ARKANSAS BANKRUPTCY EXEMPTION LIST - CODE

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Remember, you may use Federal Exemptions; however, you cannot mix and match exemptions from the federal bankruptcy code and state law. You must choose one system or the other!

The following is a summary of the Arkansas exemptions that can be claimed (used) to exempt both your real and personal property in a bankruptcy petition. Arkansas residents may use either the Arkansas exemptions or the Federal exemptions; however, if your residence has not been continuously in the state of Arkansas for the two years prior to filing a bankruptcy petition, there are laws as whether you are able use the state versus federal exemptions.

Exempt property of a debtor is property of the debtor that is not available to be used (sold) to pay his/her unsecured creditors and is not subject to the claims of unsecured creditors, but may be subject to the rights of secured creditors and lien holders. When reviewing the list for exemptions for your own property you should be aware that there may not be a "matching" exemption. Some state exemptions contain a "wildcard" which can be used if a matching exemption cannot be found in the list of exemptions. Also, an individual must own an interest in the property to claim the property as exempt.

The debtor may exempt the equity (value of property less the total amount owed against it) however; any equity value in the property above the exemption amount may be subject to the claims of unsecured creditors.

By way of example, if you own a home worth $250,000 and owe a total of $200,000 against it (combining all mortgage/home equity lines of credit and/or liens against the property) the amount of equity you would need to protect is $50,000. So long as the homestead exemption is more than $50,000 the full amount of the equity is exempt and not subject to the claims of your unsecured creditors. In the alternative, say the home is worth $250,000 and you only owe $100,000 against it, anything over the exemption amount is subject to the claims of the unsecured creditors.

The same type example would apply to a motor vehicle, though the exemption for a motor vehicle is less than the amount of the exemption for a home.

Please note that all of the exemptions may be doubled if a married couple is filing, with the exception of the homestead exemption.

Arkansas Eastern and Western Bankruptcy Court

Description LAW Max
Individual
Amount
Max
Joint Amount
Aggregate Interest In Real/Pers. Prop. ACA § 16-66-218(a)(1) UNLIMITED
Annuity Contract Benefits ACA § 23-79-134 UNLIMITED
Arkansas Public Employees' Retirement System ACA § 24-4-1002 UNLIMITED
Burial Grounds ACA § 16-66-207 UNLIMITED
Fraternal Benefit Society Benefits ACA § 23-74-403 UNLIMITED
Homestead Of Deceased Const. Art 9, § 6 UNLIMITED
Homestead Of Resident Const. Art 9, §§3,4,5 ACA § 16-66-210 $2,500.00 $5,000.00
Insurance Benefits - Disability ACA § 23-79-133 UNLIMITED
Insurance Benefits - Mutual Assessment Life and Disability ACA § 23-72-114 $1,000.00 $2,000.00
Insurance Benefits - Stipulated Premium ACA § 23-71-112 UNLIMITED
Insurance Proceeds - Group Life ACA § 23-79-132 UNLIMITED
Insurance Proceeds - Life, Accident Etc. ACA § 16-66-209 UNLIMITED
Interest in Real or Personal Property ACA § 16-66-218(a)(1) UNLIMITED
IRA Contributions ACA § 16-66-218(b)(16) $20,000.00 $20,000.00
Motor Vehicle ACA § 16-66-218(a)(2) $1,200.00 $2,400.00
Net Earnings ACA § 16-66-208 UNLIMITED
Pension Benefits - Firemen's ACA § 24-11-814 UNLIMITED
Pension Benefits - Judges and Court Employees ACA § 24-8-823 UNLIMITED
Pension Benefits - Policemen's ACA § 24-11-417 UNLIMITED
Pers. Prop. - Married Or Head Of House Const. Art 9, § 2 $500.00 $1,000.00
Pers. Prop. - Unmarried Not Head Of Home Const. Art 9, § 1 $200.00 $400.00
Prepaid Funeral Trusts ACA § 23-40-117 UNLIMITED
Retirement Benefits ACA § 16-66-220 UNLIMITED
Retirement Benefits - Local Police, Fire ACA § 24-10-616 UNLIMITED
Retirement Benefits - State Highway Employees ACA § 24-5-117 UNLIMITED
Retirement Benefits - State Police ACA § 24-6-223 UNLIMITED
Retirement Benefits - Teachers ACA § 24-7-715 UNLIMITED
Special Needs Trust Revolving Fund ACA § 20-77-704 UNLIMITED
Tools Of Trade - Books, Equipment ACA § 16-66-218(a)(4) $750.00 $1,500.00
Tuition Savings Contributions ACA § 6-84-110 UNLIMITED
Unemployment Compensation Benefits ACA § 11-10-109 UNLIMITED
Wearing Apparel Const. Art 9, §§ 1 & 2 UNLIMITED
Wedding Bands and Rings ACA § 16-66-218(a)(3), ACA §16- 66-219 UNLIMITED
Workmen's Compensation Benefits ACA § 11-9-110 UNLIMITED

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Full Document Preparation Service ranging from $75.00 - $199.00

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Disclaimer

Citations and links to primary law and secondary sources are provided for those who wish to do further research. Every effort has been made to make this information up to date and accurate, but laws can and do change without notice. Persons relying on this information are responsible for confirming its timeliness and accuracy before relying on it. Also, bear in mind, that these brief summaries do not list every detail or exception to these exemptions. For example, there are often exceptions for collection of child support debt and/or taxes. These listings are designed to inform you of laws that exist for your benefit, so that you may exercise what rights you may have. Finally, this website is intended to provide information only. It cannot answer whether your property does or does not qualify for a specific exemption.