This month marks the 25th anniversary of Lakelaw! From a tiny office in Steve Simonian’s suite in Waukegan, Illinois, Lakelaw grew to five offices along the shore of Lake Michigan from Chicago to Milwaukee, Wisconsin. Our team of bankruptcy lawyers have always focused on helping people and businesses with financial difficulties. We have also been proud of our public service, having won numerous awards for our pro bono service, including the prestigious Excellence in Pro Bono Service Award from the District Court for the Northern District of Illinois.   What’s In Store for the Next 25+ Years   Now we celebrate the addition of two new members, John Hiltz and Blair Zanzig. These distinguished attorneys will ensure that Lakelaw will continue to serve clients excellently, retaining our core values of “Care, Kindness, Courtesy, Respect, and Dedication.” Stay tuned for more details and watch for updates on our website. Lakelaw thanks our loyal clients and friends for their support over the past 25 years. We look forward to even greater things in the next quarter century and beyond.   Get a Free Confidential Consultation The post Lakelaw Celebrates 25-Year Anniversary! appeared first on Lakelaw.

Arizona Family Law Issues & Cohabitating Co-Parents The cost to buy a home or rent an apartment has shot up throughout Arizona in recent years. When two parents want to break up and separate households, it has become more difficult than ever thanks to inflation. This leaves many opposing parties in family law matters, such as divorce, custody, and child support, forced to continue living together while the matter is resolved. This can create unique questions and concerns that might not be relevant if the parents immediately separate into two households. The circumstances surrounding every family law situation are different, which means that they require different legal strategies. When family law matters seem overwhelming and confusing, a skilled divorce attorney can help simplify the process. Our family law team offers unparalleled legal services for family law clients in Phoenix and Tucson. To discuss your situation in detail with your free consultation, call 480-470-1504.  Child Support Modifications If you are living with your ex while a family law matter is pending, chances are that you don’t intend for the situation to be permanent. If the orders in place aren’t temporary, they will need to be modified when the parents’ situation changes. More often, it will be the parents moving out of a shared household into individual households rather than the other way around. Separating households can have a significant effect on how much child support should be paid. Because child support can only be modified moving forward, the parent may want to request a modification as soon as possible after the lifestyle change occurs. However, child support modifications in Arizona can only be granted once every 12 months. If the parent expects another lifestyle change, it may be beneficial to wait until their situation has stabilized before petitioning the court to modify child support payments. If you are unclear on which course of action to take, you can discuss your situation free of charge with an experienced member of our Arizona family law team. To schedule your free consultation today, call 480-470-1504.  In order for a family law judge to grant a child support modification in Arizona, there must have been a significant and continuing change in circumstances as compared to when the orders were first issued. For child support purposes, “significant” means a financial change of about 10% or more. For example, a parent paying child support may have been let go from their job and had to take a lower-paying job. The parent should modify their child support payments to reflect their reduction in income. But if a parent has to miss a few weeks of work for a vacation or medical procedure, this would only be a temporary reduction in income that is likely insufficient for a child support modification. If you have more questions about child support modifications in Phoenix and Tucson, don’t hesitate to contact our Arizona family law firm for your free consultation at 480-470-1504.  Do I Have To Pay Child Support If We Still Live Together? Parents have a legal obligation to financially provide for their children. This obligation doesn’t end just because two parents end their romantic relationship. But if two parents continue living together despite breaking up, their share of financial responsibilities for their children in common probably won’t change much. Here, the court usually doesn’t find it necessary for court-ordered child support to be in place. However, if one parent decides to stop their financial contributions due to the breakup, the other parent can make a request for child support with the court. Child support may also be necessary if the parents began living together after one parent was awarded government assistance to care for the child, such as TANF, or Temporary Assistance for Needy Families. If you are being pursued for child support despite still living with your child’s other parent, you probably need family law representation. To schedule your free consultation with My AZ Lawyers today, call 480-470-1504.  Cohabitation During Divorce & The Marital Home Whether it’s to save money or to ease the family transition into separate households, many spouses continue to live together during and after getting divorced. But this can be a challenging lifestyle to keep up in the long term. Moving is a hassle, and so is adjusting to living in a new home and neighborhood. Therefore, which parent gets to remain in the marital home can be a contentious issue in cases like these. There are a few factors that can impact a judge’s decision when two spouses can’t agree on who should get to stay in the marital home.  