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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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.