Are Asset Exemptions the Same for Chapter 7 Bankruptcy and Chapter 13 Bankruptcy?

Generally speaking, yes. The limits for homestead and personal asset exemptions during bankruptcy are the same whether you file for Chapter 7 bankruptcy or Chapter 13 bankruptcy in Phoenix, Arizona. These exemptions allow most debtors to maintain a simple household with reasonable transportation and means of work, and you will not be destitute.

The homestead exemption has a limit that is shared between spouses. The limits on personal assets are for each adult – so the amount can be doubled if you are married. The exemptions allow you to keep a modest home, necessary fuel and food for health, necessary furniture and appliances, reasonable clothing and personal items, reliable transportation, tools of work or trade, necessary medical equipment, personal items such as pets, instruments, recreational equipment and even more.

For a full listing of asset exemptions in the state of AZ, consult with an experienced bankruptcy attorney, such as those at The Discreet Bankruptcy in Phoenix, Arizona.