Arkansas, AK Bankruptcy Exemptions

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The Essential Arkansas Bankruptcy Information Guide

Arkansas, AR Bankruptcy Exemptions

FEDERAL BANKRUPTCY EXEMPTIONS ARE AVAILABLE
All law references are to Arkansas Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

Arkansas Bankruptcy Exemptions

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD Choose option 1 or 2, NOT BOTH	1.) For head of family: real or personal property used as residence, to an unlimited value; property cannot exceed ¼ acre in city, town, village or 80 acres elsewhere. If property is between ¼ - 1 acre in city, town or village, or 80 - 160 acres elsewhere, to $2,500; no homestead may exceed 1 acre in city, town or village, or 160 acres elsewhere (husband and wife may not double, In re Stevens, 829 F.2d 693 (8th Cir. 1987))	Constitution 9-3, 9-4, 9-5; 16-66-210, 16-66-218(b)(3), (4)
	2.) Real or personal property used as a residence, up to $800 if single or $1,250 if married. Also, $500 of any personal property, if married or head of household; $200 if single.	16-66-218
INSURANCE	Annuity contract	23-79-134
	Disability benefits	23-79-133
	Fraternal benefit society benefits	23-74-403
	Group life insurance	23-79-132
	Life, health, accident or disability proceeds, whether paid or due (case law limits to $500).	16-66-209
	Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors	23-79-131
	Life insurance proceeds or avails if beneficiary isn’t the insured	23-79-131
	Mutual assessment life or disability benefits to $1,000	23-79-114
	Stipulated insurance premiums	23-71-112
MISCELLANEOUS	Property of business partnership	4-42-502
PENSIONS	Disabled firefighters	24-11-814
	Disabled police officers	24-11-417
	Firefighters	24-10-616
	IRA deposits to $20,000 if deposited over 1 year before filing bankruptcy	16-66-218(b)(16)
	Police officers	24-10-616
	School employees	24-7-715
	State police officers	24-6-202, 24-6-205, 24-6-223
	Tax exempt retirement accounts. Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Burial plot to 5 acres, in lieu of homestead option 2	16-66-207, 16-66-218(a)(1)
	Clothing	Constitution 9-1, 9-2
	Motor vehicle to $1,200	16-66-218(a)(2)
	Wedding bands; any diamond can’t exceed ½ carat	16-66-218(a)(3)
PUBLIC BENEFITS	Aid to blind, aged, disabled, AFDC	20-76-430
	Crime victim’s compensation unless seeking to discharge debt for treatment of injury incurred during the crime	16-90-716(e)
	Unemployment compensation	11-10-109
	Workers’ compensation	11-9-110
TOOLS OF TRADE	Implements, books and tools of trade to $750	16-66-218(a)(4)
WAGES	Earned but unpaid wages due for 60 days; in no event under $25 per week	16-66-208, 16-66-218(b)(6)
WILD CARD	$500 of any personal property if married or head of family; else $200	Constitution 9-1, 9-2; 16-66-218(b)(1), (2)

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