If I file for bankruptcy, will I lose everything I own?
No, you will be able to protect your exempt property
Certain property is deemed exempt and out of reach of your general creditors under the laws of the state where you live, as well as federal legislation. The list of exemptions is specific to the state in which you file bankruptcy and the length of time you lived there. If you own property that isn’t on the exemption list, you must give it over to the Trustee. Warning: To repay child support or alimony/maintenance, all of your property, including exempt property, may be sold.
A link to a list of properties that are exempt under Arizona law can be found in the main menu above.
Keep in mind that the 2005 Bankruptcy Reform Act made significant changes to the law regarding exemptions. To claim Arizona exemptions, you must have lived in Arizona for the previous two years. Otherwise, you’ll have to use the different exemptions.
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
*Important Note from Diane: Everything on this web site is offered for educational purposes only and not intended to provide legal advice, nor create an attorney client relationship between you, me, or the author of any article. Information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state. Make sure to check out their reviews.*
“You folks are the BEST OF THE BEST in Arizona.” M.H.
You and Jay are the best attorneys I have ever had or needed and thank God for the Honorable Robert Gottsfield in recommending you folks – I would have never made it through the entire process without you and Jay and God Bless you both always and stay in touch as well. You folks are the BEST OF THE BEST in Arizona.
“My only regret is that I didn’t find Diane sooner.” K.H.
I can’t say enough good things about Diane. The way she handled my not typical circumstances was amazing. I was very nervous to start the bankruptcy process but Diane just has a very comforting way of explaining the whole process. My only regret is that I didn’t find Diane sooner. If you find yourself in a financial situation that you can’t correct on your own, please Call Diane Drain as soon as possible.
“Filing for bankruptcy can be a stressful life event” R.A.
Filing for bankruptcy can be a stressful life event, and selecting the right attorney can add to this stress. Diane and Jay were a pleasure to work with, and it is obvious that they are passionate about helping people get their life back on track. I would highly recommend them if you need a bankruptcy attorney.
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