A marital home may not necessarily be a community property asset, or entirely a community property asset. If one spouse made the down payment and some of the mortgage payments before marriage, a portion of the home equity would be that spouse’s separate property. Additionally, if the home was acquired through inheritance or a gift, the home could be that spouse’s separate property. So, for example, the spouse with a separate property share might own 75% of the house with their spouse owning the other 25% of the house. Here, the judge would likely rule that the spouse with the 75% share gets to remain in the home.  Another factor that can impact the ruling on a marital home is if the couple has minor children. Arizona family law judges have an interest in preserving a child’s way of life, which can include the home in which they live. If one parent is considered the primary caregiver for the children, this can give the judge cause to keep that parent in the marital home. But there need to be enough marital assets to give to the other spouse for this to be an acceptable outcome under Arizona’s community property laws. If available, that spouse can be awarded a larger share of assets like bank accounts, investments and retirement savings, vehicles, and more. One spouse being awarded the marital home can be considered as a factor for spousal support issues. Otherwise, the home may need to be sold to achieve a fair division of marital assets. Do you want to learn more about community property and how it will apply to your Arizona divorce case? Our Arizona family law lawyers offer skilled representation and free consultations by phone. Call 480-470-1504 to get started today.  Skilled Family Law Attorneys For Contested & Uncontested Divorces In Arizona No one wants to end up in family law court, but sometimes it is an inevitable fact of life. Retaining a high-quality family law firm to handle your legal matter is the best way to prepare for all the unexpected issues that could arise throughout your case. Our attorneys are dedicated to achieving favorable outcomes for our clients, no matter their circumstances. When you’re involved in a family law matter, just about every aspect of your life is at stake. Trust your case with experienced professionals with the knowledge to take your case from start to finish. When you’re ready to get started with your free consultation, call 480-470-1504 to speak with one of our Phoenix and Tucson family law lawyers. Contact us at My Az Lawyers today! MY AZ LAWYERS Email: info@myazlawyers.com Website: www.myazlawyers.com Mesa Location 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: 480-448-9800 Phoenix Location 343 West Roosevelt, Suite #100 Phoenix, AZ 85003 Office: 602-609-7000 Glendale Location 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: 602-509-0955 Tucson Location 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: 520-441-1450 Avondale Location 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: 623-469-6603 The post Arizona Family Law Issues & Cohabitating Co-Parents appeared first on My AZ Lawyers.

Arizona Family Law Issues & Cohabitating Co-Parents The cost to buy a home or rent an apartment has shot up throughout Arizona in recent years. When two parents want to break up and separate households, it has become more difficult than ever thanks to inflation. This leaves many opposing parties in family law matters, such as divorce, custody, and child support, forced to continue living together while the matter is resolved. This can create unique questions and concerns that might not be relevant if the parents immediately separate into two households. The circumstances surrounding every family law situation are different, which means that they require different legal strategies. When family law matters seem overwhelming and confusing, a skilled divorce attorney can help simplify the process. Our family law team offers unparalleled legal services for family law clients in Phoenix and Tucson. To discuss your situation in detail with your free consultation, call 480-470-1504.  Child Support Modifications If you are living with your ex while a family law matter is pending, chances are that you don’t intend for the situation to be permanent. If the orders in place aren’t temporary, they will need to be modified when the parents’ situation changes. More often, it will be the parents moving out of a shared household into individual households rather than the other way around. Separating households can have a significant effect on how much child support should be paid. Because child support can only be modified moving forward, the parent may want to request a modification as soon as possible after the lifestyle change occurs. However, child support modifications in Arizona can only be granted once every 12 months. If the parent expects another lifestyle change, it may be beneficial to wait until their situation has stabilized before petitioning the court to modify child support payments. If you are unclear on which course of action to take, you can discuss your situation free of charge with an experienced member of our Arizona family law team. To schedule your free consultation today, call 480-470-1504.  