Arkansas bankruptcy exemptions

The Arkansas bankruptcy exemptions, details the belongings that any person can exempt or defend from creditors when they are applying for bankruptcy in Arkansas.

Asset: Homestead
- Rural homestead: up to 160 acres not to exceed $2500 value; and homestead is no less than 80 acres without regard to value. The law section
is 16-66-218(b)(3), (4).

- Real or personal property used as residence, to $800 if single; $1,250 if married. The law section is 16-66-218(a)(1).
Asset: personal property

- Burial plot to 5 acres, in lieu of homestead option 2. The law section is 16-66-207, 16-66-218(a)(1)

- Clothing. The law section is Constitution 9-1, 9-2

- Motor vehicle to $1,200. The law section is 16-66-218(a)(2).

- Wedding bands; any diamond can’t exceed ½ carat. The law section is 3 16-66-218(a)(3).

Asset: Insurance
- Annuity contract. The law section is 23-79-134

- Disability benefits. The law section is 23-79-133

- Fraternal benefit society benefits. The law section is 23-74-403

- Group life insurance. The law section is 23-79-132.

- 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 . The law section is 16-66-209

- Life insurance proceeds if clause prohibits proceeds from being used to pay beneficiary’s creditors. The law section is 23-79-131.

- Life insurance proceeds or avails if beneficiary isn’t the insured. The law section is 23-79-131.

- Mutual assessment life or disability benefits to $1,000. The law section is 23-79-114.

- Stipulated insurance premiums. The law section is 23-71-112.

Asset: MISC
- Property of business partnership. The law section is 4-42-502

Asset: Pensions
- Disabled firefighters. The law section is 24-11-814.

- Disabled police officers. The law section is 24-11-417

- IRA deposits to $20,000b if deposited over 1 year before filing bankruptcy-Firefighters. The law section is 9-968

- Police officers. The law section is 24-10-616

- School employees. The law section is 24-7-715

- State police officers. The law section is 24-6-202, 24-6-205, 24-6-223

Assets: public benefits.

- Aid to blind, aged, disabled, AFDC. The law section is 20-76-430

- Crime victim’s compensation unless seeking to discharge debt for treatment of injury incurred during the crime. The law section is 16-90-
716(e)

- Unemployment compensation. The law section is 11-10-109

- Workers’ compensation. The law section is 11-9-110

Assets: tools of trade

- Implements, books and tools of trade to $750. The law section is 16-66-208, 16-66-218(b)(6)

Assets: wages

- Earned but unpaid wages due for 60 days; in no event under $25 per week. The law section is 16-66-208, 16-66-218(b)(6)

Assets: WILD CARD

- $500 of any personal property if married or head of family; else $200. The law section is 16-66-218(b)(1), (2)