Federal bankruptcy laws allow for certain exemptions, as do state laws. New and revised laws along with ongoing interpretations by courts continually affect the way exemptions are addressed. What follows is a brief, partial summary of recent changes to Arizona state exemptions.
Arizona Revised Statutes 33-1123 Household furniture, furnishing and appliances.
This exemption has gone from a specific list of items, such as chairs, lamps, etc. to a broad description of categories. Among those:
▪ Household furniture and furnishings
▪ Household goods including consumer electronic devices
The exemption amount for household items has also increased.
Arizona Revised Statutes 33-1130 Tools and equipment used in a commercial activity, trade, business or profession.
This statute has also been updated to reflect societal changes and how the “tools” of productivity have been redefined. The amount of value allotted to “Tools, equipment, instruments and books” has nearly doubled.
A list was added of intangible assets that are now considered exempt assets for businesses, including:
▪ Telephone numbers
▪ Client or customer contact information
▪ Marketing tools such as websites, domain names or any other intangible work product
If you would like more information about bankruptcy law in Arizona, or if you need assistance from an attorney, contact Windtberg & Zdancewicz to schedule an initial consultation.
The attorneys at Windtberg & Zdancewicz, PLC, provide Arizona residents and businesses with experienced legal representation in all collection matters. We are experienced in creditor’s rights including garnishments, charging orders, attachment, property execution, trustee’s sales, foreclosures, judgments, judgment collection, domestication of foreign judgments, and creditor’s issues in bankruptcy cases. If you need assistance with your collection matters, please contact us at (480) 584-5660.