Arizona is a federal bankruptcy exemption opt-out state and here we use our own state exemptions in bankruptcy cases. In most bankruptcy cases in Arizona these state exemptions will be used, but sometimes the federal exemptions will be used when a resident has lived here for less than 2 years. Talk to an Arizona bankruptcy attorney to find out what exemptions you should use.
Generally, in Arizona a bankruptcy debtor may exempt $6,000.00 of equity in one vehicle. A married couple will get a $6,000.00 each. They may choose to use their exemption on one vehicle each, or combine their two $6,000.00 exemptions on one vehicle. If a debtor is handicapped and has a handicap placard or handicap license plate, their exemption amount will double.
It's important to understand how these bankruptcy exemptions apply to your situation. It is because these exemptions may not apply in all situations and because residency requirements vary, that you should talk to an experienced bankruptcy attorney to understand your rights.
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