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Arizona Asset Protection Laws

Filed under Asset Protection Strategies. Fact checked on April 22, 2012.

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These assets are exempted from a state court or bankruptcy proceeding in Arizona.

Homestead. Real property, an apartment or mobile home occupied by the debtor, up to $150,000. Sale proceeds exempt 18 months after sale or until new home purchase, whichever occurs first. Husband and wife may not double the homestead exemption.

Pensions and Retirement Benefits. ERISA-qualified benefits deposited more than 120 days before filing bankruptcy. Funds exempt for Board of Regents members, state employees, public safety personnel, firefighters, police officers and Rangers. IRA exemptions for conventional, Roth, SEP and SIMPLE plans, subject to 120-day rule, above. Roth IRAs and regular IRAs up to $1,095,000 per person.

Insurance. Life insurance cash value, to $1,000 per dependent, to $25,000 total (husband and wife may double). Life insurance cash value, to $2,000 per dependent, to $10,000 total. Life insurance proceeds to $20,000 if beneficiary is spouse or child (husband and wife may double). Group life insurance policy or proceeds. Disability, health, or accident benefits. Fraternal society benefits.

Personal Property. Husband and wife may double all personal property exemptions. 2 beds and 1 living room chair per person; 1 dresser, table, lamp, bedding per bed; kitchen table; dining room table and 4 chairs (1 more per person); living room carpet or rug; couch; 3 lamps; 3 coffee or end tables; pictures, paintings, drawings created by debtor; family portraits; refrigerator; stove; TV, radio or stereo; alarm clock; washer; dryer; vacuum cleaner all up to $6,000 total. Bank deposits to $150 in any one account. Bible; bicycle; sewing machine; typewriter; burial plot; rifle, pistol or shotgun all up to $1,000 total. Books to $250. Clothing to $500. Wedding and engagement rings to $1,000. Watch to $150. Pets, horses, milk cows and poultry to $800. Musical instruments to $400. Prostheses including wheelchair. Food and fuel to last 6 months. Motor vehicle up to $6,000 ($12,000 if disabled). Prepaid rent or security deposit up to $1,000 or 1 1/2 times your rent whichever is less, in lieu of homestead. Proceeds for sold or damaged exempt property.

Tools of Trade. Arms, uniforms and accoutrements you're required to keep. Farm machinery, utensils, seed, instruments of husbandry, feed, grain, and animals up to $5,000 total (husband and wife may double the exemption amount). Teaching aids of teacher. Tools, equipment, instruments and books (except vehicle driven to work) up to $2,500.

Miscellaneous. Business partnership property. Earnings of minor child unless the debt is for child.

Wages. Greater of 75% of weekly wages or earnings in excess of 30 times the federal minimum wage; modified regarding child support claims.

Public Benefits. Unemployment compensation. Workers' compensation. Welfare benefits.

Wild Card. None.

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