Arizona representative wants to update state's exemption laws

Bankruptcy can be difficult enough without having to worry about which items will be liquidated and which items can be kept.

2013-04-27

April 27, 2013 (Press-News.org) Gilbert, Arizona representative and head of the House Judiciary Committee, Eddie Farnsworth, would like to overhaul the state's outdated exemption laws, according to the East Valley Tribune. The representative has made it clear that he's not attempting to change the way in which people can go about seeking the protection that bankruptcy can offer them -- he just seeks to update the sections that discuss what individuals are allowed to keep after filing for bankruptcy protection, particularly in the case of a Chapter 7 filing.

What is Chapter 7 bankruptcy?

Chapter 7 bankruptcy can be filed by persons, corporations or partnerships that believe that their financial situation is so dire that the only way it can be helped is by liquidating assets through the bankruptcy. Under a Chapter 7 filing, various items in an individual's estate will be sold to cover the debt in accordance with the Bankruptcy Code, with exemptions that typically protect personal property.

Once the non-exempt items of the estate have been sold by the bankruptcy trustee and the money has been distributed accordingly to interested creditors, those filing for protection under Chapter 7 will be allowed to make a brand new financial start without the burden of credit card debt, extensive medical bills or any other unsecured debts. They will also be given a chance to rebuild their credit after filing bankruptcy.

What House Bill 2325 seeks to update

Rep. Farnsworth believes that the laws covering those items that are protected from liquidation in bankruptcy need to be updated from a monetary standpoint, as well as revised to be less specific. For example, the state law as currently written allows a person to keep:
- One dining room and kitchen table with four chairs each
- One clock radio with an alarm
- One vacuum
- Three living room lamps
- A choice of one TV, radio or stereo

Additionally under the current law, it is noted that the value of all those items cannot exceed $4,000.

According to the East Valley Tribune, HB2325 would maintain the $4,000 limit on household goods; however, it would eliminate the naming of specific items, thereby giving the individual more of a choice of what they want to keep. The law as currently written also spells out specific items that are untouchable by creditors, such as musical instruments, up to $200 worth; wedding and engagement rings; pets, horses, cows and poultry; and motor vehicles. Rep. Farnsworth seeks to increase the monetary limits associated with those items in accordance with today's economy.

Those who are contemplating filing for Chapter 7 bankruptcy protection are often very concerned with what will happen to their personal items, and they are typically afraid that they will be forced to give up everything they own. However, this is rarely the case and it is important that individuals dealing with the possibility of filing consult with a specialized bankruptcy attorney who can answer their questions and give them the information needed to make a prudent choice.

Article provided by Charles M. Sabo, P.C.
Visit us at www.charlessabo.com/

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