Arizona law allows homeowners to keep up to $150,000 in equity in their home when they file bankruptcy. That amount applies to a person’s primary residence only and includes mobile homes. Married couples or joint owners of a home may only claim a total of $150,000 under the homestead exemption. So long as you continue to pay the remaining mortgage on the property, you will likely be allowed to keep your home if you file for bankruptcy in Arizona so long as you do not have much more than $150,000 in equity in the home.
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