"Arizona Homestead Exemption"
In general terms, a homestead for purposes of an Arizona bankruptcy case is the primary residence of the debtor.
16 states allow the election of either state statutory allowances for homestead values, or the federal exemption
provided by 11 U.S.C. 522 which limits homestead values to $18,450 in equity under current amendments.
| 11 U.S.C. §522 provides, in part, "(d) The following property may be exempted under
subsection (b)(1) of this section: (1) The debtor's aggregate interest, not to exceed $15,000 in value, in
real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a
cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a
burial plot for the debtor or a dependent of the debtor." |
In the matter of ARIZONA BANKRUPTCY PETITION PREPARERS, General order No. 89 issued by the U.S. District.
Arizona Bankruptcy Court., July 1, 2003. 11 USC 110(k) does not permit a bankruptcy petition preparer to engage
in activities "that are otherwise prohibited by law. including the rules and laws that prohibit the unauthorized
practice of law." The Supreme Court of the State of Arizona has enacted amendments to its Rule 31 governing the
unauthorized practice of law which became effective commencing July 1, 2003. Rule 31 sets forth the general rule
that only an active member of the State Bar of Arizona may practice law in the State. The amendments also create
a limited exception for certified legal document preparers provided that the services performed are in
compliance with State Code of Judicial Administration, Part 7, Chapter 2, Section 7-208.
Back to Arizona Bankruptcy words & phrases.
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