In order for a family law judge to grant a child support modification in Arizona, there must have been a significant and continuing change in circumstances as compared to when the orders were first issued. For child support purposes, “significant” means a financial change of about 10% or more. For example, a parent paying child support may have been let go from their job and had to take a lower-paying job. The parent should modify their child support payments to reflect their reduction in income. But if a parent has to miss a few weeks of work for a vacation or medical procedure, this would only be a temporary reduction in income that is likely insufficient for a child support modification. If you have more questions about child support modifications in Phoenix and Tucson, don’t hesitate to contact our Arizona family law firm for your free consultation at 480-470-1504.  Do I Have To Pay Child Support If We Still Live Together? Parents have a legal obligation to financially provide for their children. This obligation doesn’t end just because two parents end their romantic relationship. But if two parents continue living together despite breaking up, their share of financial responsibilities for their children in common probably won’t change much. Here, the court usually doesn’t find it necessary for court-ordered child support to be in place. However, if one parent decides to stop their financial contributions due to the breakup, the other parent can make a request for child support with the court. Child support may also be necessary if the parents began living together after one parent was awarded government assistance to care for the child, such as TANF, or Temporary Assistance for Needy Families. If you are being pursued for child support despite still living with your child’s other parent, you probably need family law representation. To schedule your free consultation with My AZ Lawyers today, call 480-470-1504.  Cohabitation During Divorce & The Marital Home Whether it’s to save money or to ease the family transition into separate households, many spouses continue to live together during and after getting divorced. But this can be a challenging lifestyle to keep up in the long term. Moving is a hassle, and so is adjusting to living in a new home and neighborhood. Therefore, which parent gets to remain in the marital home can be a contentious issue in cases like these. There are a few factors that can impact a judge’s decision when two spouses can’t agree on who should get to stay in the marital home.  A marital home may not necessarily be a community property asset, or entirely a community property asset. If one spouse made the down payment and some of the mortgage payments before marriage, a portion of the home equity would be that spouse’s separate property. Additionally, if the home was acquired through inheritance or a gift, the home could be that spouse’s separate property. So, for example, the spouse with a separate property share might own 75% of the house with their spouse owning the other 25% of the house. Here, the judge would likely rule that the spouse with the 75% share gets to remain in the home.  Another factor that can impact the ruling on a marital home is if the couple has minor children. Arizona family law judges have an interest in preserving a child’s way of life, which can include the home in which they live. If one parent is considered the primary caregiver for the children, this can give the judge cause to keep that parent in the marital home. But there need to be enough marital assets to give to the other spouse for this to be an acceptable outcome under Arizona’s community property laws. If available, that spouse can be awarded a larger share of assets like bank accounts, investments and retirement savings, vehicles, and more. One spouse being awarded the marital home can be considered as a factor for spousal support issues. Otherwise, the home may need to be sold to achieve a fair division of marital assets. Do you want to learn more about community property and how it will apply to your Arizona divorce case? Our Arizona family law lawyers offer skilled representation and free consultations by phone. Call 480-470-1504 to get started today.  Skilled Family Law Attorneys For Contested & Uncontested Divorces In Arizona No one wants to end up in family law court, but sometimes it is an inevitable fact of life. Retaining a high-quality family law firm to handle your legal matter is the best way to prepare for all the unexpected issues that could arise throughout your case. Our attorneys are dedicated to achieving favorable outcomes for our clients, no matter their circumstances. When you’re involved in a family law matter, just about every aspect of your life is at stake. Trust your case with experienced professionals with the knowledge to take your case from start to finish. When you’re ready to get started with your free consultation, call 480-470-1504 to speak with one of our Phoenix and Tucson family law lawyers. Contact us at My Az Lawyers today! MY AZ LAWYERS Email: info@myazlawyers.com Website: www.myazlawyers.com Mesa Location 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: 480-448-9800 Phoenix Location 343 West Roosevelt, Suite #100 Phoenix, AZ 85003 Office: 602-609-7000 Glendale Location 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: 602-509-0955 Tucson Location 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: 520-441-1450 Avondale Location 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: 623-469-6603 The post Arizona Family Law Issues & Cohabitating Co-Parents appeared first on My AZ Lawyers.

