Arkansas Bankruptcy Exemptions
The chart below contains a summary of Arkansas state bankruptcy exemptions and other relevant statutory laws. Click here for complete State of Arkansas bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are available. Click here for Federal Bankruptcy Exemptions
Personal exemptions allowed by Arkansas Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
Laws That Keep Your Creditors’ Hands Off Your Property
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of Arkansas bankruptcy court statutes.
|Arkansas Homestead (Choose Option 1 or 2)||Option 1: For married person or head of family: unlimited exemption on real or personal property used as residence to one-quarter acre in city, town, or village, or 80 acres elsewhere; if property is between one-quarter to 1 acre in city, town, or village, or 80-160 acres elsewhere, additional limit is $2,500; homestead may not exceed 1 acre in city, town, or village, or 160 acres elsewhere (husband and wife may not double)||Constitution 9-3; 9-4; 9-5; 16-66-210; 16-66-218(b)(3), (4)|
|Option 2: For real or personal property used as residence: up to $800 if single; $1,250 if married||16-66-218(a)(1)|
|Wages||Earned but unpaid wages due for 60 days (in no event less than $25 per week)||16-66-208; 66-218(b)(6)|
|Automobile||Up to $1,200||16-66-218(a)(2)|
|Other property||Group life insurance||23-79-132|
|Clothing||Constitution 9-1, 9-2|
|Prepaid funeral trusts||23-40-117|
|Burial plot to 5 acres, if claiming Federal homestead exemption (Option 2)||16-66-207; 16-66-218(a)(1)|
|Implements, books, and tools of trade to $750||16-66-218(a)(4)|
|Wildcard||$500 of any personal property if married or head of family; $200 if not married||Constitution 9-1, 9-2; 16-66-218(b)(1),(2)|
Arkansas Bankruptcy Court links :
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