Arizona has an expressed statute that allows for certain personal items to be exempt from the bankruptcy estate, and thus the debtor is allowed to keep them, including your car.
Filing for bankruptcy is often one of the best ways to obtain a fresh start when completely overwhelmed by debt. However, many people are hesitant to file for bankruptcy because they see the entire process as a daunting task. Moreover, many people considering bankruptcy are concerned, if not downright scared, that they will lose all of their possessions if they file. Fortunately though, Arizona has many bankruptcy exemptions available to protect the personal property of debtors in the "Grand Canyon State" - most notably the exemption protecting their car.
Bankruptcy Exemptions
Generally, bankruptcies in the U.S. are governed by federal law. However, when it comes to bankruptcy exemptions - property excluded from the bankruptcy estate, and thus can be kept by the debtor - the bankruptcy code expressly allows states to opt-out of the federal exemptions and establish their own. Arizona, like most other states, has in fact opted out of the federal exemptions.
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