Does Arizona Law Have a Homestead Exemption?
During a bankruptcy proceeding, a homestead exemption allows debtors to keep their home within reasonable limits defined by Arizona State law makers. Currently, the bankruptcy code for the State of Arizona defines the Homestead Exemption as, “Interest in real property upon which debtor’s house sits, condominium or cooperative, mobile home, or mobile home in which debtor resides plus the land upon which the mobile home is located in the amount of $150,000. May not be doubled by husband and wife.” There are other considerations, such as how long you have owned and lived in the home and whether or not you have been convicted of specific felonies.
Taking advantage of the homestead exemption is possible in both Chapter 7 bankruptcy and Chapter 13 bankruptcy. There are other procedures, such as lien strips, that are only available to those who file for Chapter 13 bankruptcy. Some of these procedures are complex with many variables. To get the best possible outcome in your bankruptcy filing or any legal matter involving Arizona property, a home lawyer with experience in Arizona courtrooms should be consulted before filing.
Having knowledgeable home lawyers on your side is a smart move when you file for bankruptcy in Arizona. The Frutkin Law Firm, PLC, in Phoenix, Arizona, has decades of experience and can help you determine the right path for your individual situation.