So, which properties in Arizona are exempt? The code lists numerous items, spanning from funeral deposits to typewriters. This section will focus on what I perceive to be the most vital necessities.
One homestead may be claimed as exempt and valued at up to $150,000. The exemption is granted automatically, and no written claim is required. Only valid for primary residences. Prior to the 2004 revisions, the maximum value of a home was limited to $100,000.
Vehicles - A single person may retain one vehicle with a maximum value of $5,000, or $10,000 if the debtor is disabled. A married couple may retain one vehicle each with a maximum value of $5,000, or one vehicle with a combined value of $10,000. Prior to the 2004 revisions, the maximum value for a vehicle exemption was $1,500; therefore, the 2004 revisions significantly increased the maximum value.
Beds, tables, recliners, televisions, etc., with a maximum value of $4,000 for a single individual and $8,000 for a married couple, are included in the household goods allowance.
Wedding bands - Wedding bands are exempt from sales tax up to $1,000 each. This is an appraisal value, although it may sound low. Consider the value of your ring by bringing it to a pawn store to see how much you could get. You may be mildly dissatisfied, but you will be pleased that you get to keep it!
Cash - On the day you file for bankruptcy, you may have no more than $150 for a single individual and $300 for a married couple in your bank account. The excess will be confiscated and distributed to creditors.""
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