Can I keep my car if I file chapter 7 in Arizona?

In Arizona, your vehicle is exempt from bankruptcy proceedings if the equity is less than $5,000 (if you are filing on your own). If you have a car that's currently valued at $15,000, yet you still owe $13,000 on it, your equity is only $2,000, and the car is exempt under Chapter 7 bankruptcy rules.

US Legal Forms
Forms Kit
Deeds
Multi-State
Land Deed of Trust

Secured Debt Any For Auto Loan In Phoenix

Q: How do I know if my mortgage is a secured debt?

A mortgage is what&#039;s called a secured debt because it is backed up by collateral. In this case, the collateral is your home. It can be easier to get approved to take on secured debt because there is something to take from you if you do not make your payments.

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Multi-State

City:

Phoenix

Control #:

US-00181

Format:

Instant download

Description

The Land Deed of Trust serves as a legal document used to secure debt, specifically for auto loans in Phoenix. It formalizes an agreement between a Debtor, a Trustee, and a Secured Party, outlining the obligations of the Debtor to repay the borrowed amount. Key features include the specification of the indebtedness amount, payment terms, and the conditions that trigger default status for the Debtor, including failure to comply with covenants or insolvency. When completing the form, users should ensure all parties' names, addresses, and the property description are correctly filled out. The form provides mechanisms for the Secured Party to take protective actions, such as insurance obligations and property maintenance requirements. This document is crucial for professionals like attorneys, paralegals, and legal assistants involved in drafting security agreements, as it provides clarity on debtor responsibilities and rights for securing assets. Its utility extends to facilitating smooth transactions in auto lending and protecting lenders from potential losses caused by borrower defaults.