|
What does "exempt property" mean? For
bankruptcy purposes, "property" is anything which can be
owned. It includes real property such as your home or land,
personal property such as household goods and vehicles, and
intangible property such as bank accounts, stocks, bonds, etc.
"Exempt property" is property protected by law from the
reach of creditors, or the Trustee in a bankruptcy.
What property is exempt? The Bankruptcy Code gives you the
choice of exempting property from a list given in the Bankruptcy
Code, or from property exempt under the laws of the state in which
you live when you file, unless your state laws do not allow the use
of the list in the Bankruptcy Code. [11
USC �522(b)(1)]
Property exempt to Arizona residents. This
links to a list of property exempt under Arizona law.
Arizona does not allow residents to claim exempt property listed in
the Bankruptcy Code.
List of Exempt Property under the Bankruptcy Code.
The Bankruptcy Code's exempt property is listed in 11
USC �522(d).
If you have lived in your state for less than 730 days (2
years): You may choose only the exempt property allowed in
the state where you resided for the majority of the 180 days before
the 730 days. [11 USC �522(b)(3)]
If you have lived in your state for less than 1,215 days (3
years, 4 months): Your homestead exemption is limited to .
[11 USC �522(p)]
Other exemptions and limitations on exemptions which are too
complicated to describe here may apply. You should consult a
qualified attorney before taking any action. |
