On September 13, 2013, the Arizona Legislature’s House Bill 2325 (“HB 2325”) will become effective. This Bill provides an increase to the dollar limits for several of the Arizona Bankruptcy exemptions.
Wondering what a bankruptcy exemption is? Or why is it good news for people filing bankruptcy in Arizona? Everyone who files for bankruptcy owns assets. Assets are both the personal property and real property that a person owns. A few examples of assets are a house, clothes, car and even a your couch or pet. These assets are protected by Arizona’s bankruptcy exemptions up to certain dollar limits.
For more information on the new exemption rates, click here.