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No one wants to forfeit assets for liquidation through action. This
disappointing result is rare for most individuals who file, if carefully
reviewing and planning effective use of the Arizona bankruptcy exemption
laws. In practice, everyone owns at least something that is not exempt,
but more importantly, the liquidation value at auction is the true test.
For a trustee to order a liquidation auction, nonexempt property must be
of such value to pay the cost of seizure, auction, accounting,
distribution, and reporting results to the court. Trustees bill their
time at normal rates for other Arizona bankruptcy lawyers, and the cost
of administration of a liquidation auction, and the time required to
distribute proceeds to creditors, is a practical limitation on assets
that may be successfully seized.
See also: Arizona Homestead Exemption.
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