One of the most common fears of those facing bankruptcy is that they will be left homeless with no earthly possessions. Fortunately, this is not the case. Each state has its own set of exemption statutes that ‘exempt’ certain property — meaning that your creditors cannot take it from you. Most are familiar with the homestead exemption, but most are not aware that Arizona has exemptions that protect things like your household goods, a car, your wedding rings, right down to a shotgun, a bicycle, and a typewriter. Because of this, most do not lose any property while going through the…
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