Diane Drain and Dwayne Farnsworth were part of a small band of other consumer bankruptcy attorneys who successfully accomplished that which many Arizona citizens have needed for more than 30 years. This small group pushed through a change in most of the Arizona Exemptions laws. Most of these exemptions had not changed since 1982. The changes will not take effect until early fall. New bankruptcy cases filed after the effective date will be able to use the increased exemptions. Generally the changes will increase household goods and furniture to $6,000, vehicles to $6,000, cash in bank account to $300, and tools of the trade to $5,000. These numbers are per adult. As to household goods and furnishings – the old exemption list which details the number of chairs and beds is done away with. The new law merely sets forth all household goods and furnishings. This will now include computers, microwave ovens and lawn furniture.
Normally individuals who file bankruptcy in Arizona use the Arizona exemptions. This change in the law will be welcome by all Arizona citizens and their bankruptcy attorneys.