Category: Bankruptcy
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Arizona’s Homestead Exemption in Bankruptcy: How Much Home Equity You Keep
The Arizona homestead exemption bankruptcy filers rely on protects a large slice of home equity from creditors. It’s one of the biggest reasons most Chapter 7 filers in the state keep their house. Under A.R.S. § 33-1101, the exemption starts at $400,000 in equity and adjusts upward each year for inflation. What the Arizona homestead…
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The Arizona Bankruptcy Means Test: How It Decides Which Chapter You Qualify For
The Arizona bankruptcy means test decides who qualifies for Chapter 7 and who gets routed toward Chapter 13 instead. Under 11 U.S.C. § 707(b), the test compares a filer’s income against the state’s median for a household of the same size. Passing it isn’t automatic. But for most Arizona filers, it’s more straightforward than the…
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Chapter 7 vs Chapter 13 Bankruptcy in Arizona: Which One Fits Your Situation
Chapter 7 vs Chapter 13 bankruptcy in Arizona comes down to one core question. Does the filer need to sell nonexempt assets to wipe out debt? Or can they keep those assets and repay creditors over time instead? Both chapters live under Title 11 of the U.S. Code, and both can eliminate debt. However, they…