The SubV Chapter 11 Bankruptcy Debt Limit Historical Background:Prior to passage of the Cares Act, the debt limit for SubV Chapter 11 cases was $2,725,625. With passage of the Cares Act, the debt limit was raised to  $7.5 million thru  June 21, 2024.   If Congress does not otherwise amend or enact a new law, the debt limit will revert to $2,725,625 on June 21, 2024. Fortunately, a bill is pending in Congress that will extend or increase the debt limit to $7.5 million. This bill has the support of debtors, creditors, and bankruptcy attorneys. One might wonder why Congress does not enact a bill to permanently raise the debt limit to $7,500,000.Clients or their advisors with questions about Sub V cases should contact Jim ShenwickJim Shenwick, Esq  917 363 3391  jshenwick@gmail.com Please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15minWe held individuals & businesses with too much debt!

Let’s schedule a meeting now. We know the Trustee will object. When your Zoom meeting with Thomas Gorman is over, he’ll go back to his desk and send us his objections to our Chapter 13 plan. He always does. Chapter 13 Trustee Thomas Gorman will have objections to our proposed Chapter 13 plan. He (almost) always does. Mostly he doesn’t like our math. Sometimes he finds mistakes in our paperwork. It can be anything. I’m sometimes surprised by his objection. I’m never surprised that he finds something to object to. So we are putting an Objection Review on the calendar. Fifteen days after your Chapter 13 Zoom hearing, we’re scheduling an objection review. That’s Wednesday, two weeks after your Zoom meeting with Trustee Gorman.  I’ll be ready to call or Zoom or email you at 3:00–to deal with whatever we need to.  We’ll talk about what he doesn’t like and how we are gonna deal with it When you get his objections to your Chapter 13 plan in the mail–you will–collect your thoughts and questions, so we are ready to dela with them, Wednesday, two weeks after the Zoom with Trustee Gorman. The post The Chapter 13 Trustee Will Have Objections appeared first on Robert Weed Bankruptcy Attorney.

Let’s schedule a meeting now. We know the Trustee will object. When your Zoom meeting with Thomas Gorman is over, he’ll go back to his desk and send us his objections to our Chapter 13 plan. He always does. Chapter 13 Trustee Thomas Gorman will have objections to our proposed Chapter 13 plan. He (almost) always does. Mostly he doesn’t like our math. Sometimes he finds mistakes in our paperwork. It can be anything. I’m sometimes surprised by his objection. I’m never surprised that he finds something to object to. So we are putting an Objection Review on the calendar. Fifteen days after your Chapter 13 Zoom hearing, we’re scheduling an objection review. That’s Wednesday, two weeks after your Zoom meeting with Trustee Gorman.  I’ll be ready to call or Zoom or email you at 3:00–to deal with whatever we need to.  We’ll talk about what he doesn’t like and how we are gonna deal with it When you get his objections to your Chapter 13 plan in the mail–you will–collect your thoughts and questions, so we are ready to dela with them, Wednesday, two weeks after the Zoom with Trustee Gorman. The post The Chapter 13 Trustee Will Have Objections appeared first on Robert Weed Bankruptcy Attorney.

Even when the contentions against a debtor-spouse sound in fraud, breach of fiduciary duty, or intentional tort, the claims of the debtor’s spouse survive a Chapter 7 discharge. Without the necessity of a timely adversary proceeding So held the 9th Cir. BAP in Cohen Building on the unpublished Adam BAP case, the BAP found that […] The post Interspousal claims defy the Chapter 7 discharge appeared first on Bankruptcy Mastery.

Tax code changes effective in 2018 inflicted a crippling blow to consumers who must sue to enforce their rights.  And few have yet noticed. The tax deduction for miscellaneous itemized deductions under IRC Section 212 is gone. So now, consumers who prevail under statutes that award attorneys fees to the successful plaintiff are denied a […] The post Sneak Attack On Consumer Rights appeared first on Bankruptcy Mastery.

