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    Changes to AZ exemptions

    For anyone in AZ that hasn't filed yet, there are recent changes to the AZ Exemptions that were just recently signed by the governor.


    (this is on the site of one of the AZ CH13 trustees)

    Primary changes I noticed....
    - Household furniture, furnishings, and appliances goes from $4k to $6k (they also got rid of the verbiage for alot of the specifics, ie how many couches you can have, how many beds, ..... and it seems to primarily depend on value now.)
    - Exempt money in a bank account goes from $150 to $300
    - Musical instruments from $250 to $400
    - Pets from $200 to $500
    - Wedding/engagement rings from $1k to $2k
    - Watch from $100 to $150
    - Computer/bicycle/sewing machine/bible/burial plot/guns from $500 to $1k
    - Motor vehicle from $5k to $6k (equity from $10k to $12k)
    - Tools of the trade from $2500 to $5000
    - Prepaid Rent / Security deposit ( if not using homestead) from $1k to $2k

    There are a number of other changes as well, all amendments are shown in the link.

    All changes appear to be for the better, either increases in exemption amounts or changes in definitions that are better for the debtor (unless I am missing something).

    #2
    Also, again applying to AZ

    As of April 1, 2013, the unsecured debt limit is changed to $383,175, and the secured debt limit is changed to $1,149,525.

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      #3
      Just realized that while I got this info from a CH13 trustee's site it likely applies to CH7 as well so for the mods, if it makes sense to move this thread, feel free....

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        #4
        Goon,

        The debt limits are bk specific and apply to all states. The changes in AZ do not go into effect until 90 days after the bill was signed.

        Des.

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          #5
          Originally posted by despritfreya View Post
          Goon,

          The debt limits are bk specific and apply to all states. The changes in AZ do not go into effect until 90 days after the bill was signed.

          Des.

          Hi Des,

          Thanks for the clarification.... wish RB would have clarified that on his site... but in any event looks like the bill was signed 4-17, so sounds like the change will be in effect 90 days from then.

          (doesn't affect me as I have already filed but was just sharing for anyone filing soon ... or anywhere in the future for that matter)

          Goon

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            #6
            I already filed (chapter 7), and hoping to hell that the trustee doesn't try to squeeze every penny and make me "asset" over approximately $300 to $400 of non-exampt value, which would be exempt under the new laws.

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              #7
              Originally posted by bcohen View Post
              I already filed (chapter 7), and hoping to hell that the trustee doesn't try to squeeze every penny and make me "asset" over approximately $300 to $400 of non-exampt value
              bc,

              It is highly unlikely that your Trustee is going to nickel and dime you over such a small amount. Don't give it another thought.

              Des.

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