In fact, the news is pretty good; most people who file a Chapter 7 Bankruptcy don't lose anything to the bankruptcy trustee in the case. Those are called "no-asset" bankruptcy cases, and they make up about 97 per cent of all Chapter 7 cases in Arizona, the last time I checked.
So do all people who file a bankruptcy in Arizona get to rely on the Arizona Exemptions?
Nope!
So have to use their prior state's exemptions, and some get to use the Federal Bankruptcy Exemptions, even though Arizona is an "opt-out" state. I'll talk more about this issue in the future.
There is a lovely PDF of the Arizona Bankruptcy Exemption Statutes provided by the U.S. Bankruptcy Court for the District of Arizona, and if you are contemplating bankruptcy in Phoenix, Scottsdale, Glendale, Chandler, Tempe, Mesa or anyplace else in Arizona, you should take a look at them; in fact, print them out and read them again and again!
Remember that in a married couple case, each member of the couple get the benefit of the entire exemption list, except the homestead (that is, each gets to keep the clothing exemption, right? But a married couple doesn't get a $300,000 homestead exemption!).
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