Are Certificates Of Deposit Exempt In Arizona Bankruptcy? The market has been volatile since the pandemic, and people are looking for safe and secure ways to invest their money without the fear of losing their principal. A certificate of deposit, or CD, is a guaranteed form of investment offered by most banks and credit unions. Guaranteed returns are a precious asset when other forms of investment may end up losing money. Interest rates are high, making it more expensive to invest in some areas but increases the returns on a CD. That is making C Ds a more popular form of investment when the economy creates uncertainty. But C Ds are far from a get-rich-quick scheme, and an investor could experience financial struggles while waiting for their account to mature. Funds from a CD are not easily accessible before maturation, and the investor can be subject to fees and penalties if they withdraw from their CD to keep creditors at bay. That doesn’t mean that they are safe from being taken by the trustee if the investor declares chapter 7 bankruptcy. Read on to learn more about what happens to a CD in chapter 7 bankruptcy in Arizona. If you have additional questions or concerns, or would like to discuss your situation with an experienced Arizona bankruptcy professional, call 480-470-1504 for your free consultation with My AZ Lawyers.  Can a Certificate of Deposit Be Protected in Chapter 7 Bankruptcy? When a debtor declares chapter 7 bankruptcy, they must protect all of their assets using bankruptcy exemptions. Any bankruptcy asset without an applicable exemption could be taken by the trustee to pay off debts. Unfortunately, Arizona does not have a bankruptcy exemption specifically designed to protect certificate of deposit accounts. That leaves a potential bankruptcy debtor with funds in a CD very few options.  Some states offer a wildcard exemption, or an exemption that can be used on any asset of the debtor’s choosing. Arizona does not have a wildcard exemption available for bankruptcy debtors. The federal bankruptcy exemptions have a wildcard exemption, but debtors in Arizona aren’t given the option of using federal exemptions instead of state exemptions. There is a bank account exemption for Arizona bankruptcy debtors, but as it can only be applied to one bank account, most debtors use it for their checking account. It is a nominal exemption and is insufficient to protect significant CD investment funds. It can also be more inconvenient to surrender a checking account and all of the expenses that are paid through that debit card. That’s why, if possible, the debtor should spend the contents of their CD before filing for bankruptcy in the state of Arizona.  If a CD has already matured, a person considering bankruptcy can withdraw from the account to spend it without fees and penalties. If bankruptcy is on the horizon, the funds should be spent on reasonable purchases, like household items, medical treatments, car repairs, etc., rather than designer goods, vacations, and other luxury goods and services. The debtor could even use the funds from a CD to pay for bankruptcy filing fees and attorney’s fees. The debtor should avoid using these funds to pay off debts to insiders in favor of other creditors- for example, repaying an informal loan to your parents is considered a preferential payment that can cause issues in a chapter 7 bankruptcy case. The debtor should also avoid paying off expenses that will be cleared by a chapter 7 bankruptcy filing, such as credit card bills. For more information about reasonable spending before a chapter 7 bankruptcy filing in Arizona, call 480-470-1504 to schedule your free consultation with our firm.  Different Types Of Bankruptcy Exemptions In Arizona Homestead exemption: This is the exemption meant to protect a debtor’s residence, and if applicable, the land on which it is situated. The debtor should live in the home full-time if they wish to protect it with the homestead exemption. It also applies to condominiums, co-ops, and mobile homes. The value of this exemption has been on the rise in recent years due to the sharp increase in home prices in Arizona.  Motor vehicle exemption: This exemption is meant to protect the vehicle the debtor uses to get to work, run errands, etc. A married couple can either use the exemption on two separate vehicles or combine the amount to use on one shared vehicle. If the debtor is physically disabled, or has a dependent who is physically disabled, this exemption increases to represent any special equipment that may be installed.  Household goods and furnishings: This exemption covers a variety of items and possessions around the house, like appliances, furniture, and electronic devices. There is a separate exemption that can be used on a computer if the debtor is close to the edge for this exemption.  Food, fuel, and provisions: With the cost of gas and groceries these days, you might as well start counting these basic necessities as assets. Arizona’s bankruptcy exemptions don’t have a set value for this category, and simply protect six months’ worth, whatever that may be for a household.  Firearms: The firearm exemption looks to aggregate value, meaning that the debtor can protect more than one weapon using this exemption if the total value falls within the exemption.  