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Arkansas Bankruptcy ExemptionsHomestead (Choose A or B, NOT both) A. 16-66-210 - Head of family may claim: Real or personal property used as a residence; unlimited exemption up to 1/4 acre in a city, town, or village; or up to 80 acres elsewhere. If between 1/4 and 1 acre in city, etc., or 80 to 160 acres elsewhere, amount of exemption is limited to $2,500. No homestead may exceed 1 acre in city, etc., or 160 acres elsewhere. B. 16-66-218 - Real or personal property used as a residence, up to $800 if single or $1,250 if married. Personal Property 16-66-218 - Motor vehicle up to $1,200. 16-66-219 - Wedding rings. 16-66-207 - Burial plot up to 5 acres, provided you don't use homestead exemption in section 16-66-218. Arkansas Constitution 9-1, 9-2 - Clothing of unlimited value. 23-40-117 - Prepaid funeral trusts. Wages 16-66-208 - Earned but unpaid wages due for 60 days, but in not less than $25 per week. Pensions 11 U.S.C. § 522 - Tax exempt retirement accounts. Traditional and Roth IRAs up to $1,095,000 per person. 16-66-218 - IRA deposits up to $20,000 if deposited over 1 year before filing for bankruptcy. 24-6-223 - State police officers. 24-7-715 - School employees. 24-10-616 - Police officers and firefighters. 24-11-417 - Disabled police officers. 24-11-814 - Disabled firefighters. Public Benefits 11-9-110 - Workers' compensation. 11-10-109 - Unemployment compensation. 16-90-716 - Crime victims' compensation. Tools of Trade 16-66-218 - Tools, books and implements of trade to $750. Insurance 16-66-209 - Life, health, accident or disability proceeds, whether paid or due (case law limits to $500). 23-71-112 - Stipulated insurance premiums. 23-72-114 - Mutual assessment life or disability benefits up to $1,000. 23-74-403 - Fraternal benefit society benefits. 23-79-131 - Life insurance proceeds if beneficiary isn't the insured; life insurance proceeds if policy prohibits proceeds from being used to pay benefi ciarys creditors. 23-79-132 - Group life insurance. 23-79-133 - Disability benefits. 23-79-134 - Annuity contract. Misc. 16-66-218 - If married or head of household, $500 of any personal property; If single, $200. Other - Add any applicable Federal Nonbankruptcy Exemptions HOME BANKRUPTCY STEPS FREE CONSULTATION EMERGENCY FILING
This website contains information related to law and is NOT LEGAL advice. It contents is for information only. If you need legal advice, please consult an attorney or act as your own. All documents typed are prepared by Rica Gilmore.
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