PHILIP S. ABROMOWITZ, ATTORNEY AT LAW
5920 E. PIMA ROAD, SUITE 150
TUCSON, ARIZONA 85712
PHONE: 318-3200 or outside Tucson 1-800-615-6688
What is bankruptcy? | You should not feel bad because you need to file bankruptcy | How might this affect my credit? | What are secured and unsecured creditors? | Can I keep my house? | If I have a second mortgage on my house, can I wipe it out in bankruptcy? | Can I keep my car or truck? | Does the bankruptcy court care how my debts came about or what I tried to do to handle them? | What about income tax refunds? | How the process works | What does bankruptcy cost? | Home Page
Bankruptcy Attorney Lawyer
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CAN I KEEP MY HOUSE?
In Arizona, if you have less than $100,000.00 equity in your home, mobile home, or piece of land upon which you live, you can keep your property as long as you pay any mortgages on it. Equity refers to the difference between the value of an item and what you owe on it. If you have a home that is worth $80,000.00, and you have a $50,000.00 mortgage, then your equity is $30,000.00. The difference between what it is worth and what you owe on it is your equity or ownership value in the property. Arizona allows you to have up to $100,000.00 of equity. That is the amount of the value over and above any mortgage that you have. However, you must pay your mortgage in order to keep your property.