Best Bankruptcy Lawyers in Catalina Foothills, AZ

Many people facing bankruptcy fear that the process will leave them broke on the street with literally nothing. The truth is that no matter which type of bankruptcy you are facing, you have several options and exemptions that can’t be taken through the proceedings. The first point to understand is that several exemptions are based on the designation of household goods and other assets. Household goods refer to the items which you use in your everyday life. These include items like furniture, everyday clothes and shoes, kitchenware, books, animals, and pets. Other potentially exempt assets are bigger items like your everyday use vehicle, your specified retirement accounts, and the tools you may use for your business or employment. There are also several assets which you cannot opt as exempt from bankruptcy. These include additional vehicles beyond your everyday use or other homes and properties that are not your primary living address. They also include luxury items — even clothes or jewelery — that are high-priced. You also can’t exempt investment accounts that are not classified for retirement. Other luxury or expensive items in the home, like a hobbyist collection of vintage memorabilia, cannot be excluded from a bankruptcy. The amount which can be exempt will vary depending on your exact location and the circumstances of your bankruptcy. This is why it is imperative to speak with a licensed, experienced bankruptcy attorney in Tucson, Arizona.