List of Arizona Exemptions. For individuals, there is a list of things that are exempt from creditors’ claims. It is referred to as “exempt property.” When someone files for bankruptcy protection, they can also utilize an exemption list to protect their assets, but which exemption list they can use depends on how long they have resided in that state. The bottom line is that you will not lose everything if you file for bankruptcy protection.
List of Federal Exemptions. There is a federal list in addition to the exemptions listed by each state. You can select between the state and federal lists in some states, but not in others. According to how long a person has resided in their present state and the laws of that state, persons who are filing for bankruptcy protection must first determine which exemption list applies to their circumstances.