Can you keep construction work truck w/tools of trade exempt from (chapter 7) and also keep 2 means of transportation allowed?

The Arizona exemptions allow each person to exempt up to $5,000 in a motor vehicle, or $10,000 if you are handicapped. In addition, each person can exempt up to $2500 in tools of the trade. You can combine your exemptions for tools of the trade - giving you $5,000 (if two adults). A link to exemptions is attached. Of course, this assumes you lived in Arizona for at least the last 2 years. Make sure to talk to a competent bankruptcy attorney because normally there are methods to secure debt on the non-exempt portion of an asset.

What you can list as exempt and what you can keep not only depends on more factors than you have stated (i.e. Joint filing?, liens against vehicles/property) but also what you are willing to do to keep it. You should consider a consultation with a bankruptcy attorney to get a full review. Most bankruptcy firms, like ours, offer a free consult.

I agree with Attorney Diane Drain. I anticipate one more question, that is, can i put my vehicle exemption together with my tools of the trade exemption for an amount of $7,500 (if not disabled)? The answer is no. It is vehicle exemption or tools of the trade exemption. When you use the tools of the trade exemption on a vehicle, Trustee's are prone to challenging the exemption. Additionally, the issues regarding liens will play a role. To be safe, I would hire an attorney.