Household pets: While there used to be a dollar amount for this exemption, Arizona allows bankruptcy debtors to protect all of their household pets from seizure by the trustee.  Life insurance policy: Some or all of the proceeds of a life insurance policy can be protected in bankruptcy. The money received should come from a surviving spouse or child policy. There are limitations as to how much this exemption can protect.  Child support and alimony: If the court orders one party to pay their ex child support and/or spousal support, those payments are exempt in a chapter 7 bankruptcy case in Arizona. The parent receiving payments can file for bankruptcy knowing that these payments will not stop or be taken away by the bankruptcy trustee.  Insurance benefits: Insurance benefits from exempt property are also exempt in bankruptcy. For example, if a housefire destroyed furniture and appliances that would’ve been protected by the household goods and furnishings exemption, these proceeds can also be exempt in chapter 7 bankruptcy.  Retirement savings: 401(k)s, IR As, and other ERISA-qualified retirement savings are safe in bankruptcy. However, contributions made in the 120 days prior to filing may not be covered under the exemption.  Learn More About Your Bankruptcy Options With Our Experienced Professionals If you are considering declaring bankruptcy, there should be many items on your list of issues to consider, including whether your investments such as C Ds will be exempt. No two cases are exactly the same, so if you’re hung up on your decision on if you should file, you may want to discuss your situation with a skilled bankruptcy lawyer. Our knowledgeable bankruptcy team offers free consultations by phone for your convenience, free of charge. Get the bankruptcy process rolling and have all of your questions answered by a seasoned professional. We also offer flexible payment options for eligible clients starting as low as zero dollars down. To get started today, contact us or call at 480-470-1504 to schedule your free consultation with My AZ Lawyers.  MY AZ LAWYERS Email: info@myazlawyers.com Website: www.myazlawyers.com Mesa Location 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: 480-448-9800 Phoenix Location 343 West Roosevelt, Suite #100 Phoenix, AZ 85003 Office: 602-609-7000 Glendale Location 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: 602-509-0955 Tucson Location 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: 520-441-1450 Avondale Location 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: 623-469-6603 The post Are Certificates Of Deposit Exempt In Arizona Bankruptcy? appeared first on My AZ Lawyers.

Are Certificates Of Deposit Exempt In Arizona Bankruptcy? The market has been volatile since the pandemic, and people are looking for safe and secure ways to invest their money without the fear of losing their principal. A certificate of deposit, or CD, is a guaranteed form of investment offered by most banks and credit unions. Guaranteed returns are a precious asset when other forms of investment may end up losing money. Interest rates are high, making it more expensive to invest in some areas but increases the returns on a CD. That is making C Ds a more popular form of investment when the economy creates uncertainty. But C Ds are far from a get-rich-quick scheme, and an investor could experience financial struggles while waiting for their account to mature. Funds from a CD are not easily accessible before maturation, and the investor can be subject to fees and penalties if they withdraw from their CD to keep creditors at bay. That doesn’t mean that they are safe from being taken by the trustee if the investor declares chapter 7 bankruptcy. Read on to learn more about what happens to a CD in chapter 7 bankruptcy in Arizona. If you have additional questions or concerns, or would like to discuss your situation with an experienced Arizona bankruptcy professional, call 480-470-1504 for your free consultation with My AZ Lawyers.  Can a Certificate of Deposit Be Protected in Chapter 7 Bankruptcy? When a debtor declares chapter 7 bankruptcy, they must protect all of their assets using bankruptcy exemptions. Any bankruptcy asset without an applicable exemption could be taken by the trustee to pay off debts. Unfortunately, Arizona does not have a bankruptcy exemption specifically designed to protect certificate of deposit accounts. That leaves a potential bankruptcy debtor with funds in a CD very few options.  Some states offer a wildcard exemption, or an exemption that can be used on any asset of the debtor’s choosing. Arizona does not have a wildcard exemption available for bankruptcy debtors. The federal bankruptcy exemptions have a wildcard exemption, but debtors in Arizona aren’t given the option of using federal exemptions instead of state exemptions. There is a bank account exemption for Arizona bankruptcy debtors, but as it can only be applied to one bank account, most debtors use it for their checking account. It is a nominal exemption and is insufficient to protect significant CD investment funds. It can also be more inconvenient to surrender a checking account and all of the expenses that are paid through that debit card. That’s why, if possible, the debtor should spend the contents of their CD before filing for bankruptcy in the state of Arizona.  