Home>What is exempt property (things you can keep)?
What is exempt property (things you can keep)?
June 28, 2022
By Diane Drain Attorney & Retired Law Professor
Exemptions, sometimes known as “exempt property,” are a key concept in both Chapter 7 and Chapter 13 bankruptcy. The Chapter 7 Trustee seizes all of your “non-exempt” property and sells it for the benefit of your unsecured creditors when you file for bankruptcy under Chapter 7. Your exempt property cannot be taken by the Trustee, and you are entitled to keep all of it. The exemption rules of the applicable state determine what property is “exempt” and what property is “non-exempt.” For bankruptcy purposes, each state has its own set of exemptions. Go to the main menu, Bankruptcy, Arizona Exemptions, for a link to Arizona exemptions. The exemptions are available in PDF format for download. Only Arizona residents are allowed to use these exemptions.
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