How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

I have a total of less than $4000 of AZ exemptions for household

Resolved Question:

I have a total of less than $4000 of AZ exemptions for household goods, but too many items, like 2 tv's, and they only say you can have one. Is there any way around this?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.

Thank you for your question.

In a chapter 7 bankruptcy, you are only entitled to retain the assets specifically enumerated as exempt. In Arizona you must fall within the number limit to qualify the asset as exempt. The exemptions are doubled if a husband and wife are filing together. Typically a trustee is only interested in assets that exceed exemption if they have value for the bankruptcy estate. Used household goods and furnishings do not always have a value for the bankruptcy estate -- i.e. can be sold to a 3rd party for value.

Your other option is to file a chapter 13 bankruptcy. A chapter 13 bankruptcy will allow you to keep your assets that are over exemption for will require that you pay your debt over a 3 to 5 year period.
Ellen and other Bankruptcy Law Specialists are ready to help you