Arizona Bankruptcy Laws - Personal Property
Arizona Revised Statures, Title 11, Chapter 8, Article 2 provides the following items are exempt: 1)
household items to $4,000 total value, 2) Bank deposit to $150 in one account, 3) Bible; bicycle; sewing
machine; typewriter; burial plot; rifle, pistol or shotgun to $500 total, 4) Books to $250; clothing to $500;
wedding and engagement rings to $1,000; watch to $100; pets, horses, milk cows and poultry to $500; musical
instrument to $250; prostheses, including wheelchair, 5) Food and fuel to last 6 months, 6) Motor vehicle to
$1,500, 7) Prepaid rent or security deposit to $1,000 or 1-1/2 times your rent, whichever is less, in lieu of
homestead, and 8) Proceeds for sold or damaged exempt property,
Operation of Arizona bankruptcy laws with the Code
Pursuant to 11 U.S.C. 522(a)(2), "value'' means the fair market value as of the date of the filing of the
petition or, with respect to property that becomes property of the estate after filing, the date property
becomes property of the estate. Also, 11 U.S.C. 522(e) - non-enforceability of waivers - provides a waiver of an
exemption executed in favor of a creditor that holds an unsecured claim against the debtor is unenforceable in a
case under this title with respect to such claim against property that the debtor may exempt . . . and a waiver
by the debtor of a power . . . to avoid a transfer . . . of exempt property . . . or to recover property or to
preserve a transfer, is unenforceable in a case under this title.
Back to Arizona Bankruptcy Laws.
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