What Can I Keep in a Bankruptcy?
Experienced Mesa Bankruptcy Lawyers
Individuals who are in debt are often worried about filing for bankruptcy because they are afraid of losing most of their properties. This is a common misunderstanding. You may be surprised to learn that you can keep much more than you think. This will vary by circumstances, so it is important that you sit down and discuss the details of your debt with an experienced bankruptcy attorney. At our Mesa bankruptcy firm, our team at Campbell & Coombs, P.C. can go over your exempt property and explain what you can expect.
You may be able to keep property such as:
- Home: You can claim an exemption on the equity of your home for up to $150,000.
- Personal property: Items such as household furniture, appliances, clothing, furnishings, books, and many other personal belongings. Most of these items do not hold much value when sold and are needed on a daily basis, which is why you are able to keep most of your personal properties.
- Retirement accounts and pensions: You may be able to claim exemptions for your benefits, employer/employee contributions, annuities, and other pension accounts.
- Benefits or proceeds: Exemptions may be available for life insurance proceeds, child support or spousal maintenance payments that you receive, as well as disability and accident benefits.
Exemptions vary by state. If you have not lived in Arizona for 24 consecutive months, your exemptions may be different. Talk to an attorney about your specific situation and what you may be able to keep.
Bankruptcy does not have to be scary. It is an honest solution that has helped many debtors free themselves from mounting debt. Our team can guide you through the entire process and break down everything in detail for you.