For Maricopa County residents facing financial challenges, one of the options for dealing with the problem is bankruptcy. For many folks, bankruptcy can be an effective way of dealing with an otherwise overwhelming debt situation.
There is one concern that many people have with bankruptcy, however. You may have heard that some people may have to forfeit some of their assets as part of the debt liquidation process. Although this is indeed a requirement of many kinds of bankruptcy, you should also know that federal bankruptcy law allows for exemptions that protect the assets of consumers filing for bankruptcy. For Arizona consumers, these exemptions are provided for in Arizona state law.
What kinds of assets are protected? First, there is a homestead exemption of $150,000. This means that up to $150,000 of the value of your house, condo, co-op or mobile home may be protected from asset forfeiture. Also, certain specific kinds of personal property are protected.
Certain kinds of retirement accounts are also safe from forfeiture. Life insurance proceeds and various other kinds of insurance proceeds also may not be included in the amount subject to forfeiture.
Arizona law is quite specific as to what kinds of property are protected and what kinds aren't. An experienced bankruptcy exemption lawyer can provide you with more information regarding your specific situation. Attorney Harold Campbell has extensive knowledge and experience in dealing with questions regarding exemptions from bankruptcy forfeiture. He and his colleagues at the Law Offices of Campbell & Coombs P.C. stand ready to assist you with all of your questions regarding bankruptcy forfeiture and other bankruptcy matters.