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The Homestead Exemption in Arizona: Do You Want It, or What?

By Joseph McDaniel, Esq.

The Arizona Homestead Exemption is a useful exemption for pre-bankruptcy planning in Arizona.

But you have to qualify for the exemption before pre-bankruptcy planning even becomes an issue, right?

So that means you have to qualify for the use of the Arizona Bankruptcy Exemptions, right?

So you'll want to read this article by the Arizona State Senate about the homestead law in Az.That article is useful because it discusses the federal "cap" on state homestead laws, which applies sometimes in Arizona; and sometimes doesn't.

And you'll want to read the text of the statute that provides for the existence of the homestead in Arizona, yes?

Hint: that statute is ARS 33-1101. There are related statutes right around it that you should also study, of course, because nothing is ever simple in bankruptcy law in Arizona.

It's an interesting exemption statute, because it tries to neutralize the line of cases discussing the ability to "double-dip" exemptions under 11 USC 522 (m); the other exemptions in Arizona are two to a couple, one to a singleton, but the Arizona Homestead Exemption is one to a customer, whether single or coupled!

Now, the case law says that exemptions shall be liberally construed in favor of the debtor; but you shouldn't count on that; color inside the lines of the homestead exemption, because it's too painful if you don't. 

How will the Trustee in your bankruptcy case in Arizona value your homestead? Well, a lot of 'em use Zillow.com, because it's FREE!

Full post as published by Arizona Bankruptcy Attorney Blog on March 09, 2011 (boomark / email).