Each state has its own set of exemption statutes that exempt certain types of property.  This prohibits or restricts creditors from taking specific items under certain conditions. Arizona has exemptions that protect a portion of your “homestead”, household goods, a vehicle, guns, work tools, etc.Because of this, most bankruptcy filers do not lose much if anything while going through the bankruptcy process.  Arizona’s  exemptions are fairly generous when compared to most other states. Read the rest of this entry »