Legal Question in Bankruptcy in Arizona
Automobile and Home
If I need to file for chapter 7 (personal, non business) can the state of Arizona take my home or car?
The only assets I have is a home which I purchased a mortgage on 1 year ago, and a 1994 Honda Accord, which is need of repair.
Asked on 9/16/00, 6:34 pm
1 Answer from Attorneys
Keith Knochel
Law Offices of Keith Knochel
Re: Automobile and Home
As long as your "equity" in the residence does not exceed the allowed exemption, and you reside in the home, you may be able to reaffirm. Also, with regard to the automobile, it depends on the allowed equity (per your state) and the blue book value to determine if it will be jeopardized. You should consult with an attorney prior to filing for bankruptcy.
Answered on 10/18/00, 5:05 pm
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