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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