In AZ, can I keep my car & house if I do Chapter 7

[despritfreya]

Sorry, but I will NEVER suggest that one run up additional debt when contemplating bk. Talk to your attorney.

Des.

[BigJohn882]

Use of a credit card when you have no intention to repay is fraudulent. If you are contemplating bk you should not be running up more debt.

Des.

Thanks for the reply.

I totally understand what you mean, but that's not my intention.

What if my intention was to pay the debt back when I get a big bonus from my employer (in November) but I lose my job before then?

[despritfreya]

I was just wondering if there's any other advice like, do I have to stop using my cards a certain amount of time before filing or does that not matter?

Use of a credit card when you have no intention to repay is fraudulent. If you are contemplating bk you should not be running up more debt.

Des.

[BigJohn882]

In Arizona, assuming you have lived there for at least 2 years and further assuming you have owned the home for at least 1215 days, you are entitled to claim a homestead exemption of $425,200.00. Use the allowed amount even if you do not have that much equity.

In Arizona you are entitled to protect ONE vehicle with equity of up to $16,000.00. If you are married, you can double it or, if you have 2 vehicles, each can be exempt up to $16,000 a piece.

If you file a Chapter 7 the Trustee can take and sell your other vehicles if the equity (value) in those vehicles justifies doing so.

As JB states, talk to a local attny. Consultations are usually free.

Des.

Thanks for the advice, I appreciate it. I am going to consult with some attorneys as you recommended.

I was just wondering if there's any other advice like, do I have to stop using my cards a certain amount of time before filing or does that not matter?

[despritfreya]

If I do chapter 7 bankruptcy in Phoenix, AZ will I be able to keep my car & house? Does it matter if I have 'multiple' cars in my name, if those others haven't been registered/insured/operable in years?

In Arizona, assuming you have lived there for at least 2 years and further assuming you have owned the home for at least 1215 days, you are entitled to claim a homestead exemption of $425,200.00. Use the allowed amount even if you do not have that much equity.

In Arizona you are entitled to protect ONE vehicle with equity of up to $16,000.00. If you are married, you can double it or, if you have 2 vehicles, each can be exempt up to $16,000 a piece.

If you file a Chapter 7 the Trustee can take and sell your other vehicles if the equity (value) in those vehicles justifies doing so.

As JB states, talk to a local attny. Consultations are usually free.

Des.

[justbroke]

Arizona bankruptcy exemptions are pretty generous. Remember you are only protecting your equity in property and not the market value (unless the value = the equity). If you have loans outstanding against your car and home then that reduces your equity.

Whether you could protect more than one car will be a question of how much equity you have in those cars and available exemptions.

I don't know if despritfreya is around, but they may be able to provide more specific Arizona exemption information.

Why not schedule several free consultations with an Arizona bankruptcy attorney to get the ball rolling.

[BigJohn882]

If I do chapter 7 bankruptcy in Phoenix, AZ will I be able to keep my car & house?

Car is worth like $12k (according to KBB) and house is well under $320k since it's in a rough neighborhood.

Does it matter if I have 'multiple' cars in my name, if those others haven't been registered/insured/operable in years?