"Arizona Property Exemptions"
Certain property is exempt from forfeiture and liquidation for payment of unsecured debts. Debtors in Arizona bankruptcy cases may elect
the specific property listed by state statute which include allowances for personal property, insurance,
pensions, tools of trade and many other items. The characterization of property to conform to allowed statutory
definitions of exempt property is often subject to dispute. 16 state jurisdictions allow debtors to alternatively
select
the federal exemptions specified by the Code.
| Rule 4003 of the Federal Bankruptcy Rules of Procedure provides, in part, "(a) Claim of
Exemptions. A debtor shall list the property claimed as exempt under Sec. 522 of the Code on the schedule of
assets required to be filed by Rule 1007. If the debtor fails to claim exemptions or file the schedule
within the time specified in Rule 1007, a dependent of the debtor may file the list within 30 days
thereafter." |
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.
|
|
