a solution. Note: Absence
from the country because of military service can not form the sole basis of abandonment.
Back to Arizona Bankruptcy Laws.
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