RV Is Not an Exempt Homestead
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.
Arizona Bankruptcy Exemptions
People file bankruptcy in Arizona to discharge most debts. The Arizona bankruptcy exemptions allow a debtor to retain certain property. This is called exempt property, and it is protected. Debtors must understand the Arizona bankruptcy exemptions to know which assets they may retain.
When Your Homestead Equity Increases While in Chapter 7
Your homestead is exempt when you file Chapter 7 unless it appreciates above the homestead amount while the case is open. If this happens, you could lose it unless you file the appropriate pleading.