ARIZONA
HOUSE OF REPRESENTATIVES
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HB 2211: bankruptcy exemption; personal property |
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PRIME SPONSOR: Representative Thorpe, LD 6 BILL STATUS: House Engrossed |
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Relating to personal items exempt in bankruptcy.
Provisions
1. Exempts all domestic animals, household pets and professionally prescribed motorized mobility devices from a bankruptcy. (Sec. 1)
2. Exempts all firearms of no more than an aggregate fair market value of $2000 from a bankruptcy. (Sec. 1)
3. Increases the cap for excluding horses, milk cows and poultry in a bankruptcy from $800 to $1000. (Sec. 1)
4. Increases the cap for excluding a watch in a bankruptcy from $150 to $250. (Sec. 1)
5. Increases the cap for excluding a typewriter, computer, bicycle, sewing machine, family bible or a lot in a burial ground in a bankruptcy from $1000 to $2000. (Sec. 1)
6. Makes technical and conforming changes. (Sec. 1)
Current Law
A.R.S. Title 33, Chapter 8 outlines homestead and personal property exemptions from a bankruptcy.
A homestead is exempt from bankruptcy, not exceeding $150,000 (A.R.S. § 33-1101). Personal property used primarily for personal, family or household purposes that are excluded in a bankruptcy include:
a. A typewriter, computer, bicycle, sewing machine, bible or burial ground lot, one shotgun or one rifle or one pistol, not more than $1000;
b. Equity in one motor vehicle; not more than $6000 or $12,000 if the debtor has a disability;
c. Domestic pets, horses, milk cows and poultry, not more than $800;
d. Professionally prescribed prostheses, including a wheelchair;
e. Engagement and wedding rings, not more than $2000;
f. Wearing apparel, not more than $500;
g. Musical instruments, not more than $400;
h. A library collection; not more than $250; and
i. A watch, not more than $150 (A.R.S. § 33-1125).
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Fifty-third Legislature HB 2211
Second Regular Session Version 3: House Engrossed
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