Understanding the Arizona homestead exemption is crucial if you’re considering bankruptcy. The Arizona homestead exemption is currently $414,800. It provides homeowners with a shield for their home’s equity.
The Arizona Supreme Court recently held an RV is not an exempt homestead protected in bankruptcy proceedings. The ruling has implications for individuals who reside in their RVs and seek bankruptcy protection.
There is this myth that if you file for bankruptcy, you won’t qualify for a home loan in the near future. As an Arizona bankruptcy lawyer and Arizona real estate lawyer, I always advise clients that they will be able to qualify for financing so long as they save money for a downpayment and continue to improve their credit.
Unlike a Chapter 7, a Chapter 13 provides the mechanism for a debtor to come current with overdue mortgage payments. But beware! If you lack regular monthly income and you refuse to curb your expenses, a competent Arizona bankruptcy lawyer will advise that Chapter 13 may end up being a waste of time and money.
As an Arizona real estate lawyer, I advise both residential landlords and tenants to make sure they are complying with the Arizona Residential Landlord and Tenant Act. Landlords and tenants have rights, but one mistake could expose them to severe liability. A landlord may also need to consult with a good Arizona bankruptcy lawyer to prevent a tenant’s bankruptcy from delaying the eviction process.