If a CD has already matured, a person considering bankruptcy can withdraw from the account to spend it without fees and penalties. If bankruptcy is on the horizon, the funds should be spent on reasonable purchases, like household items, medical treatments, car repairs, etc., rather than designer goods, vacations, and other luxury goods and services. The debtor could even use the funds from a CD to pay for bankruptcy filing fees and attorney’s fees. The debtor should avoid using these funds to pay off debts to insiders in favor of other creditors- for example, repaying an informal loan to your parents is considered a preferential payment that can cause issues in a chapter 7 bankruptcy case. The debtor should also avoid paying off expenses that will be cleared by a chapter 7 bankruptcy filing, such as credit card bills. For more information about reasonable spending before a chapter 7 bankruptcy filing in Arizona, call 480-470-1504 to schedule your free consultation with our firm.  Different Types Of Bankruptcy Exemptions In Arizona Homestead exemption: This is the exemption meant to protect a debtor’s residence, and if applicable, the land on which it is situated. The debtor should live in the home full-time if they wish to protect it with the homestead exemption. It also applies to condominiums, co-ops, and mobile homes. The value of this exemption has been on the rise in recent years due to the sharp increase in home prices in Arizona.  Motor vehicle exemption: This exemption is meant to protect the vehicle the debtor uses to get to work, run errands, etc. A married couple can either use the exemption on two separate vehicles or combine the amount to use on one shared vehicle. If the debtor is physically disabled, or has a dependent who is physically disabled, this exemption increases to represent any special equipment that may be installed.  Household goods and furnishings: This exemption covers a variety of items and possessions around the house, like appliances, furniture, and electronic devices. There is a separate exemption that can be used on a computer if the debtor is close to the edge for this exemption.  Food, fuel, and provisions: With the cost of gas and groceries these days, you might as well start counting these basic necessities as assets. Arizona’s bankruptcy exemptions don’t have a set value for this category, and simply protect six months’ worth, whatever that may be for a household.  Firearms: The firearm exemption looks to aggregate value, meaning that the debtor can protect more than one weapon using this exemption if the total value falls within the exemption.  Household pets: While there used to be a dollar amount for this exemption, Arizona allows bankruptcy debtors to protect all of their household pets from seizure by the trustee.  Life insurance policy: Some or all of the proceeds of a life insurance policy can be protected in bankruptcy. The money received should come from a surviving spouse or child policy. There are limitations as to how much this exemption can protect.  Child support and alimony: If the court orders one party to pay their ex child support and/or spousal support, those payments are exempt in a chapter 7 bankruptcy case in Arizona. The parent receiving payments can file for bankruptcy knowing that these payments will not stop or be taken away by the bankruptcy trustee.  Insurance benefits: Insurance benefits from exempt property are also exempt in bankruptcy. For example, if a housefire destroyed furniture and appliances that would’ve been protected by the household goods and furnishings exemption, these proceeds can also be exempt in chapter 7 bankruptcy.  Retirement savings: 401(k)s, IR As, and other ERISA-qualified retirement savings are safe in bankruptcy. However, contributions made in the 120 days prior to filing may not be covered under the exemption.  Learn More About Your Bankruptcy Options With Our Experienced Professionals If you are considering declaring bankruptcy, there should be many items on your list of issues to consider, including whether your investments such as C Ds will be exempt. No two cases are exactly the same, so if you’re hung up on your decision on if you should file, you may want to discuss your situation with a skilled bankruptcy lawyer. Our knowledgeable bankruptcy team offers free consultations by phone for your convenience, free of charge. Get the bankruptcy process rolling and have all of your questions answered by a seasoned professional. We also offer flexible payment options for eligible clients starting as low as zero dollars down. To get started today, contact us or call at 480-470-1504 to schedule your free consultation with My AZ Lawyers.  MY AZ LAWYERS Email: info@myazlawyers.com Website: www.myazlawyers.com Mesa Location 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: 480-448-9800 Phoenix Location 343 West Roosevelt, Suite #100 Phoenix, AZ 85003 Office: 602-609-7000 Glendale Location 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: 602-509-0955 Tucson Location 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: 520-441-1450 Avondale Location 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: 623-469-6603 The post Are Certificates Of Deposit Exempt In Arizona Bankruptcy? appeared first on My AZ Lawyers.