Arizona Bankruptcy Laws - Pensions
Various sections of the Arizona Revised Statures provide the following pensions are exempt if paid to a
covered profession: 1) Board of regents members under 15-1628(I), 2) ERISA-qualified benefits deposited more
than 120 days before filing bankruptcy 33-1126(B), 3) IRAs, 4) Firefighters 9-968, 5) Police officers 9-931, 6)
Public safety personnel 38-850(C), 7) Rangers 41-955, and 8) State employees 38-762.
Operation of law with the Code
To claim exemptions, a designation within schedules is required. 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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