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FEDERAL BANKRUPTCY EXEMPTIONS ARE AVAILABLE
All law references are to Arkansas Bankruptcy Code. |
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ASSET |
EXEMPTION |
LAW PROVISION |
HOMESTEAD
Choose option 1 or 2, NOT BOTH
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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)
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2.) Real or personal property used as residence, to $800 if single; $1,250 if married |
16-66-218(a)(1) |
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INSURANCE |
Annuity contract |
23-79-134 |
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Disability benefits |
23-79-133 |
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Fraternal benefit society benefits |
23-74-403 |
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Group life insurance |
23-79-132 |
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Life, health, accident or disability cash value or proceed paid or due (limited to the $500 exemption provided by §§ 9-1 and 9-2 of the Arkansas Constitution, In re Holt, 97 B.R. 997 (W.D. Ark. 1988).) |
16-66-209 |
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Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors |
23-79-131 |
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Life insurance proceeds or avails if beneficiary isn’t the insured |
23-79-131 |
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Mutual assessment life or disability benefits to $1,000 |
23-79-114 |
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Stipulated insurance premiums |
23-71-112 |
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MISCELLANEOUS |
Property of business partnership |
4-42-502 |
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PENSIONS
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Disabled firefighters |
24-11-814 |
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Disabled police officers |
24-11-417 |
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Firefighters |
24-10-616 |
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IRA deposits to $20,000 if deposited over 1 year before filing bankruptcy |
16-66-218(b)(16) |
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Police officers |
24-10-616 |
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School employees |
24-7-715 |
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State police officers |
24-6-202, 24-6-205, 24-6-223 |
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PERSONAL PROPERTY
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Burial plot to 5 acres, in lieu of homestead option 2 |
16-66-207, 16-66-218(a)(1) |
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Clothing |
Constitution 9-1, 9-2 |
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Motor vehicle to $1,200 |
16-66-218(a)(2) |
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Wedding bands; any diamond can’t exceed ½ carat |
16-66-218(a)(3) |
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PUBLIC BENEFITS |
Aid to blind, aged, disabled, AFDC |
20-76-430 |
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Crime victim’s compensation unless seeking to discharge debt for treatment of injury incurred during the crime |
16-90-716(e) |
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Unemployment compensation |
11-10-109 |
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Workers’ compensation |
11-9-110 |
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TOOLS OF TRADE |
Implements, books and tools of trade to $750 |
16-66-218(a)(4) |
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WAGES |
Earned but unpaid wages due for 60 days; in no event under $25 per week |
16-66-208, 16-66-218(b)(6) |
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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) |
AR Bankruptcy Exemptions
Arkansas Bankruptcy Forms Software