Bankruptcy Exemptions, Friday the 13th, and Keeping Your iPad

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New Arizona bankruptcy exemptionsFriday the 13th, 2013 is a good day in bankruptcy for people in Arizona.  This is the day that the new and improved exemption laws go into effect.  Why should you care?  If you are needing to file bankruptcy and live in the state of Arizona this means you will be able to keep more of your stuff while going through the bankruptcy process.

One of the updated provisions that will be particularly helpful is that consumer electronics like iPads are now included in the definition of protected items for household goods.  Also, Arizona finally added an exemption that protects your personal computer – up until now it only protected your typewriter (really?).  The other day my 13 year old son asked me exactly how a typewriter worked as he had never actually seen one!  Change is slow but steady in the law.

These new exemptions may not seem like much for those not working in the bankruptcy world each day, but from my view point these updated laws are going to make it possible for many more of my clients to seek out the bankruptcy relief they badly need and at the same time keep their property as they move forward with their fresh start.

One more quick side note…even if you don’t need to file for bankruptcy these exemptions will still protect you.  If you are dealing with debt or maybe even a debt collection lawsuit, these new exemptions laws will protect your property from aggressive creditors.

Here are a handful of the updated exemptions:

Exempt Property Old Amount Protected New Amount Protected
     
Household Goods $4,000 $6,000
Musical Instruments $250 $400
Pets, horses, cows, poultry $500 $800
Wedding/engagement rings $1,000 $2,000
Watch $100 $150
Vehicle $5,000 $6,000
Money in Bank Account $150 $300

 

 

Topics:  Consumer Bankruptcy, Exemptions

Published In: Bankruptcy Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© John Skiba, Skiba Law Group, PLC | Attorney Advertising

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