Arizona Bankruptcy Exemptions
The chart below contains a summary of Arizona state bankruptcy exemptions and other relevant statutory laws. Click here for a complete State of Arizona bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are not available.
Personal exemptions allowed by Arizona Bankruptcy Law
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|Arizona Homestead||Real property, an apartment, or mobile home occupied by debtor to $150,000||33-1101(A)|
|Wages||75% of earned but unpaid weekly net earnings or 30 times the Federal minimum hourly wage; 50% of wages for support orders; bankruptcy judge may authorize more for low-income debtors.||33-1131|
|Automobile||Up to $5,000; $10,000 for physically disabled debtor (husband and wife may double)||33-1125(8)|
|Other property||Life insurance proceeds up to $20,000 if the beneficiary is a spouse or child||33-1126(A)(1)|
|Alimony and child support needed for support||33-1126(A)(3)|
|2 beds and bedding; 1 living room chair per person; 1 dresser, table, lamp, kitchen table; dining room table and 4 chairs (1 more per person); living room carpet or rug; couch; 3 lamps, 3 coffee or end tables; pictures, painting, personal drawings, family portraits; refrigerator, stove, washer, dryer, vacuum cleaner, TV, radio, stereo, alarm clock up to $4,000 total (husband and wife may double)||33-1123|
|Clothing up to $500 (husband and wife may double)||33-1125|
|Funeral deposits up to $5,000 (husband and wife may double)||32-1391.05(4)|
|Tools, equipment, instruments, and books up to $2,500 (husband and wife may double)||33-1130(1)|
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Arizona bankruptcy court statutes.