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Avoid Mistakes When Planning and Filing Virginia Bankruptcy Cases
The best-planned bankruptcy cases go unnoticed. A few debtors glide through the system without attracting attention and receive full discharges in record time. Luck is not involved, but rather each successful debtor begins planning strategically a few weeks or months in advance. These debtors know something that you don’t.
Free - 2010 Bankruptcy Strategies Explained
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If you are thinking about filing Chapter 7 or Chapter 13 bankruptcy, you are not alone. Complete the form below to contact a sponsoring bankruptcy lawyer. Ask all questions you deem important without cost or obligation of any kind. Free help is only a few minutes away.
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Arizona Bankruptcy Laws - Operation of Law
Arizona Revised Statutes Section 33-1101 provides, in part, "C. The homestead exemption, not exceeding the
value provided for in subsection A of this section, automatically attaches to the person's interest in
identifiable cash proceeds from the voluntary or involuntary sale of the property. The homestead exemption in
identifiable cash proceeds continues for eighteen months after the date of the sale of the property or until the
person establishes a new homestead with the proceeds, whichever period is shorter. Only one homestead exemption
at a time may be held by a person under the provisions of this section."
Operation of law
In practice, creditors may file objections with courts regarding the extent of the
exemption, designation, and liens which arise through operation of law. Courts are wary of
all sales to insiders before and during the pendency of all cases. Also, home improvement loans which draw down
equity before filing are scrutinized under both the state fraudulent conveyance statutes and federal fraudulent
conversion statutes. A trustee, creditor, party in interest, or the court on it's own motion may file objections.
Back to Arizona Bankruptcy Laws.
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