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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 - Insurance and Benefits
Arizona Revised Statures, Title 20, Chapter 5, Article 1 provides the following items are exempt: 1)
Fraternal benefit society benefits, 2) Group life insurance policy or proceeds, 3) Health, accident or
disability benefits, 4) Life insurance cash value to $1,000 per dependent up to $25,000 total and husband and
wife may double, 5) Life insurance cash value to $2,000 per dependent up to $10,000 total, and 6) Life insurance
proceeds up to $20,000 total if the beneficiary is a spouse or a child of a spouse, allowing
also a
husband and wife to double the amount.
Operation of Arizona bankruptcy laws with the Code
According to 11 U.S.C. 522(l) "The debtor shall file a list of property that the debtor claims as exempt
under subsection (b) of this section. If the debtor does not file such a list, a dependent of the debtor may
file such a list, or may claim property as exempt from property of the estate on behalf of the debtor. Unless a
party in interest objects, the property claimed as exempt on such list is exempt." The trustee, creditors, an
interested party, or the Arizona bankruptcy court upon it's own motion, may file an objection to exemptions designated within a
debtor's schedule. Denial requires notice to debtors and hearing.
Back to Arizona Bankruptcy Laws.
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