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Each state has a “homestead” law that protects a certain amount of real estate equity for people filing for bankruptcy. You must use the home as your residence, and you must be an Arizona resident. Under the Arizona homestead law, you currently can keep $250,000 in equity. In the recent past, this was only $150,000.

The formula is as follows: you take your expenses and subtract them from your income to determine the available income you have to repay your unsecured creditors. If your total monthly income over 5 years is less than $7,475, then you qualify for Chapter 7 bankruptcy.

Homestead - up to $400,000. Bank balance up to $5,000 ( for one account only) Most pension and retirement plans, IRAs and 401(k) accounts (deposited more than 120 days before filing bankruptcy) Motor vehicle up to $15,000 ($25,000 if established disability) (two vehicles for married couple)

Fortunately, you can file for Chapter 7 bankruptcy more than once. In fact, you can file for it every six years from the date of your last filing. Theoretically, you could file for Chapter 7 bankruptcy 10 times or more over the course of your life.

So, many Arizona homeowners will be able to keep their homes. If you have more than $250,000 in equity, however, the Bankruptcy Trustee can sell your home to satisfy your creditors, unless another exemption applies.

The simple answer? You can receive a Chapter 7 bankruptcy discharge every eight years. But you won't need to wait that long if you filed a different chapter before, such as Chapter 13, or if you plan to file another chapter.

You can file for bankruptcy as many times as you need to, but you'll typically have to wait a specific amount of time between filings. Although it's best to try to rebuild your credit after your first bankruptcy, filing a repeat bankruptcy can be a last-resort solution if your debt becomes unmanageable.

An objection to confirmation of a plan shall be filed and served on the debtor, the trustee, and any other entity designated by the court, and shall be transmitted to the United States trustee, at least seven days before the date set for the hearing on confirmation, unless the court orders otherwise.

However, the income you receive after filing your case is yours to use. Spend, save, or invest it ? the Chapter 7 Trustee has no right to take the money or question what you do with it.