WAGE GARNISHMENT EXEMPTION: Federal law applies MAXIMUM INTEREST RATES Legal: 10% Judgment: 10% or contractual STATUTE OF LIMITATIONS ON DEBT COLLECTION Open Account (credit card): 3 years Written Contract: 6 years (4 years if outside state) Domestic Judgment: 5 years (can be renewed indefinitely) Foreign Judgment: 4 years BAD CHECK LAWS Twice the amount of check, litigation costs, including reasonable attorney's fees. BANKRUPTCY PROPERTY EXEMPTIONS Cannot use the federal exemptions, but can use the federal non-bankruptcy exemptions Real Estate: Real estate, apartment, mobile home used as residence up to $100,000, sale proceeds are exempt for 18 months or until new home purchased, whichever occurs first (must record homestead declaration) [33-1101 and 33-1102] Personal Property: Bible, bicycle, sewing machine, typewriter, burial plot, rifle, pistol or shotgun, up to $500 total [33-1125]; books to $250, clothing to $500, wedding and engagement rings to $1,000, watch to $100, pets, horses, milk cows and poultry to $500, and musical instruments to $250 [33-1125]; health aids, unlimited amount [33-1125]; motor vehicle to $1,500 (up to $4,000 if disabled) [33-1125(B); bank deposit to $150 in one account (must file notice with bank) [33-1126(A)(7)]; proceeds for sold or damaged exempt property up to exemption amount [33-1126(A)(4) and (6)]; food, fuel and provisions for 6 months [33-1124]; arms, uniforms and equipment required for military use, unlimited amount [33-1130(3)]; appliances, furniture, household goods, paintings up to $4,000 [33-1123]; farm machinery and equipment, utensils, seed, feed, grain and animals up to $2,500 total [33-1130(2)]; prepaid rent or security deposit up to $1,000 or 1 1/2 times rent, whichever is less, instead of real estate exemption [33-1126(D)]; tools, equipment, instruments and books, except vehicle driven to work up to $2,500 [33-1130(1)]; teaching aids of teacher, unlimited amount [33-1127] Insurance / Annuities: Group life insurance policy or proceeds, unlimited amount [20-1132]; health, accident or disability benefits, unlimited amount [33-1126(A)(4); life insurance cash value to $1,000 per dependent and $25,000 total [33-1126(A)(6)]; life insurance proceeds to $20,000 if beneficiary is spouse or child (husband and wife may double) [33-1126(A)(1) and 33-1121.01]; fraternal society benefits, unlimited amount [20-877] Pensions / Retirement Plans: Board of Regents members, unlimited amt [15-1628(l)]; firefighters and police officers, unlimited amount [9-968 and 9-931]; public safety personnel, unlimited amt [38-850(C); state employees [38-792]; rangers, unlimited amount [41-955]; retirement benefits deposited ore than 120 days before filing bankruptcy, unlimited amount [33-1126(C)2] Public Benefits / Entitlements: Unemployment compensation, unlimited amount [23-783]; workers' compensation, unlimited amount [23-1068]; welfare benefits, unlimited amount [46-208] Wages: 25% of earned but unpaid wages or pension payments (allowances for low-income debtors) [33-1131]; minor child's earnings, unless debt is for child, unlimited amount [33-1126(A)(2)] Miscellaneous: Property of business partnership, unlimited amount [29-225] Bankruptcy kit illustrates how to use above exemptions to complete own bankruptcy forms Debt Kit -- Settle unsecured debts for less than half of amount owed Credit Kit -- Improve your credit rating and reduce monthly bills by $200 + |
Debt > State Statutes > Arizona |
Debt > State Statutes > Arizona |
Debt Laws -- Arizona |
WAGE GARNISHMENT EXEMPTION: Federal law applies MAXIMUM INTEREST RATES Legal: 10% Judgment: 10% or contractual STATUTE OF LIMITATIONS ON DEBT COLLECTION Open Account (credit card): 3 years Written Contract: 6 years (4 years if outside state) Domestic Judgment: 5 years (can be renewed indefinitely) Foreign Judgment: 4 years BAD CHECK LAWS Twice the amount of check, litigation costs, including reasonable attorney's fees. BANKRUPTCY PROPERTY EXEMPTIONS Cannot use the federal exemptions, but can use the federal non-bankruptcy exemptions Real Estate: Real estate, apartment, mobile home used as residence up to $100,000, sale proceeds are exempt for 18 months or until new home purchased, whichever occurs first (must record homestead declaration) [33-1101 and 33-1102] Personal Property: Bible, bicycle, sewing machine, typewriter, burial plot, rifle, pistol or shotgun, up to $500 total [33-1125]; books to $250, clothing to $500, wedding and engagement rings to $1,000, watch to $100, pets, horses, milk cows and poultry to $500, and musical instruments to $250 [33-1125]; health aids, unlimited amount [33-1125]; motor vehicle to $1,500 (up to $4,000 if disabled) [33-1125(B); bank deposit to $150 in one account (must file notice with bank) [33-1126(A)(7)]; proceeds for sold or damaged exempt property up to exemption amount [33-1126(A)(4) and (6)]; food, fuel and provisions for 6 months [33-1124]; arms, uniforms and equipment required for military use, unlimited amount [33-1130(3)]; appliances, furniture, household goods, paintings up to $4,000 [33-1123]; farm machinery and equipment, utensils, seed, feed, grain and animals up to $2,500 total [33-1130(2)]; prepaid rent or security deposit up to $1,000 or 1 1/2 times rent, whichever is less, instead of real estate exemption [33-1126(D)]; tools, equipment, instruments and books, except vehicle driven to work up to $2,500 [33-1130(1)]; teaching aids of teacher, unlimited amount [33-1127] Insurance / Annuities: Group life insurance policy or proceeds, unlimited amount [20-1132]; health, accident or disability benefits, unlimited amount [33-1126(A)(4); life insurance cash value to $1,000 per dependent and $25,000 total [33-1126(A)(6)]; life insurance proceeds to $20,000 if beneficiary is spouse or child (husband and wife may double) [33-1126(A)(1) and 33-1121.01]; fraternal society benefits, unlimited amount [20-877] Pensions / Retirement Plans: Board of Regents members, unlimited amt [15-1628(l)]; firefighters and police officers, unlimited amount [9-968 and 9-931]; public safety personnel, unlimited amt [38-850(C); state employees [38-792]; rangers, unlimited amount [41-955]; retirement benefits deposited ore than 120 days before filing bankruptcy, unlimited amount [33-1126(C)2] Public Benefits / Entitlements: Unemployment compensation, unlimited amount [23-783]; workers' compensation, unlimited amount [23-1068]; welfare benefits, unlimited amount [46-208] Wages: 25% of earned but unpaid wages or pension payments (allowances for low-income debtors) [33-1131]; minor child's earnings, unless debt is for child, unlimited amount [33-1126(A)(2)] Miscellaneous: Property of business partnership, unlimited amount [29-225] Bankruptcy kit illustrates how to use above exemptions to complete own bankruptcy forms Debt Kit -- Settle unsecured debts for less than half of amount owed Credit Kit -- Improve your credit rating and reduce monthly bills by $200 + |
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